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Protect Identity Fraud’s Most Vulnerable: Minors and the Elderly
Published Date : November 7, 2017
In the wake of the recent massive data breach at Equifax, just about everyone is currently mindful of the importance of protecting their personal identity; and many have already taken precautions to review, monitor and secure their own sensitive information. But often, the most vulnerable among us – minors and elderly – get overlooked. Indeed, children are more likely to be victims of identity theft than adults, due to the fact that they encounter fewer opportunities in their daily lives to detect fraud, and this is coupled with the abundance of information that is held about them that is usually poorly guarded in school, medical and social media databases. For many elderly, they routinely provide sensitive personal information to medical facilities, care givers and also governmental agencies to process benefits such as Medicare, and this frequently creates unintentional vulnerability. Adhering to security protocols that also include any children or elderly parents can help reduce this type of risk for the entire family.
Information Handling Protocol
If nothing else, it is probably best to limit the exposure of your family’s information by reducing what you normally carry around to a bare minimum. Never carry your Social Security card with you — memorize the number; and use as few credit and debit cards as possible. Also, be fastidious about providing sensitive information about yourself and your children — or other extended family members — at your workplace, and their schools, doctors’ offices and/or care facilities. Invest in more heavy-duty cross-cut shredders in the home and regularly destroy all mail this way containing any sensitive information, including medical prescription labels with addresses. Online commerce should be limited to well-known websites that offer multi-tier authentication options and strong passwords – that should be changed routinely. Avoid or sparingly use checks and debit cards that are tied directly to any heavily funded bank or investment accounts; and preferably, use credit cards when possible to create a barrier between vendors and savings accounts.
Credit Report Options
In most cases, young children will not have any sort of credit report to review; however, parents should still occasionally monitor them for activity. All three credit agencies allow parents to review the reports of their children. Additionally, Equifax and Experian allow parents in all 50 states to freeze a minor’s credit. Transunion follows each state’s law, and in California, parents can freeze the credit for those under 16 years of age (or for those represented by guardian for incapacity).
Family-Wide Monitoring
One method that might make sense for helping to stay on top of multi-generational identity protection issues is the ever-increasing optionality of the family credit monitoring service. More and more companies are offering family plans, or add-on features to individual coverage, that enable the monitoring of all individuals in an extended household. Periodic reports address any credit activity, and immediate notifications get made if anything suspicious occurs for anyone under the plan. For elderly needing help, there are dual-managed credit monitoring services (e.g. LifeLock Senior) that allow access and review by both the elderly individual and a trusted family member.
As proactive identity security becomes increasingly necessary in modern life, thoughtful planning and implementation of realistic protocols will be essential for every family. Ironically, technology presents some of the challenges that arise in this area, but it also provides the tools to better monitor our information more effectively than ever. If you need any help planning for your family’s identity security protocol, please contact your Sand Hill Wealth Manager for a deeper discussion.
Articles and Commentary
Information provided in written articles are for informational purposes only and should not be considered investment advice. There is a risk of loss from investments in securities, including the risk of loss of principal. The information contained herein reflects Sand Hill Global Advisors' (“SHGA”) views as of the date of publication. Such views are subject to change at any time without notice due to changes in market or economic conditions and may not necessarily come to pass. SHGA does not provide tax or legal advice. To the extent that any material herein concerns tax or legal matters, such information is not intended to be solely relied upon nor used for the purpose of making tax and/or legal decisions without first seeking independent advice from a tax and/or legal professional. SHGA has obtained the information provided herein from various third party sources believed to be reliable but such information is not guaranteed. Certain links in this site connect to other websites maintained by third parties over whom SHGA has no control. SHGA makes no representations as to the accuracy or any other aspect of information contained in other Web Sites. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. SHGA is not responsible for the consequences of any decisions or actions taken as a result of information provided in this presentation and does not warrant or guarantee the accuracy or completeness of this information. No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without the prior written consent of SHGA.
Video Presentations
All video presentations discuss certain investment products and/or securities and are being provided for informational purposes only, and should not be considered, and is not, investment, financial planning, tax or legal advice; nor is it a recommendation to buy or sell any securities. Investing in securities involves varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular client’s financial situation or risk tolerance. Past performance is not a guarantee of future returns. Individual performance results will vary. The opinions expressed in the video reflect Sand Hill Global Advisor’s (“SHGA”) or Brenda Vingiello’s (as applicable) views as of the date of the video. Such views are subject to change at any point without notice. Any comments, opinions, or recommendations made by any host or other guest not affiliated with SHGA in this video do not necessarily reflect the views of SHGA, and non-SHGA persons appearing in this video do not fall under the supervisory purview of SHGA. You should not treat any opinion expressed by SHGA or Ms. Vingiello as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of general opinion. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based solely on any information provided on this video. There is a risk of loss from an investment in securities, including the risk of loss of principal. Neither SHGA nor Ms. Vingiello guarantees any specific outcome or profit. Any forward-looking statements or forecasts contained in the video are based on assumptions and actual results may vary from any such statements or forecasts. SHGA or one of its employees may have a position in the securities discussed and may purchase or sell such securities from time to time. Some of the information in this video has been obtained from third party sources. While SHGA believes such third-party information is reliable, SHGA does not guarantee its accuracy, timeliness or completeness. SHGA encourages you to consult with a professional financial advisor prior to making any investment decision.
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