Although most anyone can be a victim of fraud and identity theft, senior identity theft is on the rise, and those ages 50+ are often the preferred targets of scammers.  In 2014, 11.6 million Americans were victims of identity theft and the numbers continue to grow.  The average loss per incident in the United States averages over $5,000!  The U.S. government is taking steps to help circumvent the high level of fraud aimed at seniors, but it can only do so much.  But it’s not just a matter of law enforcement or the government taking action – seniors and their caregivers also need to be vigilant.
Here are some steps that can help protect seniors from becoming victims:

• Make Sure their Caregivers are trustworthy. Sadly, an awful lot of identity theft is not committed by strangers; this is especially the case when it comes to seniors, who are more likely to have caregivers who have access to their homes and personal property.  If you are the adult child of a senior who needs care, be on the lookout for suspicious behavior and conduct a background search if necessary.  Make sure documents and other items containing personal and financial information are locked away where they cannot be easily accessed like in a home safe or safety deposit box at your bank.
• Talk to them about common scams. The IRS publishes a “Dirty Dozen” list every year that details the most common scams that have been recently reported.  It is very important that seniors know to be on the alert for potential scams and learn how to tell if someone is trying to trick them.  They should know to NEVER give out any personal information or passwords over the phone or by email to anyone.  Some seniors may be reluctant to talk about fraud because they don’t believe it’s possible for them to become victims.
• Keep an eye on their financial activity. Older people are great targets for scammers, especially their money and other assets.  With more and more seniors going online, not only are they are at risk for mail and telemarketing scams, but now they are also targets for email scams.  Many of these scams involve sending money or providing credit card information.  Some scammers offer medical tests or equipment for free and ask for personal information in order for the product to be received.  The old adage applies here- if it’s too good to be true it usually is!
• Sign them up for identity theft protection. These services not only monitor a person’s personal and financial information on the internet black market, public records and other channels where it can be used and exploited by identity thieves, but most also provide real-time credit monitoring and access to your credit reports and scores.  In the event your loved one does fall victim to identity theft, it can help make the messy process of restoration much less of a headache.

Adapted from Huffington Post
Jocelyn Baird, NextAdvisor.com 7/22/2016