Are Retirees At a High Risk of Identity Theft?

IdentityTruth Offers Tips for Seniors on how to Avoid ID Theft

WALTHAM, Mass.--(EON: Enhanced Online News)--IdentityTruth, the leading provider of a new breed of identity theft monitoring services to help consumers avoid identity theft and safeguard their privacy and identity, today is sharing its tips for avoiding ID theft when preparing for retirement or when retired. Identity theft is America’s fastest growing crime, and more than 70 million people will be victims this year alone. Those receiving government benefits, on fixed incomes, cashing out retirement accounts and entering into retirement funds may find themselves at an increased risk for becoming victims of identity theft. A recent breach of a retirement fund in California has compromised the personal financial information of more than 38,000 people.

“In recent years, there has been a trend of identity thieves targeting seniors via phone or email – our goal is to increase awareness of the tricks identity thieves use to help protect seniors from becoming victims.”

“With any major financial transaction – be that closing out an IRA, ‘downsizing’ a home or applying for social security benefits – there is an inherent risk of identity theft,” said Steven Domenikos, CEO of IdentityTruth. “In recent years, there has been a trend of identity thieves targeting seniors via phone or email – our goal is to increase awareness of the tricks identity thieves use to help protect seniors from becoming victims.”

Here are tips to help consumers be more aware of their ID theft risk when buying a home:

• Paperwork: Retiring generates a LOT of paperwork. It is imperative that you remain vigilant about where all of this paperwork is going. Don’t hesitate to ask that the preparer file them in safe and secure place and ensure that discarded papers are shredded. Shred any documents that you do not need yourself before throwing them away.
• Using the Internet: As you visit different sites on the web, you’re often prompted to provide your email address. What you may not know is that your address can be legally sold to companies that perpetrate phishing scams, by which identity thieves contact you with requests for money, or with links to websites that enable them to fraudulently access all files on your computer.
• Email/Phone Calls: Be wary of any and all emails, text messages or phone calls coming from companies you have contacted –if they ask you for any personal information (social security number, date of birth, address etc.) do not give it to them – give your personal information only during in-person transactions so you know exactly who you’re speaking with.
• Shred, Shred, Shred: Seniors may receive credit card applications on a daily or weekly basis. Many throw out card applications without destroying them – be sure to destroy yours. Those applications usually include sensitive personal information, and make it easier for “dumpster diving” identity thieves to access the data necessary to perpetrate their crime.
• Downsizing your home: Organization is definitely key. Keep everything that lists any financial information – your files, tax archives, bills, bank statements, check books, credit cards etc. – in a “lock box” on move day. Know the location of that box at all times to ensure the safety of your sensitive personal information.
• If a loved one passes: Although it may seem unthinkable, statistics show that identity thieves prey on the sick or deceased (known as “ghosting") due to an increased likelihood that the theft will go undetected. Notify the Social Security Administration of the death at 800-722-1213. The SSA maintains a master file that is used by all the CRAs before issuing credit. Make sure that a trusted family member knows how to access your email and online accounts so that they can be accessed or terminated should you get ill or die.

Identity theft is America's fastest-growing crime. More than 70 million identities will be lost this year alone with as many as 4 million social security numbers being stolen. Simple credit monitoring is not enough - only 15% of identity theft is credit-related (85% of identity fraud happens “outside” the credit system). IdentityTruth has discovered suspicious “identity events” for more than 1 out of 4 consumers who subscribe to its service.

IdentityTruth’s unique Faster than Fraud™ technology combines data from many different sources--going beyond simple credit-based protection to deliver a more complete picture of an individual’s identity risk.

The service continuously combines and analyzes any and all information that is discovered specific to an individual to detect suspicious activities, report possible fraud before it happens and provide concrete next-steps to resolve a problem that may arise.

About IdentityTruth

IdentityTruth is the leading provider of a new breed of service to help consumers safeguard their Privacy and Identity. IdentityTruth’s proprietary technology provides subscribers with advance notice of potential identity fraud so they can take better control to stop it before it becomes costly. IdentityTruth not only detects--but can actually predict--possible problems, and that is what makes IdentityTruth Faster than Fraud™. IdentityTruth is a privately-held, VC- funded company headquartered in Waltham, Massachusetts. Investors include Argonaut Ventures and Stata Venture Partners. For more information, go to www.IdentityTruth.com or call 781-684-1300.