Identity theft is a serious issue affecting people all over the world.  Although it affects people of all ages, seniors are particularly vulnerable.  Since most seniors have spent a lifetime of building credit worthiness and retirement funds, they are often targets of identity thieves.  Often seniors are more trusting ... and, like my 91 year old mother, sometimes eager to talk to anyone and give out personal information.  I was horrified when my mom told me she was contacted by phone by a collection agency that said she owed about $200.00 from a Sears charge in 1998.  She added that they intimidated her into giving out her checking account routing number!  We immediately contacted the bank and asked them to close that account and open a new one with a new routing number.  I told her to have the collection agency call me in case they bothered her again.

Each state has its own statute of limitations on when a debt expires: 

http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml.  In my mom's case, the statute had run out many years ago and I was well aware that the collection agency had no chance of collecting from her (plus, she has never seen a statement and didn't know what the charge was for).  The agency did call me and the caller said that since my mother had verbally agreed to make the payment and then stopped payment, she was still liable despite the statute expiration.  Knowing a little bit about elder law, I responded that he still didn't have a prayer because his agency was guilty of elder abuse ("intimidating, threatening").  I told him that they should write off this debt for good and, if they contact her again, I will report them to the Federal Trade Commission.  A friend shared this regarding a similar situation where an 83 year-old woman with dementia was sold a complex annuity:  http://online.wsj.com/article/SB10001424052702303863404577288480158320286.html.

On a personal level, I recently had two internet attempts to steal my identity.   The first one was when I logged into my financial institution to check on my IRA.  A pop-up, appearing to be completely legitimate, asked me to verify my personal information, saying it was required by Federal law to "fight terrorism and money laundering."  I was able to exit that pop-up without entering any information.  However, a few days later when I logged into my bank account, a similar pop-up appeared, asking for my social security number, security questions such as my mother's maiden name, first pet, etc.  The pop-up blocked me from looking at my bank statement.  I was extremely wary and when I noticed the question about driver "licence" information I called the bank.  (In the U.S. we spell it "license.")   My bank said they would never ask for such information online.  I immediately scanned my computer for any viruses ... which resulted in 7 Trojan viruses! 

Experts say that all personal and identifying information, including a list of your credit cards, should be kept in a private place, locked away from any visitors to your home.  Shred personal documents.  Check your credit card statements each month to ensure YOU made all the charges;  only list your address on your personal checks; and, if you have an ATM debit card, ask your bank to change it to an ATM only card which requires a pin number.  According to the FTC, if your debit card is stolen, your liability is $50 if you notify your bank within two business days after learning of the theft.  However, if it is more than two days before you notify them, your liability can be as much as $500.  Be safe ... and be private! ♥