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Seniors Must Protect Themselves from Identity Theft
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By Robert A. Sagar
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ROCKVILLE CENTRE, N.Y. - As if the con artists and financial scammers who prey upon senior citizens weren't bad enough, now seniors are the increasing target for identity thieves. We hear horror stories about seniors being victimized because they often have liquid assets, are generally more trusting of people and tend to be less vigilant. But what can seniors do to avoid losing their identity?
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Identity theft, including the misuse of Social Security numbers, names, driver's licenses, bank accounts, PIN numbers and credit/debit card numbers, is one of the fastest-growing crimes for all Americans, young or old. According to the Federal Trade Commission's (FTC) Identity Theft Survey Report, results suggest that almost 10 million Americans have discovered that they were victims of some form of identity theft within 2002.
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The total cost of this crime approaches $50 billion per year, with the average loss from the misuse of a victim's personal information being $4,800, says the FTC. It can take years of frustrating effort to set the record straight. The potential toll on seniors with vulnerable income sources can be severe.
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The District of Columbia had the highest rate of identity theft in 2002, followed by California and Arizona. Regardless of where you live, take precautions. It happens everywhere. With just your name, Social Security number and birthday, identity thieves can clean out your bank accounts, apply for health insurance, get a driver's license in your name, open credit accounts or go on a shopping spree using your existing credit cards.
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So what can you do? Identity theft is still primarily a crime of opportunity, so make yourself a hard target. Protect yourself by taking preventive measures to block the theft of your identity and your financial security. Here are some things you can do:
  1. Guard your Social Security number. Don't give it out, don't carry it in your wallet or purse and definitely do not have it printed on your checks. If your number is stolen, contact the Social Security Administration fraud line (800-269-0271) immediately to place a fraud alert on your name and Social Security number.
  2. Buy a paper shredder. Don't just throw your personal information into the trash where a thief can retrieve it. Shred all documents that have your name, Social Security number, birthday or other personal information, including bank statements, insurance forms and even those annoying credit card offers that come in the mail.
  3. If you carry a wallet or purse, photocopy the contents. Copy both sides of each license, credit card, insurance card, etc. Put the photocopy away in a safe place. If your wallet should be stolen, you will have a record of everything that was in it, including account numbers and the phone numbers needed to call and cancel them.
  4. Immediately cancel any credit cards that are lost or stolen. Most importantly, call the three national credit-reporting organizations, Equifax (800-525-6285), Experian (888-397-3742) and TransUnion (800-680-7289), as well as the Social Security fraud line. The alert will indicate to any company that checks your credit that your information was stolen. Also, file a police report immediately in the jurisdiction where the theft or loss occurred. This will prove your diligence to the credit card company.
  5. Check your credit report regularly. Review your credit report at least once a year. Be alert for credit activity that you have not authorized. False transactions can be disputed and removed.
According to the FTC, identity theft is significantly smaller if the misuse of personal information is discovered quickly. It will be even less of a hassle if you take the necessary steps to guard your identity from thieves. If you believe your identity has been stolen, report the crime to authorities and the FTC (1-877-IDTHEFT). It can help save what you've worked your whole life for - your assets.
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