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Technology has changed how many people prepare their taxes.
Computer programs that lead us through preparing and electronically filing our taxes are fairly inexpensive to purchase. The IRS website is easily accessible and provides the necessary forms for those who prefer to file manually.
It all adds up to an easier tax season for most of us. There is, however, one notable risk: identity theft.
Criminals are always on the lookout for opportunities to take advantage of people they believe have good credit and might be vulnerable to identity theft. Scammers see older adults as people who fit this description. By stealing a senior’s identity, the criminal can not only steal their tax return, but they can also apply for credit cards and loans in the older adult’s name.
The Federal Trade Commission (FTC) estimates that 13 percent of adults over the age of 50 were victims of identity theft in 2016. For 29 percent of these victims, their identity was used to commit tax fraud.
We have a few suggestions older adults and their families can use to avoid becoming a victim of identity theft during this year’s tax season.
5 Ways to Prevent Identity Theft during Tax Season
Are you interested in exploring some of the issues that make seniors vulnerable to fraud? This article shares good insight on why seniors are at a higher risk for financial fraud. It can help you further protect an older adult you love.