- Identity theft affects twice as many seniors as the rest of the population, combined.
- Predatory lending schemes can result in the loss of seniors' homes.
- AARP finds more than half of telemarketing fraud victims are over 50.
 Consumer fraud is a deceptive practice used to gain some unfair or dishonest advantage. Identity theft occurs when personal information such as a credit card, bank account or Social Security Number is stolen to fraudulently purchase goods or services. The fraud may be pursued by phone, newspaper or magazine ads, direct mail, email and the Internet.
Senior citizens are often victims of targeted crimes such as scams, purse snatching, pick-pocketing and mailbox theft. The elderly are often home and readily available to accept telemarketing calls from scam artists. Sometimes a friendly voice can entice a lonely elderly person. Relatives may be out of touch because they live out of town or are caught up in their own busy lives. This prevents them from being able to review decisions made by aging family members. Pride and a desire for independence can prevent seniors from seeking advice. Con artists view seniors as overly trusting with a ready supply of money from their bank accounts and from property they own. Also, scammers depend on seniors having faulty memories, giving them a better chance to obtain personal information. Here are red flags for unscrupulous activity:
- “Free” gifts requiring you to pay a charge before delivery
- “High profit, no-risk” investments
- High pressure sales tactics
- Requesting credit card number for identification
If you have aging family members living alone, discuss with other relatives how best to protect them from identity theft and fraud. Become involved and help them make decisions. The more family members are visible, the more likely the elderly will be protected against becoming victims to these crimes.
There are ways to minimize your risk by protecting your personal information:
- Check your credit reports often. The three reporting agencies are Transunion, Experian and Equifax. You are entitled to one free report per year from each agency. Our suggestion is to rotate your requests in order to view one report every four months, checking for inaccuracies and fraudulent use of your accounts.
- Review all bank and credit card statements for unusual activity or charges.
- Remove your name from marketing lists. By contacting each reporting agency, you may “opt out.” This will limit or reduce the number of pre-screened offers for credit cards you receive in the mail. The opt-out numbers are (Transunion) 800-680-7293, (Experian) 800-353-0809 and (Equifax) 888-567-8688.
- Omit Social Security Numbers from checks.
- Do not give personal information or bank account numbers or credit card numbers over the phone or Internet to anyone, unless you are sure it is a reputable company.
In order to keep your private information safe, it is strongly recommended that you shred important documents rather than just throwing them away. A shredder is relatively inexpensive and is an excellent tool for destroying any personal documents you may want to discard. Items that should be shredded are:
- Credit card offers and convenience checks
- Canceled checks and financial statements
- Old tax returns
- Any papers identifying a Social Security Number
If you have been a victim of either identity theft or consumer fraud, it is very important to contact your local law enforcement agency. Keep a copy of the report. The Ohio Attorney General has introduced Ohio 's Identity Theft Verification Passport. This program provides you with further means to demonstrate to law enforcement and creditors that an identity has been stolen. Also, you should report fraudulent account usage to the credit reporting agencies so that a security alert will post to your credit file.
Failure to make a report allows the guilty party to continue committing these acts against other innocent victims. In addition to these filings, you may wish to contact:
The National Fraud Information Center at www.fraud.org
The Federal Trade Commission (FTC) at www.ftc.gov
For more information, visit our website www.ohiotreasurer.gov or call 1-800-228-1102. |
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Senior Citizens
