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Industry Articles Home > Improving Quality of life for Seniors News

Seniors advised to protect retirement assets from identity theft and fraud
2010-05-25

A recent report shows that while those over the age of 65 are the least likely demographic to fall victim to identity theft or fraud, the figures may be underreported if that senior knows that perpetrator. The Identity Theft Assistance Center is advising retirees to watch for signs of fraud and identity theft, to avoid losing their hard-earned retirement income.

"We see heart-wrenching cases where older people are victimized by a con artist or a family member or friend and the anguish that follows," ITAC president Anne Wallace said.

Retirees who begin to notice unexpected bounced checks, overdraft fees or suspicious check numbers should contact their bank immediately and order a copy of their bank statement. Retirees should also report unrecognized withdrawals or expenses that are inconsistent with their financial habits.

Identity theft or fraud can severely impact the credit and financial standing of any victim, but it may be even more damaging to seniors who are living solely on their retirement income. Retirees should keep all investment, annuity and insurance documents in a safe place and monitor their bank and credit accounts closely to detect any suspicious activity.
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