Elder Identity Theft Up 200 Percent
Professor David J. Demko, PhD
AgeVenture News Service (07-18-02)
Identity theft of the elderly increased over 200 percent between 2000 and 2001, and U.S. Senator Larry Craig (Idaho) is taking steps to address the problem by co-sponsoring the Identity Theft Penalty Enhancement Act of 2002 (S. 2154). "This legislation lengthens prison sentences for those that would perpetrate this insidious and destructive crime", says Senator Craig who chaired a Special Committee on Aging hearing on identity theft and the elderly.
According to the Federal Trade Commission, between 2000 and 2001, incidents of identity theft of those over the age of 60 increased by 218 percent in 2001 (5,802 victims) over reported figures in 2000 (1,821 victims). Older people make appealing financial targets because they typically have higher credit lines, greater home equity and more financial resources than younger populations. The American Bankers Association estimates businesses lose $15 to $18 billion annually in identity theft cases involving all age groups.
U.S. Senator Larry Craig recommends these steps to prevent Identity Theft.
- Never provide information by phone unless you made the call and know the caller.
- Never underestimate crooks who can fool the smartest of consumers.
- Shred all mail solicitations and documents that provide information about your identity.
- If a bill fails to arrive in the mail, contact the company to find out why.
- Stop receiving credit card offers. Call the major credit bureau: 1-888-567-8688.
The Federal Trade Commission recommends these steps to fight consumer fraud.
- DO NOT put your Social Security Number on your driver license.
- DO NOT carry your Social Security card in your wallet.
- Store new and cancelled checks in a safe place.
- Immediately report lost or stolen checks to your bank.
- Carefully review every monthly bank statement.
- Periodically check your credit record for fraudulent activities.
- Your credit report is available from the following sevices:
Equifax: 1-800-686-1111
Trans-Union: 1-800-016-8800
Experian: 1-888-397-3742
- If you become aware that you may be a victim, act immediately.
Image credit: Federal Deposit Insurance Corporation, Washington, DC.
See related articles in AgeVenture archives.
Your FDIC Key to Financial Privacy Rights
Has a Thief Shoplifted Your Identity?
Consumer Centers Fight Medicare Fraud
Who's A Fraud Of The Phone
AgeVenture News Service, www.demko.com
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