According to the FTC, senior citizens encountered the most extensive financial loss from the onslaught of identity fraud during 2020. Victims between 70 and 79 years lost $635 on average, and seniors between 60 and 69 lost $439. This compares significantly high when you consider $278 and $250 that the 40-49 and 30-39 age groups lost. Needless to say, seniors scams are rampant, and their consequences are much more severe than what’s encountered by younger populations.
But why are elderly citizens particularly susceptible to identity scams? To begin with, they’re less likely to keep up with technological changes compared to younger generations. Many of them use the internet and online platforms such as social media and apps without a sound understanding of potential security threats and safety measures. The retirement savings of many of these seniors is another point of attraction for cybercriminals.
So, with all these risk factors, being extra cautious has become imperative to protect elderly citizens from senior identity theft.
Avoiding senior identity theft
Protecting the elderly from identity thieves can be done with a few simple measures.
1. Install a password manager.
Many elderly citizens have several passwords in regular use, from email and social media to online shopping accounts. But remembering all these could be a challenge for anyone. If they’re in the habit of writing down passwords, saving them on the browser, or using the same login credentials for all the accounts, then they’re making themselves an easy target for a hacking attack. These are common mistakes that could significantly increase exposure to a data breach.
But there’s a simpler solution: installing a password manager. It’s a digital tool that can generate and store secure passwords for each online account. It could eliminate the need to remember multiple sign-in credentials and allow seniors to access them all with just one password.
2. Practice email safety.
Poor email habits can expose the elderly to a host of threats. Phishing attacks, which imitate the Inland Revenue Service or banks, are techniques that criminals frequently use to mislead senior citizens and extract personal information. Hackers frequently use emails, too. For example, they could use virus-infected attachments and links to malicious sites and download spyware that can steal identifiable data from devices. So, having a good understanding of email threats and practicing caution is essential to keep seniors safe from malicious actors.
3. Avoid telemarketers and robocalls.
Telemarketing calls and automated robocalls are a common source of identity theft. For example, racketeers disguised as marketers could offer attractive deals to senior citizens. They might request personal information to send an invoice or ask for credit card details to process the payment over the phone. Even robocalls could initiate similar scams. They could, for instance, record voice responses and use them to commit financial fraud. So, ignoring telemarketers and robocalls is critical to avoid all these risks.
4. Practice caution on social media.
Social media platforms could offer an excellent way to socialize, find old colleagues, and keep in touch with friends and family. They could be a fantastic source of entertainment and a means to share those important life moments with a large number of people. The biggest reason for their appeal to seniors is perhaps the sense of belonging and community they could create. But they are also an essential source for identity thieves.
For instance, elderly individuals frequently share information such as old photos while reminiscing about the past. Details like high school names and birthdays are often used in security questions. These could provide critical clues for criminals to hack accounts. So, it’s vital to keep them private and minimize online information sharing.
5. Keep personal documents locked away.
It’s not just social security cards and birth certificates that need protection. Even documents such as old bank statements and tax claim copies demand sufficient safety measures. These could contain critical personal information like bank account numbers and tax IDs, which could prove invaluable to a criminal. So, keep them safely locked away and use a shredder to discard outdated or unwanted documents.
Practice similar safety precautions with digital files. For example, protect digital bank statements and any other personal documents with passwords. Avoid storing them on Google Drive or regular devices such as laptops.
6. Avoid public Wi-Fi.
Many people are still unaware of the security threats of unsecured Wi-Fi connections and frequently use them at airports, coffee shops, and other public places. These provide easy access for criminals to infiltrate and monitor your online activities. So, accessing personal accounts such as emails, social media, and bank accounts while using unsecured Wi-Fi networks could be detrimental. A virtual private network (VPN), however, could help create a protective shield, so users can stay anonymous. You can install them on all your devices, including laptops, mobile phones, and tablets.
7. Sign up for an identity protection service.
For many elderly citizens, keeping track of their data footprint and protecting themselves against identity threats could be an overwhelming task. Besides, retirement should be a relaxing and enjoyable experience without all the hassles of data protection. This is why identity protection services offer an excellent solution for seniors to stay safe.
They can monitor and track potential risks and alert users in case there are any threats. For example, they could offer VPN protection, send threat alerts, and monitor credit records, social media, and the dark web. And if there’s a breach, an identity protection service could help seniors recover with a hassle-free recovery plan. Some may even offer compensation and reimburse lost funds.
The old adage “prevention is better than cure” is time-tested advice even when it comes to protecting our elderly population from senior identity theft. Without a doubt, proactively taking measures to avoid these scams is the best measure to combat their devastating consequences.