Identity fraud isn’t going away. In fact, it continues to be a growing problem. More than 16 million Americans have been the victim of identify theft, according to a recent poll by the Insurance Information Institute. Of those 16 million people who were a victim of identity theft, 2.6 million of them were over the age of 60.
Being the victim of identity theft can really cause a great deal of stress for anyone. Criminals can open new accounts, file taxes in your name and get payday loans if they have your personal information. Fortunately, there are companies that can help you monitor your credit and prevent theft before it happens. Some companies go one step further and offer services that can help you restore your good name. These services are called theft protection with restoration.
Top Senior Identity Theft Protection Services in 2021
Our editors have compared the top identity theft protection services to find the best one for older Americans. LifeLock is our top pick for senior identity theft protection services for 2019. Find out why.
LifeLock uses proprietary technology to detect identity theft — before it happens. LifeLock alerts you to a wide range of potential threats to your identity, including unusual credit file activity, unauthorized United States Postal Service address change, and online payday loans.
Pricing for LifeLock ranges from $11.99 per month to $34.99 per month. The LifeLock Standard Plan is $11.99 a month. It has a $25,000 limit**** and features SSN and credit alerts, lost wallet protection, dark web monitoring, and USPS address change verification.
The midrange plan is $24.99 a month. This plan is called Norton 360 with LifeLock Advantage. It includes SSN and credit alerts, credit card and banking alerts, and alerts on crimes committed in your name. The limit on this plan is $100,000****.
The price for the Norton 360 with LifeLock Ultimate Plus Plan is $34.99 a month. This plan includes $1 million of coverage**** and a range of features like SSN monitoring, data breach notifications, annual credit scores, and bank and credit activity alerts. The Norton 360 with LifeLock Ultimate Plus Plan even alerts you if someone commits crimes using your identity.
All plans include SSN and credit monitoring and alerts, a U.S. based restoration team, and lost wallet protection.
Here is a closer look at the pros and cons of LifeLock.
- Lost wallet protection
- Free iOS and Android App
- Mobile alerts and notifications available
- 24/7 member support
- Personal expense compensation****
- Reimbursement of stolen funds****
- Coverage for lawyers and other experts****
- Norton Security included
- Easy to enroll and install
- Norton Security protection for multiple devices available
- 401K investment activity alerts
- Plans include identity theft and identity restoration services
- Plans can be expensive
- The cheapest plans provide limited coverages
- To get the most features, you will need to purchase the most expensive plan.
*LifeLock does not monitor all transactions at all businesses.
**Terms apply to all LifeLock plans.
***The credit scores provided are VantageScore 3.0 credit scores based on data from Equifax, Experian and TransUnion respectively. Any one bureau VantageScore mentioned is based on Equifax data only. Third parties use many different types of credit scores and are likely to use a different type of credit score to assess your creditworthiness.
****Reimbursement and Expense Compensation, each with limits of up to $1 million for Ultimate Plus, up to $100,000 for Advantage and up to $25,000 for Select, when purchased in Norton 360 with LifeLock plans. And up to $1 million for coverage for lawyers and experts if needed, for all plans. Benefits under the Master Policy are issued and covered by United Specialty Insurance Company (State National Insurance Company, Inc. for NY State members). Policy terms, conditions and exclusions at: LifeLock.com/legal.
Why Are Seniors Often the Targets of Identity Theft
Older adults are more vulnerable to identity theft for several reasons. Here are some of the most common ones:
- More likely to own a home and have more assets that can be stolen
- Have excellent credit
- Less likely to report identity theft
- More likely to share information with doctors and caregivers
- They may be more trusting
- Socially vulnerable
Common Types of Senior Identity Theft Scams
Here are the most common types of identity theft scams that target the elderly:
- Phishing – Online scam artists transmit what looks like legitimate requests for personal information through email. The emails look legitimate and may ask seniors to verify personal information like social security numbers, usernames, and passwords for banking accounts and more. The scammers then use the stolen information to steal your money or identity.
