Five Ways to Prevent Senior Identity Theft

Seniors are increasingly at risk of identity theft than younger adults. Cybercriminals prey on the senior population for many reasons, including their larger nest eggs and overall willingness to trust. Seniors are also less likely to monitor financial and credit card statements, making them the perfect target for a stolen identity.

It’s no coincidence that December is National Identity Theft Prevention and Awareness Month. The holidays are the prime season for identity theft, as more purchases are typically made this month than any other time of the year. The holidays are also filled with distractions, causing many to let down their guard to check off their to-do lists. If you are a senior, don’t become another victim of identity theft this holiday season. Here are five ways to prevent senior identity theft.

Never Give Out Your Social Security Number

Your Social Security number (SSN) carries a lot of information with it. Should a cybercriminal get a hold of your SSN, they can quickly assume your identity and wreak havoc on your finances. Prevent identity theft by keeping your SSN confidential. Only provide it when legally obliged, and even then, ask why it’s needed and how it will be used. Never give out your SSN to someone who contacts you over the phone, through email, or text message, no matter how legitimate it may seem. Instead, ask if you can verify your identity by another means. It’s also precautionary to keep your SSN card safe and secure at home instead of carrying it around in your wallet.

Opt for Complex Passwords

Another way to prevent senior identity theft is to choose complex passwords for your online accounts. It’s tempting for many seniors to use the same password for all internet activity. However, having the same password for your social media account and your bank account makes it extremely easy for cybercriminals to steal your identity. Prevent identity theft by using different passwords for each online account. Make them difficult for someone else to guess by including upper and lower case letters, numbers, and special characters. Avoid using common word phrases. Never use personal information, such as your birthday or street address, as your password.

Change Passwords Frequently

In addition to using different, complex passwords for each online account, it’s also important to change your password often. If you think you’ve been hacked, change your password immediately. This will force a cybercriminal out of your account before they can do more damage. After changing your password, notify your bank and other financial institutions, such as your credit card company. They can flag your account and help resolve the issue as quickly as possible.

Review Financial Statements

Seniors who have worked hard to build a significant nest egg may feel overconfident that their financial future is secure. Their confidence can cause them to fall out of the habit of regularly reviewing their financial statements. However, it’s important to review your financial statements each month to verify that everything looks correct. Make sure you recognize every transaction. If you are on any autopay accounts, such as utilities, you should be familiar with the date those hit your account. If you’re familiar with online banking, it’s easy to review transactions on a more frequent basis.

Pay with Digital Wallets or Microchip Credit Card

A final way to prevent senior identity theft is to use secure payment methods, such as a digital wallet or microchip credit card. Some seniors may be wary of scanning their credit cards into their smartphones. However, digital wallets are often safer than personal credit cards because they are locked with a pin code. Microchip credit cards are another way to ensure your transactions stay secure. Traditional credit cards are vulnerable to credit card skimming, where a criminal uses a small device to steal credit card information during what seems like a legitimate transaction. Microchip cards generate a unique code for each transaction that can only be used once.

Visiting Angels Richmond wants all seniors to remain vigilant to avoid becoming the next victim of identity theft. We exist to support seniors in their own homes. We offer a variety of home care services that assist with non-medical care. Our caregivers are experienced in providing the level of care you need to remain safe and comfortable in your own home. You can have peace of mind knowing that our caregivers have undergone a thorough vetting process and are bonded and insured. If you want to learn more about our personalized care plans or our at-home care services, please do not hesitate to contact us by calling 804-353-0000.