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Retirement Planning > Retirement Investing

4 ways to fight elder fraud [infographic]

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What’s the perfect gift to give on Grandparents Day? How about a shredder?

As gifts go, it’s not a traditional warm and fuzzy, or sentimental choice. But it may ultimately be a more meaningful way to show your appreciation and love for a grandparent in your life. That’s because more than 2.6 million seniors were victims of identity theft as of 2014, according to U.S. Department of Justice figures. Seniors are more vulnerable to identity theft because they often live alone, crave companionship and are more likely to suffer memory deficiencies.

“What’s more is that identity theft in seniors can be truly tragic as bank accounts are drained and retirement funds vanish, leaving these seniors without any resources in their golden years,” said credit services company Experian, which created the infographic below. “Protecting our aging parents can be simple if you know where to start.”

Experian’s infographic outlines simple ways people can help elderly loved ones avoid falling victim to identity theft and fraud, including monitoring digital and physical mail and files, and making sure to properly dispose of sensitive information. 

See below for more.

(Click on graphic to enlarge).