Identity Theft Protection for Seniors

Highlights:

• Seniors tend to have good credit scores and established savings. This makes them perfect targets for identity theft and other types of fraud.
• Phone scams are one particularly common method used to commit senior identity theft.
• Texting, social media, and AI videos are newer ways to commit senior identity theft.

Identity theft can happen to anyone at any age. But, seniors are particularly vulnerable. Seniors tend to have good credit scores and established savings accounts. This makes them prime targets for many scammers. They may also be more trusting than individuals in other age groups. This makes them more likely to provide their personal information.

Luckily, you can help protect your elderly loved ones from identity theft. Educate yourself and the seniors in your life on how to recognize scams. Set up identity theft protection options and know what to do if they do fall victim to fraud.

How can you protect your loved ones from senior identity theft?

• Don't answer calls or texts from unknown numbers. Phone scams and text scams are common methods to commit senior identity theft. Scammers may ask for fake charity donations or claim that the recipient has won a contest. They then ask for a fee in exchange for the winnings. Scammers may also pretend to be a grandchild or other relative asking for money. They may also pose as an official from the IRS or Social Security Administration. The best way to prevent identity theft is to ignore calls and texts from numbers you don't know.
• Practice safe habits on social media. More seniors use social media to connect with their friends and family. It's important for them to know how to stay safe on social media. Be sure their account is private and that their followers are only people they know. They should also not post any private information about themselves or someone else. This can include full names, date of birth, addresses, or financial information. They should also know how to identify fake profiles and businesses.
• Check statements and other financial records. Checking financial records often can help catch fraud early on. Make sure to look for signs of identity theft, like unknown transactions. You can help by going over their credit reports and other financial documents with them. You can also help them set up a free, one-year fraud alert on their credit reports. This warns creditors that they may be a victim of identity theft.
• Set up direct deposits. Help your loved ones set up direct deposits for any recurring payments they receive. These could include Social Security, retirement or other benefit income. This helps prevent someone from stealing the check and attempting to take the money.
• Inform them of new scams. Scammers are always coming up with new ways to steal your identity. Seniors may not be aware of the newest scams out there. Be sure to share any information you have about new scams that they may fall for.

What should you do if you're a victim of elderly identity theft?

Some senior citizens may feel shame if they fall for a scam. This may prevent them from reporting identity theft to the proper authorities. Scammers know this and use it to their advantage. If you or a loved one has fallen victim to elderly identity theft, it's important to act immediately. Call the fraud department of the company where the incident occurred. Explain that you suspect you may be an identity theft victim. They can help you close and freeze accounts. Additionally, you should change your login information as soon as possible.

You should place a fraud alert with the three nationwide credit reporting agencies (NCRAs). You should also review your credit reports and check for any unauthorized activity. To place a fraud alert on your Equifax^® credit report, you can create a free myEquifax™ account online.

Seniors can also call the National Elder Fraud Hotline at 833-372-8311. This is a free resource set up by the U.S. Department of Justice's Office for Victims of Crime. The National Elder Fraud Hotline helps support victims of fraud. Remind your elderly loved ones that the case managers are there to help, not shame the victim.

How can Equifax help seniors protect against identity theft?

It's a good idea to check your credit reports to gauge your credit health. If you find accounts or balances you don't recognize, it could be a sign of identity theft. With Equifax Complete™ Premier, you can track changes to your Equifax credit report. You can also receive alerts if your personal information is at risk of being on the dark web. No one is immune to identity theft. But, you can help protect your elderly loved ones by taking proper precautions.