Identity theft is unfortunately one of the more devastating results that occur from scams run by criminals. Identity theft scams often target the elderly population because seniors are more vulnerable, and because of that, malicious criminals know that they will absolutely profit off of this target group.


What is identity theft?

Identity theft occurs when criminals use personal information (Such as financial, medical, etc.) that they have stolen from individuals and/or businesses to commit fraud in the name of the victim. Identity theft can be caused by a number of methods, regardless of whether or not a victim was involved in the process of being manipulated to hand over information to criminals. Sensitive data breaches, business/institution cyber attacks, malware such as spyware, and social engineering are all different ways that criminals are able to acquire your personal information, or at least begin the information-gathering process in order to eventually steal your identity and begin causing extreme damage to you for financial and/or personal gain. According to a report by the Insurance Information Institute (iii.org) on identity theft and cyber crime, 3 million identity theft and fraud reports were received in 2018. This resulted in a loss of $1.48 billion dollars reported by consumers due to fraud complaints (This figure includes identity theft, fraud, and other consumer complaints related to identity theft and fraud). To get a better idea of the wide range of identity theft damage, the top five types of identity theft reported in 2018 are the following:

1. Credit card fraud—new accounts (40.5%)

2. Miscellaneous identity theft (Includes online shopping and payment account fraud, email and social media fraud, and medical services, insurance and securities account fraud, and other identity theft) (27.1%)

3. Tax fraud (12%)

4. Mobile telephone—new accounts (10.3%)

5. Credit card fraud—existing accounts (10%)


Tips to Prevent Identity Theft

● Safely secure your Social Security Number (SSN) and do not give it out to anyone unless it is necessary to do so for official purposes (Such as financial, medical, and government applications).

● Protect your personal information (Full name, birthdate, address, SSN, credit card and bank account numbers, medical insurance numbers, and other personally identifiable information) and do not give it out to anyone unless it is necessary to do so for official purposes (Such as financial, medical, and government applications).

● Be wary of online information theft possibilities such as using public Wi-Fi, visiting unencrypted websites, and phishing scam attempts. (Learn more about phishing in Learning Module: Phishing).

● Request and review your free annual credit report from a reputable credit bureau in order to verify that no accounts have been opened in your name without your knowledge.


If you believe that you are already a victim of identity theft, start by reporting it to the Federal Trade Commission (FTC) online at IdentityTheft.gov, or by phone at 1-877-438-4338.


Sources:
https://www.lifelock.com/learn-identity-theft-resources-seniors-victims-of-identity-theft.html
https://www.iii.org/fact-statistic/facts-statistics-identity-theft-and-cybercrime
https://www.lifelock.com/how-it-works/what-is-identity-theft/
https://www.usa.gov/identity-theft