Retirement from full-time employment does not equate to a cessation of financial oversight. This responsibility includes managing withdrawals and expenses, but also emphasizes the importance of protecting oneself against identity theft.
Older adults are frequent targets for cybercriminals. In 2025, the Federal Bureau of Investigation reported that individuals aged 60 and above filed complaints of average losses amounting to $38,500 due to cyber crimes. Having likely accumulated substantial savings and now accessing new online platforms for Social Security and Medicare, retirees are particularly vulnerable to scams involving impersonations of government agencies and banks. A brief 15-minute financial checkup can enhance security and potentially save retirees thousands of dollars.
The 15-minute checkup
You do not need to be highly skilled in technology or adept with the latest AI tools to safeguard your personal information. Implementing the following four straightforward steps can bolster your defenses:
- Monitor your credit report for unusual activity: Request a complimentary copy of your credit report from the three main credit bureaus: Equifax, Experian, and TransUnion. If you discover any irregularities, consult the Federal Trade Commission at IdentityTheft.gov.
- Examine your Social Security account: Access your account at ssa.gov/myaccount to verify that there are no unexpected changes affecting your benefits or direct deposits.
- Evaluate Medicare or insurer statements: Check for claims, services, or equipment that you have not received. Report any suspected fraud via the Office of Inspector General’s hotline website or by calling either 1-800-MEDICARE or 1-800-HHS-TIPS.
- Strengthen your login credentials: Regularly update your passwords and avoid using identical passwords across multiple accounts. Changing passwords every few months can help reduce risks if one becomes compromised.
What to do if you see suspicious activity
Addressing any signs of suspicious activity promptly is crucial. The necessary actions will depend on the affected account, but the following general guidance can help.
Start by freezing the account—whether it be a bank, credit card, insurance policy, or other financial account—if you detect any unusual activity. Setting up fraud alerts and credit freezes can provide an additional layer of protection against fraudulent account openings in your name.
After securing the account, report the identity theft at the government’s recovery hub, IdentityTheft.gov. This platform offers templates for letters, recovery strategies, and additional resources to assist in filing a report. Instances of Social Security fraud should be reported to the Social Security Administration, while Medicare-related scams should be directed to Medicare.
Handling identity theft challenges does not have to be a solitary endeavor. Engaging with relevant authorities and institutions can mitigate damage and create an added barrier between hackers and sensitive information. Protecting against identity theft is an essential aspect of safeguarding retirement savings, akin to the practice of rebalancing a financial portfolio or reviewing monthly expenses. While it is impossible to completely eradicate risk, minimizing vulnerabilities that hackers can exploit is within reach.