The fact that you’ve saved, risked, sacrificed for years on end is not something many cyber criminals care about. And that can be equal parts infuriating and terrifying.

Which makes security and protecting your assets so important. While data breaches happen, and there is not one fool proof way to 100% protect yourself all of the time, you can make sure you’re taking necessary action to protect yourself and your hard earned dollars from those bad actors.

What You’re Protecting

It’s important to remember what you’re protecting. You’re not just protecting dollars or cash in an account. You’re protecting all your past work, and your future plans. You should be making security a top priority.

If there are a few things that seem annoying, or like an extra step, that probably means you’re doing the necessary things to protect yourself and your assets.

If you’ve ever been breached, it can feel emotionally draining. In many ways, like you’ve been violated. I can always tell when meeting with someone who has had their personal data compromised, because it is something you want to avoid again at all costs.

Why You Need to Take Action

There was a famous bank robber named Willie Sutton. When asked why he robbed banks (he stole roughly $2M back in his day, which would be worth around $35M today) he gave a devilish response: “Because that’s where the money is.”

It’s both an obvious and profound realization.

In today’s digital society, the money isn’t in banks. Well, yes, it technically still is. But the easy money for the modern day Willie Sutton’s is on the computer, with vulnerable retirees at the guard.

Today, it’s becoming easier for scammers to steal from the elderly, because they are:

The most easily manipulated
Not as familiar with new technology, and
The ones with the most money

And with the way AI is changing at a rapid pace, it’s probably a good idea to make sure you’re on top of a security plan for your finances.

Here are a few things you must do as a retiree — and things you should be starting if you’ve not yet done so.

Number 1: Always Be on Guard

This may be a cynical way to view things, but perhaps that’s just the way things get when you get older. And in the case of securing assets, a healthy dose of cynicism is a good thing.

Someone pretending to be an IRS agent, tech support specialist, or a grandchild in trouble will take full advantage of your politeness. When it comes to someone who is unknown calling about your finances, you should absolutely have your guard up.

Additionally, you should be very leery of anyone you don’t know telling you that you must do something in a timely fashion. That’s something that scammers will also use to their advantage. They’ll create urgency on your part, and take full advantage of it.

Instead, take your time and make sure it’s legit before moving forward in any direction.

If you hear any of the following:

“Your account will be suspended”
“You’ll be arrested today”
“Act now or lose your refund”

It’s designed to create fear and urgency. Take a deep breath, and verify independently with someone else. Look up a legit 1-800 number and make sure you are verifying with the correct company before providing any sensitive information over the phone.

Actionable steps to take:

Hang up and call back on the verified number of a financial institution if you get a call and something doesn’t seem right.
Never provide personal information to a caller you do not recognize.
Always be on guard when someone is calling about an account that involves your money. Do not be polite unless you know with 100% certainty that they are legitimate.
And this bears repeating: never, ever pay anyone via wire transfer, cryptocurrency, payment apps, or gift cards. Legitimate businesses simply don’t ask for that. Not ever.

Number 2: Secure Your Digital Life

For some of you, what you’re about to read may seem obvious — but it’s also obvious for a reason. It works. There are a couple of non-negotiables that retirees must employ if you’re going to have an online presence and manage some of your finances online.

The first is strong password protection. Again, yes, this is obvious. But using strong passwords can save you from much distress if a password is ever compromised.

Most people use the same one or two across everything. The moment one account gets cracked, all of them are at risk.

Imagine having the same key to every room in your house, shed, storage safe, garage, etc.

Use unique passwords for every site, and if keeping track of them feels impossible, that’s what password managers are for.

The second non-negotiable is Multi-Factor Authentication, or MFA.

You’ve probably seen this when a site texts you a code to confirm it’s really you. Turn this on for every financial account and your primary email. It’s a small inconvenience that makes stealing your account dramatically harder.

