Elderly Vulnerable to ID Thieves

When it comes to the topic of ID theft, you'd think the elderly are the safest. After all, why would anyone want to steal from your grandmother, a simple lady with very little assets, no job and not even a bank account? And above all, who would be low enough to do such a thing?

Even though they may not always be the best target for finances, the elderly have something that is just as valuable—a social security number. And when there's something as priceless as that, a criminal will stop at nothing to commit a crime, no matter who the victim may be.

Easier targets.

Generally speaking, it's those between the ages of 29-40 who are the ideal targets for financial identity theft. But when it comes to theft of credit, employment or healthcare, senior citizens are more appealing in more ways than one. It's a known fact that the elderly are the least connected when it comes to the internet. Many of them get everything from bank and medical statements to tax-related documents delivered through snail mail, which can pose a risk for paper theft. Savvy thieves will troll around neighborhoods to seek out the elderly and steal the mail they need to commit identity theft.

The internet makes it very easy for those who are connected to regularly check up on their finances and other details. But for those who rely on paper statements mailed to them monthly or even quarterly in some cases, it's not the most ideal way to monitor odd activity. Many seniors don't think about statements until they've arrived in the mail, which means that if their identity was stolen, they wouldn't even know for days and even weeks.

To make matters worse, if there's been identity theft, the elderly often don't know where to begin to rectify the situation. With few seniors who are internet savvy, they are left to rely on family members or friends to help them receive justice. This could mean serious delays that can sometimes lead to health risks if they are medically dependent.

What is stolen.

One of the top reasons for stealing the identity of a senior citizen is for healthcare. Because many of them have some form of insurance for medical expenses that covers a large range of services, thieves who are in need of expensive procedures often focus on this demographic. There have been reported cases of major surgeries and treatments performed on thieves rather than the actual patient, which has led to delays and even worse—denial—of necessary medical attention.

Employment fraud is another reason for stealing someone's identity. Because many elderly are either retired or simply unable to work, it's easy to use their identities to get employment without being scrutinized for having multiple unlikely jobs. The thief will use the social security number to not only gain employment, but to reap government benefits as well. Oftentimes, this type of activity can go undetected for years because thieves will rarely file taxes, if at all.

Though anyone can be a target for credit fraud, the elderly are likely to have better and longer credit histories or ones that have been clean for many years in comparison to those under the age of forty. Because of this, thieves have become savvy, cutting the screening time for their victims and going straight to targeting seniors. 

Studies show that those over the age of sixty are less likely to have frequent activities and transactions on their bank accounts. Most retirees know exactly what they have in their savings accounts and don't feel the need to check balances on a regular basis. This lax monitoring can leave an open window for thieves to swoop in and use stolen identities to wipe out entire bank accounts. It's only when the account holder plans a cruise vacation when they've realized that the money has been stolen.

With age comes experience and knowledge, but in today's changing times, getting older can also bring some vulnerabilities. Unfortunately, identity theft is one of them. With the elderly being especially targeted for certain types of fraud, it's never too late to be careful with personal information.