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Home>UPDATE: What retirees should do in wake of Equifax data breach

UPDATE: What retirees should do in wake of Equifax data breach

UPDATE: What retirees should do in wake of Equifax data breach

09/25/2017

By Robert Powell, MarketWatch

Extra steps seniors should take

Millions of people, roughly 143 million Americans, were affected by the Equifax (EFX) data breach.

And some of those millions were retirees. The internet is filled with advice today about what consumers should do now (http://www.marketwatch.com/story/are-you-one-of-the-143-million-customers-in-the-equifax-data-breach-do-this-now-2017-09-08). But are there things that retirees should do or consider to protect their identity that are different from those not yet retired?

"Yes, retirees need to take extra steps to protect their life savings," said Elizabeth Loewy, general counsel and senior vice president of industry relations at EverSafe, an identity theft protection service.

Comprehensive freeze your credit

Others agree. "(The Equifax breach) is an indication that you are only as safe as the places that hold your personal information with the weakest security," said Steven Weisman, a lawyer, founder of scam alert and education website Scamicide (http://scamicide.com/), and author of "Identity Theft Alert". "The advice that is being given to everyone who may be affected by the data breach to freeze your credit at each of the three major credit reporting agencies is good advice for retirees as well as non-retirees."

Fraud alerts are worthless and often ignored by companies issuing credit without any kind of penalty, according to Weisman.

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