The Senior Scene

More than 600,000 robocalls were recently made to Washington residents from “Becky with Medicare” in an apparent scam aimed at getting personal information fraudulently.

SHIBA, a state-managed Medicare information and assistance program, publicized reports from AARP Washington that recipients of the bogus phone calls are asked to “press 1 to speak to a representative.” The representative then tries to collect information to send out genetic/DNA test kits. The calls are reportedly coming from phone numbers in West Palm Beach, Fla.

SHIBA and AARP advise anyone receiving such calls to do the following:

• Don’t give out your Medicare number or Social Security number. Be cautious of any unsolicited requests for your Medicare or Social Security numbers. If your personal information is compromised, it may be used in other fraud schemes.
• Don’t consent to any virus tests over the phone or at senior centers, health fairs, or in your home. If you think you need the test, talk to your doctor.
• Monitor your Medicare Summary Notice to see if there are any services you didn’t have or didn’t want but were billed. Notices are sent every three months if you get any services or medical supplies during that three-month period.

SHIBA, a program of the state insurance commissioner, can help prevent, detect and report Medicare and Medicaid fraud and abuse. SHIBA can be contacted online or at 1-800-562-6900.

Where do you see yourself in a year? If you’re like most Americans, you might expect to be dealing with the financial fallout of identity theft. Sixty percent believe it is likely that identity theft will cause them a financial loss in the next year, according to new research conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA).

“Law enforcement has reported a big spike in online scams during the COVID-19 pandemic. Taking time to review your bank statements and credit card activity for unauthorized transactions, while also putting safeguards in place like complex passwords, credit card usage alerts and two-factor authentication, can go a long way to mitigate the threat of ID theft,” said Gregory Anton, chairman of AICPA’s National CPA Financial Literacy Commission.

“Safe steps,” he added, “also include exercising caution when reading emails and clicking on links, learning about the latest scams, and being mindful of your online presence.”

Fifty-six percent of Americans in the poll said they have increased their overall online shopping since the start of the pandemic, with nearly a third (31 percent) saying it has increased significantly. While convenient, online shopping is not without a risk. Fraudsters can gain access to private website data such as your personal information and financial details which can be used to make unauthorized purchases, or even open new accounts exploiting your identity.

The survey found that since the start of the pandemic, more than a third of online shoppers (37 percent) have stored logins, passwords, or credit/debit card information on websites or apps, while only  28 percent have set up alerts on their credit or debit card for when a purchase is made without their card being present. These stats may be why in the past year one in five Americans (19 percent) have suffered identity theft or attempted identity theft. These incidents can be quite costly, as Americans lost a total of $16.9 billion in 2019 to identity fraud, according to Javelin Strategy & Research.

While basic steps can help prevent being victimized by fraud, few shoppers are taking them. The survey found that 45 of Americans have checked their credit or debit card statements to ensure that the charges match their actual purchases since the pandemic began. Further, nearly 39 percent admit they use the same username and/or password across multiple websites.

“Using the same username and/or password across multiple websites is like using a master key for every locked door in your life. If just one online account becomes compromised, scammers will have the keys to the information behind every password protected account,” said Kim Hardy, CPA/CFF, member of the AICPA’s National CPA Financial Literacy Commission. “The surge in online activity as people are spending more time at home during COVID has presented bad actors even more opportunities to steal identities. In this environment, it’s essential that Americans are defending their personal information from fraudulent threats.”

While the survey finds that 67 percent of Americans have at least looked at their credit report, that leaves 33 percent who have never checked their report. And those with a household income of less than $50,000 were found to be twice as likely to never have looked at their credit report than those with a household income of $100,000-plus. A credit report lists all the debt taken in your name and serves a clear way to see if there are any inaccuracies such as someone taking out loans or credit cards using your identity which can ruin your credit score, AICPA noted.

A new national survey finds that 77 percent of Americans agree that all workers, not just those working for state and local government, should have a pension. And even though the nation is deeply divided on many issues, support for pensions is consistent across political party lines. Eighty percent of Democrats, 75 percent of Republicans, and 78 percent of independents support pensions.

These findings are from the National Institute on Retirement Security (NIRS), whose executive director, Dan Doonan, co-authored the report.

“From healthcare workers to first-responders to teachers, these employees have worked tirelessly and taken immense risks this past year” during the COVID-19 pandemic, Doonan said. “Our research shows that Americans understand that pensions offer more than retirement security – they are a key workforce tool to help attract and retain employees. State and local governments typically offer lower salaries than the private sector, so retirement and healthcare benefits act as employee magnets.

“We also found it interesting that nearly half of Americans say that public-sector retirement benefits are about right, while about one-third say the benefits are too low.”

While the majority of Americans aren’t on track for a secure retirement, most public employees pay into a pension plan that is their primary retirement benefit, which often is supplemented by individual savings and Social Security. Workers with these three sources of retirement income are best-positioned for a secure retirement, Doonan said.

Pensions are economically efficient and provide a sizable economic impact across the U.S. Retiree spending of public and private-sector pension benefits in 2018 generated $1.3 trillion in total economic output, supporting nearly 7 million jobs across the nation. Pension spending also added nearly $192 billion to government coffers at the federal, state and local levels, according to the NIRS study.

Conducted by Greenwald Research, the study involved interviews in December 2020 of 1,203 individuals 25 and older.

NIRS is a non-profit organization that supports retirement system policymaking. Membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers.