Don’t fall victim to scammers or fraudsters targeting
Banks and credit card companies can provide a surprisingly large amount of personal information to fraudsters. Con artists can call seniors on the phone and steal their identities with fabricated stories. They pose as a bank or utility company and ask the victim to verify a social security number on the phone.
While anyone can be targeted by fraud and identity theft, identity theft aimed at seniors is on the rise. The over-50s crowd are often in the crosshairs of fraudsters, and seniors often have the best insurance to make up for the information that thieves have stolen.
The US government has taken steps to prevent large-scale fraud targeting seniors, but there is only so much they can do. Criminals tend to focus on a few areas where senior citizens may be particularly vulnerable, and they often target them by using the same scams they use against all age groups. Many hoped for protections at the federal level, but progress has been slow in this area. Some states have taken matters into their own hands, such as Missouri, which signed a law protecting seniors by allowing financial professionals to hold potentially suspicious transactions concerning seniors.
A study conducted by a UCLA psychologist in 2012 discovered older adults might suffer from loss of activity in their brains which helps to process risk and subtle danger and combined with the fact that seniors are more trusting, this is can be their downfall.
Seniors can fall victim to identity theft in a number of ways, and there are many different types of fraud. A family member or caregiver can steal their Medicare number (which is also the social security number) and use it to make false claims, get prescription drugs, or even have procedures done. This is problematic because it can lead to inaccurate medical details being added to your medical records.
With millions exposed to identity fraud in the US, data breaches and other financial scams are a popular target for scammers. As more and more seniors go online, they are at risk of e-mail and telemarketing scams, as well as being targeted by e-mail scams. To prevent identity theft from seniors, it helps to understand why this type of fraud has become the most common type of fraud and what steps you can take to protect your money and identity.
Fraudsters targeting the elderly often offer medical tests and devices at a discount and demand credit card or bank account details to receive the products. By keeping an eye on your relative’s finances, you can spot potential fraud before it happens, but many of these scams involve sending money or providing credit card information.
Educating seniors about how to handle personal information is important to prevent identity theft. Make sure that an old saying “If it is too good to be true” still applies today.
Cyber criminals also target medical information, as many hospitals and health centers use social security numbers to identify patients. SSNs are particularly valuable to identity thieves because they are tied to medical records such as a patient’s name, date of birth, and medical history. Losing your wallet or stealing your wallet with your credit cards and checkbook are also common ways for thieves to obtain financial information.
Identity theft insurance protects you from the high costs associated with restoring your identity, such as lost wages, medical bills and legal fees.
It is important to know that identity theft insurance does not prevent your identity from being stolen, or even notifies you that it is at risk. Identity theft is not a foolproof way to keep you safe, but it does help you restore your details if something happens.
Some services monitor the Internet “dark web” for records where identity thieves can use a person’s personal and financial information through other channels to exploit them.