Protecting Your Rebuilt Nest Egg: ID Theft Basics for Boomers
When the shock of shattered nest eggs eased, many Americans got down to the serious work of rebuilding their financial futures.
November 16, 2009
If you’re a baby boomer, you may be in better financial shape than people in other generations. But you might also feel greater pressure to preserve the wealth you’ve retained and protect your ability to continue saving for retirement. Identity theft is one of the fastest growing threats to the financial health of Americans.
Identity theft was the top complaint category for all complaints filed in 2008 with the Federal Trade Commission (FTC)-maintained Consumer Sentinel Network, which catalogs complaints made to the FTC and numerous other agencies, including the Better Business Bureau, the U.S. Postal Service and the National Fraud Information Center. Nearly 314,000 complaints — more than a quarter of all complaints — were related to identity (ID) theft, according to the FTC.
The average cost of ID theft is just under $500 per incident, according to research by Javelin Strategy and Research. But for many people, the actual cost can run into the thousands. It makes sense to protect your rebuilt nest egg by taking steps to avoid identity theft.
The FTC recommends a three-pronged approach to avoiding ID theft: deter, detect and defend:
Deterring ID Theft
Detecting ID Theft
Defend Against ID Theft
Consider enrolling in an ID protection program that helps monitor your credit report. Programs like ProtectMyID.com can help you secure your rebuilt nest egg by helping you keep an eye on your credit report and activity. The product monitors your credit reports at all three major credit reporting bureaus on a daily basis and sends regular “all clear” e-mail alerts to give you peace of mind that there have been no changes to your credit reports.
If suspicious activity such as unauthorized new accounts, credit applications, address or public records changes or potentially negative information appears on your credit files, the product alerts you quickly. What’s more, if your identity is compromised while you’re enrolled with ProtectMyID.com, the company will assign you an identity theft resolution professional to act as your advocate and work with creditors to resolve fraud issues. The product is also backed by a $1 million ProtectMyID Product Guarantee.
Visit www.ProtectMyID.com to learn more.