Senior Identity Theft and Scams

Anyone can fall prey to identity theft or a financial scam. Older adults, however, rank as one of the largest demographics targeted by scammers. The FTC's 2017 report documented that seniors aged 60 years and older accounted for 35% of fraud and 18.9% of ID theft complaints.

The FBI Promotes "Fraud against Seniors" Awareness

The FBI attributes several factors to senior vulnerability when it comes to identity theft and other types of fraud.

• Financial security: seniors typically own their own home, have a significant savings account, and excellent credit
• Too polite to simply hang up the phone or cut someone off
• Increased need for caregivers and others with easy access to personal and financial information
• Fear that reporting identity theft may trigger concern for senior's ability to care for self
• Not sure how or where to report a crime
• Feelings of embarrassment or shame
• Lack of clarity to recall what transpired

Types of Scams that Target Seniors and How To Protect Yourself
​
Medical Identity and Insurance Theft
A caregiver or family member may steal the senior's Medicare number to obtain prescription drugs or file fraudulent claims. Because the Medicare and Social Security numbers have been one and the same, gaining access to such has had far-reaching effects.
The inaccuracy of the individual's medical record may lead to ineffective or life-threatening diagnoses and treatments. On a purely financial level, your loved one is charged for services not received. While the situation can be corrected with proper documentation and diligence, it takes considerable effort to work through such a quagmire of deception.
How to Protect Yourself

• A 2015 bill signed by President Obama required Medicare to reissue cards with new numbers unique to the individual. Medicare had four years to make the transition. If you or your loved one is still carrying an older card, make a copy of it and block out all but the last four digits of that number. Carry that copy until you receive the replacement.
• Verify any offers that require you to give your insurance information. Contact the Better Business Bureau (BBB) to check the company's legitimacy.
• Review your insurance statements. Check the Explanation of Benefits (EOB) in particular for any questionable charges.
• Shred all unnecessary documents that contain personal and financial information. Also, destroy prescription labels.
• Thanks to the Health Insurance Portability and Accountability Act (HIPAA), you have the right to limit the information that's shared. Check with your providers to find out who has access to your records.

Email Scams
Older adults are often less proficient with technology, which makes them much more vulnerable to online scams. Clicking on an email link that appears to be from a friend, relative, bank, or government entity can create an in-depth web of identity and account theft.
It may appear to be a relative asking for help or an organization asking you to confirm your account number. Once you click on the link, you're redirected to a fraudulent site that steals the information you enter.
How to Protect Yourself

• Don't wire money until you've checked with the person requesting it. Whether you need to call the family member or bank, it's best to be safe.
• Do not click on email links until you verify them. Call the friend who sent it, or the agency requesting records.
• Confirm that a website is secure before you enter your personal or financial information. A secure site either has a padlock next to the URL, or the address begins with https.​​

Phone Scams
While everyone has probably received a telemarketing or spam phone call at one time or another, seniors are particularly susceptible to specific types of phone scams.
Receiving a call that asks for up-front money or expresses a sense of urgency is an immediate red flag. Some of the wording may sound like the following:

• This offer is only good right now.
• You've won a prize but need to pay postage and handling.
• We need your bank or credit card number.
• There's no need to check with the BBB or your attorney.

How to Protect Yourself

• Do not give any personal or financial information, such as credit card, bank account or Social Security numbers to a stranger over the phone. Get the caller's personal and company name as well as the phone number. Confirm it with the BBB or a consumer protection agency.
• Hang up if you feel pressured to act.
• If you conclude the call is a scam, add the number to the National Do Not Call Registry.

​Whether you're concerned about your own safety or that of a loved one, it's always in your best interest to educate yourself for protection and prevention. Because seniors are particularly vulnerable to identity theft and other types of scams, helping to educate as a volunteer is a worthwhile opportunity to serve.