Actionable steps to take:

Enable Multi-Factor Authentication (MFA) on all financial accounts and your primary email.
Use unique, strong passwords for every website — no repeats.
Consider a password manager to keep everything organized and secure.
Avoid doing any financial transactions over public Wi-Fi, like at a coffee shop or airport.
Install trusted antivirus software on your devices and keep it updated.
Put a PIN or biometric lock on your smartphone. If it’s lost or stolen, that’s your last line of defense.

Number 3: Lock Down Your Physical Information

Digital security gets a lot of attention, but don’t overlook the old-fashioned ways people steal your identity. Your mailbox and your trash are two of them.

Mail theft is still incredibly common. Bank statements, Medicare explanations of benefits, credit card offers — any document with your name and account information is a goldmine for the wrong person. If you’re tossing them in the recycling bin intact, you’re doing the work for them.

Actionable steps to take:

Shred all documents containing sensitive information before disposal — bank statements, medical bills, anything with your name and account number.
Switch to paperless billing wherever possible to reduce the mail theft risk entirely.
Don’t raise the red flag on your mailbox. It signals there may be outgoing checks or documents inside — an invitation for thieves.
Keep your Social Security card in a secure place at home, not in your wallet. Memorize the number. Losing your wallet is common enough; losing your Social Security number with it is a whole different problem.

Number 4: Protect Your Credit

Your credit report is one of the most valuable things a thief can get their hands on. With it, they can open new accounts, take out loans, and do real damage before you ever notice. The good news: you can make this almost impossible with one simple step.

Freeze your credit. It’s free. It prevents anyone — including you, until you lift it temporarily — from opening new credit accounts in your name. You have to do it at all three bureaus separately: Equifax, Experian, and TransUnion. It takes about 15 minutes total and is, frankly, one of the most effective things on this entire list.

Actionable steps to take:

Freeze your credit at all three bureaus: Equifax (equifax.com), Experian (experian.com), and TransUnion (transunion.com).
Set up automated transaction alerts through your bank so you’re notified of any unusual activity immediately.
Check your credit reports regularly — at least monthly — through AnnualCreditReport.com.
Ask your financial institution about designating a “trusted contact” — a family member they can reach out to if they spot something suspicious on your account.

Number 5: Use Legal Structures as a Safety Net

This one often gets overlooked in conversations about fraud protection, but it’s worth having on your radar — especially as part of broader retirement planning.

A Financial Power of Attorney designates someone you trust to manage your finances if you’re ever unable to do so. Done correctly, it’s a critical layer of protection.

Beyond that, revocable or irrevocable trusts can require a co-trustee, meaning major financial decisions need two sets of eyes before anything moves. That structure alone can stop a scammer — or even a well-meaning but misguided family member — from acting unilaterally with your assets.

If You’ve Been Scammed

First: don’t be embarrassed. These scams are engineered by sophisticated criminals. They work on smart, careful people every single day. What matters is acting quickly.

Actionable steps to take:

Contact your bank or credit card company immediately. Most have 24/7 fraud departments that can freeze your account, dispute charges, and issue new cards.
Change passwords on any accounts that may have been compromised — starting with your primary email.
File a report with the Federal Trade Commission at IdentityTheft.gov. They’ll give you a personalized recovery plan.
Contact local law enforcement to file a police report, which may be required by your bank or insurance company.
Call the AARP Fraud Watch Network Helpline at 877-908-3360. They have trained volunteers who can walk you through the recovery process. You don’t have to figure this out alone.

The Bottom Line

None of this is particularly complicated. But it does require intention.

The scammers are counting on the fact that most people won’t freeze their credit, won’t set up MFA, won’t shred their mail. They’re looking for the path of least resistance. Your job is to make sure that path doesn’t run through you.

Your retirement is the result of decades of work. A few hours spent on security is a small price to protect it.

And as always — if you have questions about how to protect your assets as part of a broader financial plan, that’s exactly the kind of conversation we have with our clients.

This content is for educational purposes only and does not constitute legal, tax, or financial advice. Please consult a qualified professional for guidance specific to your situation.