Older Adults Are a Top Target for Identity Theft. A 15-Minute Review Could Protect Your Savings

Leaving the workplace does not mean stepping away from financial oversight. Along with managing withdrawals and everyday spending, retirees also need to protect themselves and their money from identity theft.

Scammers frequently focus on older adults. The latest FBI internet crime report says people age 60 and up filed cybercrime complaints in 2025 that resulted in average losses of $38,500. Many retirees have built up savings and are now using new online accounts for Social Security and Medicare, which can make them vulnerable to messages from criminals posing as government agencies, banks and other institutions. A quick 15-minute review can help keep hackers out of your finances and potentially save you thousands.

The 15-minute review

You do not need to be a tech expert or know how to use advanced artificial intelligence tools to protect your personal information. These four basic steps can help:

1. Look for strange activity in your credit file: Request a free credit report from Equifax, Experian or TransUnion. If you notice anything suspicious, contact one of the bureaus and file a report with the FTC at IdentityTheft.gov.
2. Examine your Social Security account: Go to ssa.gov/myaccount and log in to check for unexpected changes to your benefits or direct deposit information.
3. Review Medicare or insurance statements: Watch for claims, services or equipment you never received. If you spot fraud, report it through the Office of Inspector General’s hotline website or by calling 1-800-MEDICARE or 1-800-HHS-TIPS.
4. Strengthen your logins: Update passwords regularly and avoid using the same one across multiple accounts. Rotating passwords every few months can lower the risk if one is exposed in a data leak.

What to do if something looks wrong

If you notice suspicious activity, act quickly. The exact steps depend on the account involved, but there are a few general measures to take.

If possible, start by freezing the bank account, credit card, insurance policy or other financial account connected to the suspicious activity. Fraud alerts and credit freezes can add another layer of protection if you think someone has opened new accounts in your name.

After that, report the identity theft through IdentityTheft.gov, the government’s recovery portal. It offers sample letters, step-by-step recovery guidance and other useful tools for filing a report. Social Security scams can be reported to the Social Security Administration or the OIG, while Medicare-related fraud should be reported to Medicare.

You do not have to handle identity theft alone. Contacting the right agencies and financial institutions can limit the damage and create another barrier between criminals and your personal information. Preventing identity theft is part of protecting your retirement savings. It is routine retirement maintenance, much like rebalancing a portfolio or checking bills. While no one can eliminate every risk, you can reduce many of the weaknesses that scammers try to exploit.