The very qualities that make some seniors feel safe – a tendency to not use credit much, operating on a cash basis and avoiding technology – make identity thieves view seniors as very appealing targets, credit experts warn.

“Anyone with a Social Security number needs to be aware of the risk of identity theft,” says Jennifer Leuer, general manager, ProtectMyID.com. “Seniors, however, should be especially vigilant about identity theft protection, because they are often a preferred target of identity thieves and scammers.”

While identity theft can happen to anyone at any age, seniors may be at greater risk for a number of reasons, including:

• Many states display social security numbers on Medicare cards. Even if your card is never lost or stolen, enterprising thieves may be able to snatch the number when you show your card for a legitimate purpose.
• Seniors often have more to steal than other people. They tend to carry higher cash reserves and home equity than other age groups.
• Seniors may be less technologically savvy, and may be more likely to respond to scams because they haven’t researched them online.
• Seniors may feel less need to closely monitor their credit reports and financial accounts because they tend to use credit less. Identity thieves know that it may be months – or even years – before senior victims check their credit reports and discover they’ve been defrauded.
• Seniors’ personally identifying information is more likely to be exposed to people through extended caregiver networks, nursing homes, doctor’s offices and other service organizations.
• Seniors are more likely to trust official-looking emails and open unsolicited communications and click on links that could lead to malware or phishing attacks.

Common forms of senior identity theft include check fraud, credit card fraud, phone or e-mail solicitations, social networking schemes and Social Security fraud. Fortunately, there are many ways seniors can protect themselves, or adult children can help protect their aging parents, from identity theft.

• Never carry your Social Security card with you. If your Medicare card has your Social Security number on it, make a photocopy of the card and black out everything but the last four digits of your number with a permanent marker. Carry the copy whenever you need to show the card.
• Carry only the checks you will need for a specific use on any day. Leave your checkbook at home in a secure location.
• Pick up checks at the bank to avoid having them stolen from your mailbox. Better yet, set up direct deposit with the Social Security Administration and any retirement accounts that you regularly draw on such as pensions or IRAs.
• Learn to pay bills online, if possible, or mail bills and other paperwork from a secure mailbox at the post office. Don’t mail bills or any documents with identifying information from your home mailbox. .
• Always lock up financial statements and any items, including computers, which contain personal information. Especially for seniors who live in assisted care facilities. There are too many people with access to rooms in these facilities to leave sensitive information out for anyone to see.
• Use an updated cross-cut or diamond-cut shredder to shred all personal and financial records before you throw them away. It’s a good idea to complete a thorough inventory of all old files – receipts, financial statements, taxes – shred the ones that are no longer needed and secure the ones that are.
• Consider using an identity monitoring product that gives you identity theft protection, like www.ProtectMyID.com. The product monitors your credit report on a daily basis and alerts you to activity on your credit accounts. And, with one phone call to a specially-trained fraud resolution agent, you can report all your cards lost or stolen and they’ll contact the credit card companies for you. And if you do become a victim of identity theft, you’ll have a designated fraud resolution agent by your side through the whole process of resolving the situation. You can learn more at www.ProtectMyID.com.
• Know who to call. You can opt out of credit card offers – which thieves may use to steal your identity – by calling (888) 567-8688. If you believe your Social Security number may have been compromised, call the Social Security Administration fraud line at (800) 269-0271.

Provided By: ARA

We’ve all heard of the problem, but few have recognized how theft of an employee’s identity can be devastating to an employer’s business. What are the potential costs to your business? They’re not obvious at first. You probably won’t write anybody a check directly, but consider the hidden costs of lost time, reduced productivity, lower morale and deteriorating quality.

The first thing you can do is learn more about identity theft. Here are some “myths:”

1. “My Credit Card Covers Me.”
Consumers think their credit cards cover an identity theft situation. Credit-card companies only cover their financial losses. The most a victim has to pay is $50, but the victim is still obligated to restore any damage to his/her name and/or credit rating.

2. “I Don’t Have a High Net Worth.”
The fact is that people with a high net worth do check their credit status more frequently because they make more purchases. No matter what your income level is or what a person’s net worth is, you can still become victimized.

3.”I Don’t Use the Internet.”
The reality is that if you have used the Internet just once, your information can be compromised. But that’s just one concern. We are all in a reactive posture because the information is out there-employer records, medical records, mortgage companies, insurance companies, financial institutions, credit-card companies, department stores, and the list goes on. Think about how many times you have given out your information over the past 10 years.

4. “The Credit Repositories Will Correct My Problem.”
The Credit Repositories are only responsible to correct the information that gets reported to them. It becomes the responsibility of the victim to ensure that his/her name and credit is corrected in an identity-theft incident.

Article provided to the La Quinta Chamber of Commerce – GEM Publication March 2006 page 14.

http://www.lqchamber.com/pdf/gem_mar06.pdf

Consider the following for organizing your important records.

