Defending Your Identity: Strategies Against Hacks and Scams

What steps should you take if you suspect your identity has been stolen?

We are joined by guest Victor Russell, Operations Manager at Apprisen, to explore the pervasive issue of financial scams and how individuals can protect themselves.

The discussion covers various scams, primarily targeting seniors, such as the "grandparent scam" where victims are manipulated into sending money continuously until they realize they have been deceived.

Another prevalent scam involves romance, where lonely individuals are exploited into giving money, leading to severe financial repercussions like unmanageable debts.

Russell underscores the importance of regularly obtaining a credit report to defend against identity theft, given the frequency of database breaches. He recommends using AnnualCreditReport.com to obtain detailed reports from the three major agencies.

To add another layer of protection, Russell recommends freezing credit reports, which can prevent unauthorized loans but must be unfrozen before applying for new personal loans.

Victor advises against responding to unsolicited digital communications, especially those with suspicious links, as they are often scams. Government agencies like the IRS and the Social Security Administration do not request sensitive information via email or phone.

He also stresses the importance of younger individuals being cautious about their online presence, sharing an example involving his daughters and potentially compromising online content.

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For those who fall victim to identity theft, Russell outlines a process:

• contact financial institutions and credit card companies
• notify the Social Security office
• file a police report.
• ftc.gov and the AARP Fraud Watch Line assist identity theft victims
• Social Security Administration and the Consumer Financial Protection Bureau also offer support.

Apprisen, the organization Russell represents, is a non-profit agency providing a range of financial services for over 70 years, including debt management, credit health education, housing counseling, and assistance with student loan management.

Most services are free, though some may have fees based on income eligibility.

Apprisen’s free & secure financial analysis: https://iris.apprisen.com/

Key Moments

00:00 Negotiating terms, managing expenses, and providing credit education.

04:26 Lower interest rates boost homebuying and counseling.

08:04 Rise in grandparent scam targeting seniors via phone.

10:42 Rising scams target financially stable, vulnerable individuals.

13:17 Check credit reports for identity theft detection.

19:29 Verify contacts and email sources for security.

22:53 Fraud incident led to insurance and identity loss.

25:51 Be cautious responding to unsolicited digital surveys.

28:28 Be cautious with text communication; it's public.

31:46 File police report, and notify financial institutions immediately.

37:08 Protect and monitor investments against potential threats.

40:02 Unfreeze credit report for loan approval issues.

41:24 Keep Medicare card secure to prevent theft.

47:19 Listener resources included in show notes.

49:12 Regularly check and reconcile financial statements.

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