There are a lot of reasons people of 50 are so often the targets of identity thieves.

• Of all the privately held wealth in the United States, 75 percent – $16 trillion — is controlled by households headed by someone over 50, according to the Federal Reserve Board.
• New cars, home improvements, and vacations are often cash purchases. As a result credit reports are pulled less often, and seniors may not realize they’ve become victims of identity theft until the bill collectors start calling.
• Seniors are less likely to take advantage of online person finance services, so they may not discover the theft as soon as younger victims.
• Fifty-four percent of seniors who reported identity theft to the Fair Trade Commission’s Consumer Sentinel database hadn’t notified police. Almost half of all identity theft is committed by family members, friends, neighbors or in-home assistants.
• Besides the obvious advantages of stealing the identity of someone with a lot of money, excellent credit, who won’t call the police, there is another risk for seniors: Social Security number printed on their Medicare card. Identity theft usually begins with a lost or stolen purse, wallet or checkbook.

The Identity Theft Resource Center recommends photocopying both sides of the Medicare card, and then cutting out the last four digits of the Social Security number. The original card should be locked away at home until needed. The first seven digits of the Social Security number remaining on the photocopy will be enough for any doctor or hospital to deliver emergency care.

Other tips for reducing the risk of identity theft:

• Don’t place outgoing mail in your mailbox. Take it to the post office or a postal collection box.
• Don’t leave incoming mail in your mailbox. Have a mail slot installed in your front door or get a post office box. If you’re going to be away from home for more than a day, have the post office stop your mail.
• Don’t wait for late bills to arrive. Call to confirm the company is using the correct billing address. Identity thieves can submit a change of address to delay their victim’s realization of the crime.
• Don’t keep unneeded mail. Shred it. Other mail should be kept under lock and key.
• Don’t carry unneeded credit cards. Lock them up at home until they’re needed or close the account and shred them.
• Don’t carry your Social Security card in your wallet.

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Does a criminal have your credit card number? Find out if you’re a victim of credit card fraud and learn the best ways to keep your credit card information safe.

The Problem: More and more, cash is becoming an antiquated method of payment. Sure, we may pay use cash for a magazine or cup of coffee, but more and more, people are favoring plastic over paper. Credit cards offer convenience and ease of use that cash can’t match, but unfortunately, they also make each and every one of us potential victims of fraud.

A thief digs through your trash, finds discarded receipts, steals your account number, and racks up thousands of dollars in fraudulent charges. An unscrupulous waiter copies down your credit card number, uses it to finance a Caribbean vacation, and you foot the bill. Fraud artists are everywhere, and with millions of credit card transactions taking place each day, the number of potential victims is staggering. Thankfully, there are steps we can all employ to make ourselves difficult targets for credit card fraud.

The Solution: Learn if you are a victim of fraud, minimize the impact of fraud, and guard yourself against future attacks.

Action Step I: Am I a victim of credit card fraud? You won’t know for sure unless you look. Carefully check every statement you receive – don’t just make the payment and send it away. If anything seems out of the ordinary, immediately call the card issuer to discuss the validity of the charges. Should the charges be unauthorized, report the fraudulent activity and immediately cancel the card.

Action Step II: What do I do if I find suspicious charges? You don’t have to be actively targeted by a criminal to be the victim of fraud. A lost wallet can easily fall into the hands of someone who may not think twice about using the cards inside to make some simple purchases. Either way, reporting any suspicious charges, or lost or stolen cards, will, by law, remove any responsibility you have for further charges.

Action Step III: Prevent future fraud: Being careful with your card is often the best defense: Make sure you know its whereabouts at all times, sign it immediately, don’t leave it lying out in the open, keep it in a secure compartment in your purse or wallet, and only carry it when absolutely necessary. Open and reconcile statements as soon as they arrive – be sure all charges match your receipts – and shred any documents containing your credit card or account number if you don’t need them.

While shopping online is much safer than sending your credit card number through the mail, there are still precautions you must take when it comes to electronic transactions. Be sure that any page that asks you to enter credit card information has “https” in the address bar (the “s” means secure) and a padlock icon at the bottom of the screen. Avoid “phishing” scams, which generally come in the form of fraudulent e-mails pretending to be from banks or retailers. Don’t respond with any personal information unless you made the contact first – legitimate businesses will not ask you for your credit card number without a valid reason. The best method for preventing credit card fraud, online or in person, is to simply use common sense. You can never go wrong calling your credit card issuer and asking why certain charges are on your statement. There is no penalty for asking questions.

Tags: Credit Card Fraud, Identity Theft, id theft prevention by admin
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