Location. Options for storage might include a home safe, fire-security box or offsite location such as a safety deposit box. The storage container should be securable and fire resistant. Shoe boxes or cardboard boxes in the closet or under the bed are not appropriate.

Who knows? Does someone in addition to your spouse know where these papers are kept? Consider making a list of such papers and records, and on the list state where these documents can be found. Then advise a trusted third party – an attorney, CPA, relative, or family friend – where this list is kept.

The general idea is that someone not domiciled in your residence know about this list and how to access it. This decision requires a certain comfort level, and you alone are able to make that determination.

Which papers? Regardless of who knows what, organized records are always a plus. The following items might be part of your “important documents” list:

• safety deposit box key
• life insurance policies
• deeds, contracts, leases, titles, mortgage(s), loan notes
• banking, savings, investment and retirement account(s) records
• will
• burial arrangements
• all other insurance policies (health, auto, home, etc.)
• birth certificates

Beyond however you decide to store your personal records, and whatever you decide to include, one fact is clear. If important legal, business and personal documents are organized and accessible, the handling of a crisis situation is made much easier.

If you’re not prepared for a loss with a complete inventory record, you may not get the full benefit of your insurance coverage. In addition, compiling a list of possessions can provide your insurance company with a base for determining whether your coverage is sufficient. Give yourself the peace of mind that your home and valuables are covered properly in the unfortunate event of a burglary, fire or natural disaster.

While a written inventory helps you itemize your possessions, it doesn’t document ownership or the actual value of the items. For that, you need a photo inventory and proof, such as sales receipts or a professional appraisal. Your best protection comes from all three. You don’t have to be a professional photographer or cameraperson to do an inventory of your possessions. Start by photographing or videotaping each room, wall by wall, floor to ceiling. Then take close up shots of valuables in each room. Then write basic information on the back of each photo. Be sure to note changes in your possessions such as a new TV set or new sofa you have recovered. Delete items you no longer have.

Be sure to secure your records in a safe place.

Article provided to the La Quinta Chamber of Commerce – GEM Publication March 2007 page 19.

http://www.lqchamber.com/pdf/gem_mar07.pdf

Probably the oldest form of stealing one’s personal information is by snatching your purse, wallet or mail. Try putting your shoulder bag across your body, not draping it over one shoulder making it easy to snatch and run. Stolen mail could include bank or credit card statements, pre-approved credit cards or any financial information. You can put a hold on your mail while you are away and not let it pile up in your mailbox. Thieves have also been known to file a change
of address in order to have your mail diverted to another location. Dumpster diving is another method of stealing personal information where thieves rummage through your trash looking for any identifying numbers that can be used for their own purposes. Don’t put your trash out to be picked up until the morning of the scheduled pick-up. A special storage device can be used to “skim” or store your credit card information as an employee processes it. When handing your credit card to an employee, be sure it never leaves your site. Cash is always a good idea when going to a restaurant. Be particularly careful of emails claiming to be from financial institutions or companies wanting you to reveal your passwords or personal information. Call the institution to check on the validity of the email. Beware of any person, company, phone call or email wanting you to give them information under false pretenses. This is called “pretexting” and your information is sold to people who use your assets, get credit in your name or to investigate you. Hang up and Google the phone number or company. These practices are used every day and no one is immune to the crime of identity theft.

Why is this such a problem and how is this information used? There are a multitude of ways thieves can wreck havoc on your life and take years to correct. Credit cards can be opened in your name with delinquent accounts showing on your credit report. This could go on for months before you realize what is happening. How often do you check your credit reports? Setting up a wireless phone is a common practice, also.

A new loan could even be taken out in your name! If a thief decides to commit a crime using your identity, a warrant could be issued for your arrest. When government issued information is stolen, a thief can assume your identity and file a fraudulent tax return. No one wants to deal with the IRS! These are real problems that 9 million Americans face every year.

What can you do to thwart these actions? Being aware of how identity theft can happen is a good start. Simple measures like the ones listed above can go a long way in preventing identity theft. The law allows consumers to receive free annual credit reports from the three major credit bureaus. Routinely ask for these reports by logging on to www.annualcreditreport.com to request a free report. You can place a fraud alert on these reports free of charge. Also, consumers can opt out of unsolicited credit card offers by going to the website, www.optoutprescreen.com . There is a five year opt-out plan or a permanent opt-out plan. When you aren’t receiving any “pre-approved” credit card offers, they can’t be stolen. All mail with any personal information should be shredded before being put in the trash. Most identity theft is done by dumpster diving or trash digging. Thieves have even been known to piece bits of papers together to steal information. A cross-cut shredder is the best way to prevent this from happening. When buying a shredder, make sure it is a cross-cut shredder and shred everyday. For those who are too busy or simply don’t like doing this, a service can be called to your house to shred. This is especially a good idea when shredding years of information – like tax returns or financial statements – that would take many hours with a home shredder.

Article provided to the La Quinta Chamber of Commerce – GEM Publication January 2009 page 25.

http://www.lqchamber.com/pdf/gem-jan09.pdf