Financial exploitation is the most frequently reported form of elder abuse across the United States, according to the U.S. Department of Justice. Tragically, experts estimate that for every instance of elder financial abuse that comes to light, dozens more are never reported. One tactic frequently used by perpetrators of this type of abuse is identity theft, a crime to which older individuals are often more susceptible. To help combat the growing threat of financial exploitation targeting seniors, the Los Angeles attorneys at Schomer Estate & Wealth Advisors share practical tips to help prevent elder financial exploitation in California.
Understanding Why Seniors Are Common Targets
Although identity theft can happen to anyone, seniors are often targeted more than other age groups. There are a variety of reasons why older adults are especially at risk. Modern-day identity thieves use advanced digital tools, such as malware, phishing emails, and data breaches, to steal personal information. Seniors who did not grow up in the digital age may be unfamiliar with these technologies, making it harder for them to recognize online threats.
Additionally, older adults tend to have a trusting nature, especially when approached by someone who claims to be an official from a government agency or a reputable company. Many seniors also have well-established credit histories and may possess significant assets or retirement savings, which makes them more appealing targets for identity thieves.
Protective Measures for Seniors Against Identity Theft
Whether you are a senior yourself or are looking out for a loved one, there are many proactive steps you can take to reduce the risk of identity theft.
Start by educating yourself about how identity theft works. Understanding the latest scams and tactics used by criminals can help you recognize and avoid suspicious situations. Stay informed by reading news articles or signing up for fraud alerts from trusted organizations like the Federal Trade Commission.
Never give out personal or financial information unless you are absolutely certain of who is requesting it and why. If someone calls claiming to be from the Internal Revenue Service or Social Security Administration and asks for your Social Security number, hang up. Look up the agency’s official number and initiate the call yourself. The same goes for emails with links claiming to come from your bank or an online retailer. Rather than clicking on a link, visit the website directly by typing the address into your browser.
Refrain from using unsecured public Wi-Fi networks for online banking or shopping. Open networks, such as those found in coffee shops or airports, are not secure and can be used by hackers to intercept your personal data. When away from home, only connect to networks that require a password and offer encryption.
If you receive an unsolicited phone call, text message, or email from someone you do not know, do not respond. Even if the message sounds urgent or threatening, take a moment to verify the information independently. Scammers often rely on fear and confusion to manipulate victims into providing information quickly.
Use passwords that are difficult to guess and unique for each online account. Avoid using easily identifiable information, such as your birthdate or pet’s name. Consider using a password manager to help keep track of your credentials securely. If available, enable two-factor authentication on your accounts for an added layer of protection.
Social media is another avenue through which criminals gather personal information. Make sure your privacy settings are appropriately configured so that only trusted individuals can view your posts and profile. Avoid posting your address, phone number, or travel plans publicly.
Monitoring your credit is an essential step in safeguarding against identity theft. You are entitled to one free credit report per year from each of the three major credit bureaus—Experian, Equifax, and TransUnion. You can access these reports at www.annualcreditreport.com. Reviewing your credit history regularly allows you to catch unfamiliar accounts or suspicious activity before it escalates.
Seniors living in California can also take advantage of state-specific resources aimed at preventing elder financial abuse. The California Department of Financial Protection and Innovation (DFPI) and the California Department of Aging both offer educational materials and support services designed to protect older adults from scams and financial exploitation.
Can We Help You Prevent Elder Financial Exploitation in California?
For more information, please join us for an upcoming FREE seminar. If you would like help preventing elder financial exploitation in California, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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