Whether you are a senior yourself or have a loved one who is, being aware of the numerous ways in which seniors can be victimized is crucial to keeping them safe. According to the U.S. Department of Justice, financial fraud and exploitation is the number one form of elder abuse impacting seniors in the U.S. Moreover, as many as 44 instances of unreported financial exploitation occur for every one instance that is reported. Identity theft is one way in which seniors fall victim to elder financial abuse. Knowing that, the Los Angeles attorneys at Schomer Estate & Wealth Advisors things seniors can do to prevent becoming the victim of identity theft.
Why Are Seniors Targeted for Identity Theft?
Identity theft poses a significant and escalating threat across all age demographics, with older individuals being particularly vulnerable for several reasons. In the 21st century, identity thieves employ advanced computer hacking techniques, card skimmers, and electronic methods to steal personal information. Given that many seniors struggle with adapting to smartphones, computers, and electronic payment systems, they become easier targets for these sophisticated tactics. Additionally, the inherent trust that seniors often place in others makes them less likely to question the legitimacy of calls, especially when impersonating authorities like the IRS or the Social Security Administration, creating another avenue for exploitation. Moreover, seniors, on average, possess more financial resources, offering an increased incentive for identity thieves to focus their efforts on this demographic. In short, seniors make attractive and relatively easy targets for identity thieves.
Things You Can Do to Prevent Seniors from Becoming Victims of Identity Theft
Realizing you are the victim of identity theft is a horrible feeling. Along with feeling violated, you also realize what a nightmare it is to try and navigate the maze of financial institutions, credit card companies, utility services, and government benefit offices to try and “fix” the damage done by the identity thief. As the saying goes – “the best defense is a good offense.” Whether you are a senior or concerned about the well-being of an elderly family member, the following guidelines can help prevent identity theft.
- Educate Yourself or Your Loved One. Take the time to educate yourself or your elderly loved one about identity theft, gaining a better understanding of common schemes used by perpetrators. Pay attention to the news and listen for new schemes as they are identified by law enforcement.
- Avoid Sharing Personal Information. Refrain from sharing any personal information over the phone or online unless absolutely necessary and when certain of the recipient’s identity. If contacted by an alleged government agency, hang up, verify the official phone number, and initiate contact yourself. Avoid following links to financial or retail websites. Instead, manually enter the website address yourself.
- Exercise Caution with Public Wi-Fi. Minimize the use of public Wi-Fi, as connecting to unsecured networks makes it easier for identity thieves. Instead of connecting to unsecured, public wi-fi when you are away from home, wait to use secure, password-protected networks.
- Disregard Unsolicited Requests or Advertisements. Ignore unsolicited texts, calls, or emails, as these could be phishing scams attempting to gain access to personal devices. Respond only to contacts initiated by you.
- Implement Strong Passwords. Develop a system for creating and remembering strong passwords, as robust passwords pose a significant challenge for cybercriminals attempting identity theft. If you have a home health aide, or anyone else who enters your home on a regular basis, do not leave passwords where they can find them. If you need to write them down, lock them up.
- Maintain Privacy on Social Media. If using social media, set privacy levels to the highest settings, ensuring that your account is private rather than public. This precaution limits the exposure of personal information.
- Regularly Check Credit Reports. Monitor credit reports regularly to detect any suspicious activities promptly. Obtain free annual reports from major credit reporting bureaus through annualcreditreport.com.
By following these proactive measures, seniors can significantly reduce their susceptibility to identity theft and safeguard their personal information.
Do You Suspect Elder Financial Exploitation?
For more information, please join us for an upcoming FREE seminar. If you suspect that you or a loved one are the victim of elder financial exploitation, contact the experienced Los Angeles elder law attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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