{"id":28254,"date":"2025-02-20T09:06:06","date_gmt":"2025-02-20T17:06:06","guid":{"rendered":"https:\/\/www.spokeo.com\/compass\/?p=28254"},"modified":"2025-02-20T09:06:12","modified_gmt":"2025-02-20T17:06:12","slug":"worried-about-your-parents-best-identity-theft-protection-for-seniors","status":"publish","type":"post","link":"https:\/\/www.spokeo.com\/compass\/worried-about-your-parents-best-identity-theft-protection-for-seniors\/","title":{"rendered":"Best Identity Theft Protection for Seniors: How to Keep Your Parents Safe"},"content":{"rendered":"\n

It\u2019s not exactly a news flash that the online world is full of pitfalls.\u00a0 A lot of sites (including this very blog) focus heavily on privacy and online security, and for good reason: in 2022 the FTC recorded over 5 million reports of online crimes and scams<\/a>, including 2.4 million cases of fraud and 1.1 million of identity theft.\u00a0 Total financial losses added up to a whopping $8.8 billion, and it\u2019s safe to assume that many other incidents went undetected or unreported.\u00a0<\/p>\n\n\n\n

A lot of these criminals target seniors, because of the popular perception that seniors are less tech-savvy and likely to have more money to pillage.  That\u2019s not necessarily always the case, but there\u2019s enough truth in it to be worrisome if the seniors in question are your own parents. Let\u2019s take a look at the best identity theft protection for seniors, and the steps you can take to protect your loved ones.  And if you are<\/em> the senior parent, you can cut out the middleman and follow our tips yourself!<\/p>\n\n\n\n

Seniors and Scams: Myth vs. Reality<\/h2>\n\n\n\n

Many (but not all) older people do struggle to keep up with technology because it changes so rapidly.  When you add in age-related concerns such as dementia and cognitive impairment, and chronic diseases like Parkinson\u2019s that affect cognition, there are plenty of legitimate reasons to worry about how well your parents relate to the online world.  The good news is that real-world statistics from the FTC don\u2019t entirely bear this out.  Of consumers reporting an incident in 2022, 43 percent of those between 20 and 29 lost money to scammers, compared to just 23 percent of those aged 70 to 79.  The demographic with the most reported losses overall was those between 30 and 39. <\/p>\n\n\n\n

Sadly there\u2019s bad news to go along with the good.  While seniors accounted for a lower percentage of the total reports and total dollar losses, the losses per incident<\/em> were highest among the elderly.  Every demographic from 20-somethings to 60-somethings reported average losses in the mid-$500 to mid-$600 range, but that soared to $1000 for 70-somethings and over $1600 for those 80 and up.  And of course those are averages, so some lose significantly more. <\/p>\n\n\n\n

Ordinary scams pose a definite threat to seniors, and we\u2019ve written about them previously (you can look here<\/a>, here<\/a>, and here<\/a> for a few useful examples).\u00a0 Those can be costly but the big score, from a criminal\u2019s perspective, is identity theft.\u00a0 Scams are limited to \u201cwhat the market will bear\u201d and seniors are often frugal.\u00a0 A successful identity theft, on the other hand, could allow criminals to plunder your parents\u2019 life savings, steal their house, or defraud them of government benefits.\u00a0 The potential losses are much more significant, and much more damaging.\u00a0<\/p>\n\n\n\n

Identity Theft and Seniors: Threats to Watch For<\/h2>\n\n\n\n

There\u2019s a case to be made that the best identity theft protection for seniors is an informed and involved family member, and there\u2019s a great deal you can do proactively to protect your parents.  They\u2019re vulnerable to all the same tactics as the rest of us (phishing messages, scam calls, etc) but are potentially more vulnerable in a couple of specific ways as well. <\/p>\n\n\n\n

Here\u2019s a partial list of things to watch out for, and ways you can provide a measure of protection:<\/p>\n\n\n\n

Phishing Texts or Emails<\/h3>\n\n\n\n

Scammers will never stop using these until they stop working, and sadly that\u2019s not likely to happen (if anything, new AI tools like ChatGPT will make them even more effective).  <\/p>\n\n\n\n

What you can do:<\/strong> Coach your parents to never<\/em> click a link or call back a number from one of these messages.  When in doubt they can forward the messages to you.  With their permission, you might even set up a filter to forward non-personal emails to you automatically.<\/p>\n\n\n\n

Incautious Social Media Use<\/h3>\n\n\n\n

Oversharing on social media<\/a> isn\u2019t confined to seniors, by any means \u2014 if anything, the young are more prone to it \u2014 but careless posts can give away a lot of sensitive information, helping scammers guess passwords and fill in the blanks.\u00a0<\/p>\n\n\n\n

