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Welcome to the ProtectMyID Blog

Lessons and stories from the front lines of fighting identity theft.

 

Fraudsters Can Ruin Your Nest Egg

May 29

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For many, it can be tough to eke out a living and secure a nest egg for their golden years. While there’s no shortage of experts who spend countless hours educating Americans on how to build a nest egg, there are few experts, in comparison, who offer viable solutions on how to protect one’s nest egg from identity theft.  Being able to maintain your savings and retirement income from identity theft is more vital today than ever.

Prevent Fraudster Scams

However protecting your nest egg from identity thieves can be a challenge—especially if you’re not on top of the scams that fraudsters use to bilk and steal from those who are retired or close to retirement. Here are some steps you can take to help protect your nest egg when the fraudsters come knocking:

  • If you’re asked to donate funds to a sure-fire investment opportunity from someone you don’t know, hang up the phone. A legitimate financial institution won’t just call you out of the blue with a windfall investment opportunity.
  • Store Social Security number and medical information in a secure place. Carry only the information on you that’s necessary.
  • If you’re receiving checks, such as Social Security, have them deposited directly into your bank account. Identity thieves are known to watch seniors’ mailboxes.
  • Love your family members, but be aware that the majority of identity theft against seniors can be attributed to friends, family members or caretakers.  Often, the people closest to you, have the highest probability of taking advantage of you.
  • Place limits on the amounts that anyone can pull from your bank accounts without actual verification of who they are. For example, someone authorized to draw money from your account could use an ATM without having to enter your bank.
  • Monitor your credit report regularly. Check for erroneous information and to spot identity theft. Checking your credit report can also help you monitor how you spend money.

As people age, they can become more vulnerable to fraud—as age can sometimes make it more difficult to make effective and safe financial decisions. It can’t hurt to put some safeguards in place today to protect your assets in the future.

This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

Published by permission from ConsumerInfo.com, Inc., an Experian company.   © 2014 ConsumerInfo.com, Inc.  All rights reserved.

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