ATLANTA, June 10, 2014 (GLOBE NEWSWIRE) -- They spend a lifetime working, saving money and investing – and they also become attractive targets for identity thieves. According to the 2013 Federal Trade Commission Consumer Sentinel Report, women and men age 60 and over accounted for 20 percent of identity theft complaints last year. Despite that risk, older Americans can take key steps to help safeguard their identity and financial assets.
A new report from TrustedID, an Equifax (NYSE:EFX) company and the provider of AARP Credit and Identity Theft Protection, outlines what this growing population should watch out for and how they can help keep their personal information out of the hands of criminals.
In this report, TrustedID, a thought leader in identity theft protection, looks at Medicare fraud, tax identity theft, data breaches and more crimes that put older Americans at risk. With the 60+ population expected to hit 112 million by 2050, it's becoming increasingly important for older adults to understand their vulnerabilities and how they can help protect themselves.
"Identity theft is a serious national problem, and its impact can be far-reaching. Older adults who fall victim to identity theft could temporarily lose access to much-needed benefits or lose their hard-earned savings," said Trey Loughran, President of Equifax Personal Solutions, the business unit providing TrustedID solutions to consumers. "Educating and preparing Americans aged 50 and older to address potential risks is critical to helping prevent fraud."
Top reasons 50+ adults are at risk:
No. 1 Many older adults, especially the 65+ age group, rely on caregivers who have easy access to their personal information.
No. 2 Telephone scams, a popular and long-standing identity theft tactic, target 50+ adults because this population is more accustomed to making purchases over the phone.
No. 3 50+ Americans interact more frequently with the health care system, and health care providers are often targets for data breaches.
No. 4 Many 50+ adults are financially established, own homes, have long-time investments, and have built up wealth, meaning they have more to lose from an identity theft attack.
No. 5 Many 65+ Americans carry a Medicare card, which lists their Social Security number.
No. 6 For some identity thieves, access to health insurance is a valuable commodity and they will assume or sell identities for that access.
No. 7 More frequent travel can put 50+ adults at risk. Traveling to places where people often rely on public, unprotected Wi-Fi, questionable ATMs and various hotel/resort staff may increase the risk for identity theft.
No. 8 The IRS reported more than 600,000 incidents of tax identity theft in 2012. Identity thieves use someone's Social Security number to file a fraudulent return in their name.
No. 9 The identities of deceased individuals can be at risk if identity thieves gain access to their Social Security numbers.
For TrustedID's full report on identity theft and 50+ Americans, including tips on how to protect yourself, visit www.aarpidprotection.com or go directly to the white paper by clicking here.
About TrustedID
TrustedID delivers innovative identity theft protection solutions to help safeguard individuals, families and businesses, and is the provider of AARP Credit and Identity Theft Protection. TrustedID works on multiple fronts to help empower and protect millions of consumers, providing resources and services to put control and choice in the hands of the consumer. Acquired by Equifax in 2013, TrustedID is part of the Equifax Personal Solutions business unit. Learn more at www.trustedid.com.
About Equifax
Equifax Personal Solutions empowers consumers with the confidence and control to be their financial best. Find out more about Equifax's innovative suite of credit monitoring and identity protection products at www.equifax.com. Learn about identity theft and how to help protect yourself and your family at IdentityProtection.com. Get smart information on everything from credit to retirement, all in one place at the Equifax Finance Blog, blog.equifax.com.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.