A report in November from AARP shows that 26 percent of Americans aged 55-plus have been victims of identity fraud, according to the organization.
However, more are taking additional precautions to prevent losses of personal information, as 29 percent have placed credit freezes on their credit bureau information following an identity theft incident. More than half have enrolled in identity protection or credit monitoring services, the report said.
The report, “Identity Fraud in Three Acts,” was developed by Javelin Strategy and Research and sponsored by AARP.
“Older Americans are leading more digitally infused lives, with two-thirds using online banking weekly, so it’s encouraging to see that many are taking proactive steps to protect their identity following a data breach,” said Kathy Stokes, director of AARP Fraud Prevention Programs. “Passwords still represent a security threat, however; using repeated passwords across multiple online accounts makes it easy for criminals to crack one of them so that all of your accounts, including financial accounts, become accessible.”
According to the report, consumers 55-plus want to bank using stronger security authentication. Roughly 90 percent state a desire to use more fingerprint scanning, and 80 percent view facial recognition capabilities as trustworthy forms of technology for financial transactions and private business matters.
The report also said identity fraud victims age 65-plus do not necessarily change how they shop, bank or pay following a fraudulent event, with 70 percent exhibiting reluctance to change familiar habits.
“Criminals are regularly targeting Americans aged 55-plus through a combination of sophisticated scams via computer malware and also through more traditional low-tech channels via telephone and U.S. mail,” said the report’s author, John Buzzard, lead analyst, fraud and security at Javelin. “The combination of high-tech and low-tech strategies unfortunately gives the upper hand to the criminal — not the consumer.”
The report offers several tips on protecting against identity fraud, including:
• Hang up on strangers, and independently verify everything.
• Adopt security practices that go beyond a single password. Start using a password manager tool or app to create and safely store complex passwords.
• Write down important numbers of companies you do business with rather than rely on a web search for a customer service number, as criminals post fake numbers online.
• Secure your devices – mobile phone, laptops and tablets – with a complex password, preferably with screen locks that use a fingerprint or facial recognition.
• Secure personal payments with digital wallets.
The AARP Fraud Watch Network launched in 2013 as a free resource for people of all ages. Consumers may sign up for “watchdog alert” by email or text that deliver information about scams, or call a free helpline at 877-908-3360 to report scams or get help from trained volunteers in the event someone falls victim to scammers’ tactics.
The Fraud Watch Network website provides information about fraud and scams, prevention tips from experts, an interactive scam-tracking map and access to AARP’s hit podcast series, The Perfect Scam.
