'Ripe for abuse': This YouTube financial expert revealed 7 things a retiree should never, ever disclose — are you protecting yourself?
Retirement can be unfamiliar territory that makes people “ripe for abuse,” according to financial expert Geoffrey Schmidt. He believes seniors need to adjust to their new lifestyle in retirement and remain cautious as they explore new things and opportunities during this new phase of life.
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A great way to safeguard yourself is to diligently protect your personal information. Schmidt recommends seven things retirees should never disclose.
1. Financial information
During retirement, it could be tempting to discuss financial information such as your net worth, mortgage size or previous income. Maybe you’re looking for help managing debt or just trying to brag about how financially comfortable your life is. Either way, sharing this sensitive data puts you at risk.
High net worth individuals are high-value targets for cybercriminals, according to David Webb, managing director at Valkyrie, a specialist security consultancy firm. Meanwhile, seniors struggling with debt or financial pressure could also be targets of get-rich-quick scams and online fraud, according to the FBI’s Internet Crime Complaint Center (IC3).
Either way, keeping your financial life secret is probably your best bet.
2. Home address
This one is tricky, because disclosing your home address is probably routine. You need to disclose your address for everything from online shopping to answering surveys. However, Schmidt recommends not disclosing your home address unless you initiated the conversation.
For instance, someone who says they’re collecting your home address as part of a survey near a mall where you just parked could potentially be part of a home invasion scheme.
“They know that as long as that car is at the mall there's no one home,” he says. “At least it's very likely that there's no one home, particularly if you're of retirement age, so all they have to do is watch your car.”
Safeguarding your home address is likely the safest option.
3. Email address
Sharing email addresses is probably more common than home addresses. However, it’s also riskier.
Phishing scams — in which someone posing as a legitimate individual or company requests personal information via unsolicited email, text messages or phone calls — are one of the most common cyberattack strategies. In 2022, the FBI recorded 4,168 phishing attacks against seniors aged over 60.
Protecting your email address or having multiple ones to protect sensitive information is probably the best strategy.
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4. Two-factor authentication
Two-factor authentication is an excellent tool to prevent cybercrime. This involves a one-time password sent to your phone or inbox. Unfortunately, the security system isn’t fool-proof and attackers can bypass it through social engineering — convincing you to give them the one-time passcodes.
Always delete your one-time passwords and never share them with anyone.
5. Phone number
Your phone number could be used in a wide range of ways by cyber attackers. Some attacks could just be annoying — such as robocalls or spam. But others could be much more serious, such as identity theft, SIM swapping or blackmail.
Keeping your personal phone number private and off the internet is probably the best way to protect yourself.
6. Political views
Political views have become deeply polarized in America, which has heightened the risk of conflict, according to the Carnegie Endowment for International Peace.
In this environment, keeping your political views secret could be the best way to minimize any safety risks for yourself and your family.
7. Odd facts
Quirky details about your life, such as the city where you met your partner or the name of your first pet, could be used as security questions for online banking.
This is why you should be highly skeptical of any survey or conversations with strangers where these little-known facts are requested.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
