People over the age of 60 often feel vulnerable to violent crime, but they are far more likely to become the victims of Identity Theft, Financial Exploitation and Fraud.
The Federal Trade Commission reports that 27.3 million Americans became the victims of identity theft in the past five years and the Justice Department says it is the nation's fastest growing crime. Seniors are particularly vulnerable because they often have excellent credit that they may not use or monitor frequently. If living in some type of assisted home or facility, their information or personal valuables may be insecure.
Identity theft happens when someone uses your name and personal information to fraudulently obtain credit, merchandise or services. Your identity may be used to open new credit card accounts, take over existing accounts, apply for loans, rent an apartment, obtain utility or cell phone services, steal or transfer money from bank accounts or secure employment.
Older women are singled out as targets by fraudulent telemarketers and other scam artists, in part because they are perceived to be more polite and trusting of strangers. Fraud can occur in any number of ways. Marketers call on the phone offering services or products or offers and applications can arrive in the mail. These days, internet savvy elders are being scammed into buying unseen over the web.
Telemarketing and mail fraud, for example, are a multi-billion dollar business in the United States. Telephone con artists are hardened criminals who tend to be very skilled, sound believable and prey on you when you're feeling lonely. It's sometimes difficult to know whether a sales call is legitimate. The most common scams are sweepstakes or prize offers, travel packages, vitamins, magazine subscriptions, investments, charities, and fraud recovery scams.
The very worst part of being victimized is the painstaking process of restoration . The average time it takes to restore adulterated credit or identity is 1500 hours and can cost hundreds of dollars. Even then, the restoration is not guaranteed and can follow an elderly person and even his or her family for years.
The best medicine is prevention. Please educate your senior parents and yourselves about these crimes and the steps necessary to prevent these tragedies from affecting your loved ones.
Here are some simple tips to get started STAYING SAFE:
1. If someone calls trying to sell something and you feel pressured or uncomfortable - hang up the phone.
2. Register for the National Do-Not-Call List at (888) 777-3406.
3. Stop pre-approved credit card offers call (888) 5-OPTOUT or opt-out.cdt.org
4. Never send money or give your credit card, account number or social security number to an unfamiliar party. Wait till you have received written material about any offer or charity.
5. Lock your Mailbox.
6. Have any contracts reviewed by a trusted professional on your side before signing anything.
7. Take your time making any financial decision.
8. When out, leave your purse, wallet, credit cards, and identification home whenever possible. Carry little cash Don't let it dangle from your wrist.
9. Don't leave your purse in a shopping cart unattended for even a moment - including while you are loading packages
10. Arrange for government and pension checks to be directly deposited to your bank.
11. Examine your credit card bills and account balances to look for unauthorized charges or withdrawals.
12. Use a shredder to dispose of documents containing private information and pre-approved credit card offers.
13. Be stingy with information if someone calls or sends you an unsolicited e-mail.
14. Avoid strange ATM's.
15.Add password protections to your bank and brokerage accounts.
16. Monitor your credit report from all three major credit-reporting agencies to check for fraud.
17. Enroll in an identity theft protection and restoration program
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