- Caregiver scams – Sometimes caregivers take advantage of older adults, especially if they have cognitive or memory issues. The caregiver may steal the seniors’ identities and open up lines of credit.
- Stealing mail – Identity thieves may steal seniors’ identities by stealing their mail. Bank and credit card statements can provide a surprising amount of personal information to scammers.
- Telephone scams – Con artists may call seniors on the phone and use fictitious stories to steal their identity. They might pretend to be from the bank or the utilities and ask the victim to verify social security numbers over the phone.
- Medical identity theft – Seniors often have good insurance, which makes them a good target for thieves who steal insurance information.
Companies Offering Identity Protection for Seniors
There are a number of companies offering identity theft protection. Identity theft protection services range from credit monitoring to 401k investment alerts.
Although we recommend LifeLock, you might decide that another service is better for your needs. If you choose another theft protection service, you might want to check to see if it includes the following useful features.
Features of Identity Theft Services for Seniors
SSN Monitoring is a smart feature to get with any identity theft protection service for seniors. This technology works round-the-clock to monitor billions of online data points, with an eye out for your SSN. Because let’s face it, if your SSN is stolen, the sky’s the limit for the lucky criminal with their newfound identity. They can cause great damage to your good name and finances.
Bank Account Takeovers
Seniors have more to lose than most of the population when it comes to bank fraud. They’ve had a lifetime to save and invest. So it’s only natural that mature adults are a prime target for bank account takeovers — a go-to scheme for cybercriminals. Protect your accounts with this feature. You’ve worked hard for your money, so hold on to it.
Credit Score Reporting
A senior’s credit score typically doesn’t fluctuate in dramatic fashion. If it does, it could mean their identity has been stolen. Unfortunately, most seniors don’t monitor their credit score. That’s why Credit Score Reporting for seniors is a great feature to get with identity theft protection plans. This service sends monthly reports to keep you in the credit score loop.
Credit Score Monitoring
Similar to the feature mentioned above, Credit Score Monitoring is a robust option offered by senior identity theft services. This feature dives deep into the main credit bureaus, and surfaces with a picture of your overall credit health. It monitors for unusual activity, and sends alerts when it flags significant changes — a signal-fire of identity theft.
Identity Theft Insurance Coverage
There’s no better state of mind than peace of mind. With Identity Theft Insurance Coverage, seniors can rest easy with one less thing to think about. This powerful feature comes with many quality identity theft protection plans for seniors. Often the policies will cover up to $1 million in compensation if your identity is stolen on their watch.
401k and Investment Activity Alerts
This advanced feature comes standard with the top services for the elderly. It’s made with your needs in mind. Your savings, investments, and general financial health is more vulnerable than ever. Criminals are constantly cooking up new ways to hack into accounts and drain them dry. With 401k and Investment Alerts, get notified the moment suspicious activity is detected. Don’t go without it!
Bank and Credit Card Activity Alerts
Here’s yet another value-packed identity theft protection feature for seniors. With Bank and Credit Card Activity Alerts, seniors are warned before total takeover occurs. The future of theft protection, these proactive alerts stop cybercrime in its tracks long before your bank accounts and credit cards are emptied. Rest assured, your identity and finances are in good hands.
Loan Application Monitoring
Loan Application Monitoring is a simple and effective feature that stops fraudsters early in the act. This advanced monitoring technology combs through countless loan data, searching for your personal information. You’re alerted immediately if your name, SSN, or any sensitive information links you to the loan. Seniors can get the protection they deserve with the Loan Application Monitoring feature.
Pay Day Loan Monitoring
Seniors are at great risk of this dirty tactic. A criminal can walk into a payday loan business armed with your SSN and other personal information, and walk out with a handsome payday — a loan taken out in your name. Safeguard against this with Payday Loan Monitoring, a top feature offered with certain identity theft protection services for seniors.