Protecting Older Adults from Identity Theft Risks

In 2025, Americans aged 60 and older filed 201,266 complaints with the FBI’s Internet Crime Complaint Center, reporting losses of $7.7 billion. This is the highest loss reported by any age group, with the average loss nearing $38,500, which is almost double that of younger victims. The Federal Trade Commission estimated that the cost of fraud to older adults in 2024 ranged between $10.1 billion and $81.5 billion, depending on underreporting levels.

Mounting Identity Verification Challenges

Data breaches over the last two decades have compromised people’s identities. Information like birth dates, addresses, and Social Security numbers are still used for verification by banks and Medicare. Adult children need to secure these checks, a process that generally takes an afternoon.

Why Older Adults Face Greater Risks

Older adults hold multiple accounts: banks, brokerages, Medicare, and more. Each account has its own verification process. Once a scammer breaches one account, larger balances could be at risk. Between 2020 and 2024, combined losses for older adults losing over $100,000 increased from $55 million to $445 million, showing an eightfold rise. AI voice cloning also contributes to identity theft, with $893 million in related losses in 2025, of which $352 million affected those 60 and older.

Initial Protection Steps

Before making changes, discuss with your parents to ensure they understand. This helps protect them without taking away control.

• Freeze their credit at Equifax, Experian, and TransUnion. Each bureau handles this separately and for free.
• Set up an IRS Identity Protection PIN to prevent fraudulent tax returns.
• Enroll them in USPS Informed Delivery to prevent unauthorized previews of mail.
• Opt out of pre-screened credit offers to eliminate unwanted solicitations.

While a credit freeze blocks new applications, and an IP PIN prevents fraudulent tax filings, neither monitors ongoing credit activity. Consider adding credit monitoring for faster detection of suspicious activity.

Secure Their Federal Accounts

Create a Social Security account for them at ssa.gov and a MyMedicare account if applicable. Enable two-factor authentication and use a password manager.

Review Medicare Summary Notices with your parents for unknown charges. The Senior Medicare Patrol can help investigate suspicious billing at no cost.

Additionally, credit monitoring can alert you to leaked personal information, helping to decide which accounts to secure.

Creating a Safety Net for Calls

Phone calls bypass many protections. Establish these habits:

• Set up a family code word. End the call if the caller cannot say the word.
• Note government actions: They do not call or demand payments unsolicited.

Using a code word can prevent AI voice-cloning scams from succeeding.

Actions if Identity Fraud Occurs

A financial power of attorney enables an adult child to manage responses to fraud without needing the parent for every detail. Immediately pull credit reports, file at IdentityTheft.gov, and place fraud alerts.

Some protection services offer fraud resolution support and may include family coverage, extending monitoring to other households.

Conclusion

Protecting an older parent’s identity begins with a few quick steps to make it harder for scammers to misuse personal information. While these steps can significantly reduce risks, it is crucial to act early, monitor accounts, and swiftly respond to threats. Early preparation can save stress, financial loss, and paperwork.