What you can do:<\/strong> Walk your parents through their social media privacy settings<\/a>, and audit their friends and followers<\/a> to weed out any accounts that look sketchy or that your parents can\u2019t vouch for.\u00a0<\/p>\n\n\n\n

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Physical Mail Theft<\/h3>\n\n\n\n

Seniors often prefer to receive their bills, statements, and other money\/identity-related documents in paper form.\u00a0 This means that dumpster-diving criminals (or unscrupulous staff, if they\u2019re in a care setting) can easily retrieve personal and account information from the trash.\u00a0<\/p>\n\n\n\n

What you can do:<\/strong> Set up your parents to receive all of their statements and official correspondence in electronic form.\u00a0 For old bills, statements, and other documents, use a cross-cut shredder to destroy them before they\u2019re discarded.\u00a0 Don\u2019t forget about the labels on pill bottles, which should be removed and destroyed as well (they contain useful information).\u00a0<\/p>\n\n\n\n

Physical Theft of ID<\/h3>\n\n\n\n

Lost or stolen ID is a major threat to your parent\u2019s identity.\u00a0 If they still drive they\u2019ll need their driver\u2019s license<\/a>, but they shouldn\u2019t routinely carry other key forms of ID (their social security card<\/a>, medical insurance cards, etc).\u00a0 Those can expose your parents to things like benefits fraud, tax fraud<\/a>, and medical identity theft<\/a>, which are especially damaging.\u00a0<\/p>\n\n\n\n

What you can do: <\/strong>Help your parents get into the habit of taking only what they need with them.\u00a0 Make photocopies of things like medical insurance\/Medicaid\/Medicare cards, and store the originals in a safe place. Additionally, use an indelible marker to black out all but the last four digits of the SSN on those cards.\u00a0<\/p>\n\n\n\n

Home Title Theft<\/h3>\n\n\n\n

This is a big one.\u00a0 It can happen at any time but most often during times of transition: when a parent moves into care; when they downsize and get ready to sell; or when your parents pass away and you\u2019re dealing with estate issues.\u00a0 Criminals can simply file a fake deed<\/a> at minimal cost and presto, on paper they\u2019re the new owner of your parents\u2019 house (and yes, it\u2019s a lot<\/em> easier than it really should be).\u00a0 Now they can sell it or rent it or both, often to multiple people, then take the money and skip town.\u00a0<\/p>\n\n\n\n

What you can do:<\/strong> Title insurance has been around for a long time, but most policies won\u2019t protect you in this instance (they\u2019re to protect the buyer, not the home\u2019s legitimate owner).  Some insurers now offer policies to protect against title theft if you ask for it, and there are also title-theft monitoring services that will keep watch for loans against your parents\u2019 property or any changes to the title or mortgage.  You can do this yourself if you have the time, but you might prefer to pay and delegate those tasks. <\/p>\n\n\n\n

Abuse of Trust<\/h3>\n\n\n\n

This is the biggest and thorniest threat, because by its nature it\u2019s people you trust \u2014 caregivers<\/a>, family<\/a> members, your parents\u2019 longtime accountant or lawyer \u2014 who are responsible.\u00a0 Everyone on that list has access to your parents\u2019 personal information, and sometimes their financial accounts as well.\u00a0 That means they\u2019re uniquely situated to steal your parents\u2019 identity and siphon away their net worth in dozens of ways from unobtrusive to egregious.\u00a0<\/p>\n\n\n\n

What you can do:<\/strong> This is a tough one, because family dynamics play into it.\u00a0 If your parents are still fully lucid, discuss this potential with them.\u00a0 If at all possible, arrange with their bank, credit card issuers, and investment brokers to have trusted family members or advisors (ideally at least two) be automatically informed in the event of significant disbursements, account changes, or new accounts being opened.\u00a0<\/p>\n\n\n\n

You should also make plans against the day that they\u2019re no longer capable of handling their own affairs, arranging a power of attorney for one or more family members.  If there\u2019s an existing power of attorney in place, you should negotiate some form of family or professional oversight of the person exercising that power (even if it\u2019s you; it prevents you from accusations of bias or misconduct if things should get ugly within the family). <\/p>\n\n\n\n

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Additional Ways to Protect Your Parents Against Identity Theft<\/h2>\n\n\n\n

Aside from those threats, there are some more general ways you can help your parents protect against identity theft.  Most of them boil down to the same kind of common-sense steps we should all be taking for ourselves, as well.  Examples include: <\/p>\n\n\n\n