Identity Theft: Tips to Protect the Whole Family

By Rick Boeth

How much time do you spend online each day? How about your children, or aging parents? When considering how to protect your own data, make sure you consider the risks posed to your family members as well.

Scammers Target Your Loved Ones

It's important to talk to your kids about the dangers of revealing too much personal data, either intentionally or unintentionally. Seniors, too, are online more and more, and as new adopters to technology, they may click on unsafe links or more easily get caught up in scams.

Social media, gaming communities, surveys and other websites often ask for a variety of data. And when buying items online, kids and seniors may not always think about whether the website is secure and encrypted.

But your family's internet use isn't the only gateway to your data. Knowing how to manage your personal information online and offline  can protect your finances and guard against identity theft.

How to Protect Those You Care About

Children

Children become targets as soon as they are born and leave the hospital with a Social Security number. If an identity thief manages to learn a child's Social Security number, they can apply for government benefits, open bank and credit card accounts, apply for loans, set up utility service or rent a home or apartment. And because you may not think to check a child's credit report, this type of fraud can go on a long time before being detected.

As your child grows, many schools and organizations will require you to provide information. Ask how your child's data is collected, used, stored and discarded, and pay close attention if you are notified of a data breach.

Additionally, children themselves often divulge more personal data than they realize. Kids often willingly provide their name, birthdate and other specifics via social media or online communities. There's also a surprising link between fraud and online bullying. Vulnerable children may overshare information, and this could lead to emotional or financial manipulation by online perpetrators.

Financial Warning Signs

• The child is turned down for government benefits.
• The IRS sends a notice saying the child didn't pay income taxes, or that their Social Security number was used on someone else's tax return.
• You get collection calls or receive bills for products and services you didn't receive.

Parents and Elderly

Seniors' regular income and accumulated assets put them at greater risk for financial exploitation, online and offline.

Financial abuse can take many forms. An individual may be pressured by a friend or family member to make uncharacteristic financial decisions and provide access to accounts only to funnel assets away. A phone or online scammer could convince the individual into paying for fraudulent services or investment schemes.

Financial Warning Signs

• The individual is unwilling to discuss or seems confused about financial or estate plans.
• You notice unusual bills, collection notices, payments, withdrawals, new accounts or sudden account closures.
• Expected checks are missing or never deposited.
• Relationships seem to influence financial decisions.

If You Suspect Identity Theft, Act Fast

Hackers and identity thieves may obtain data before you even know it's missing. Whether it's your data that has been exposed, or that of your child or aging parent, it's important to act quickly to minimize any potential financial damage.

1. Contact financial institutions.
2. Change passwords.
3. Close fraudulent accounts.
4. Place a fraud alert on your credit reports by contacting the three major credit bureaus: Equifax, Experian and TransUnion.
5. File a report at IdentityTheft.gov .
6. Order copies of credit reports through the Consumer Financial Protection Bureau  or through the major credit bureaus.
7. Capture all communications in writing.