AARP New York recently hosted a series of “The Big Shred NY!” events to shred sensitive documents—approximately 420,000 pounds in total—and remind consumers about the importance of safeguarding personal information.
The organization highlighted that fraud cost New York residents more than $700 million last year, and that criminals will exploit every opportunity. While many attacks involve sophisticated phishing schemes or account takeovers, bad actors haven’t abandoned low-tech tactics, such as stealing sensitive information from mail or trash to commit identity theft.
“Events like these are fantastic,” said Jennifer Pitt, Senior Fraud Management Analyst at Javelin Strategy & Research. “Not only are these events great at getting people to shred their unneeded documents, it’s also a great way to educate people on how some of the information can be used.”
“People often forget that documents and even junk mail may include information that can be used to commit identity fraud,” she said. “This includes names, phone numbers, addresses, account numbers, PINs—and even dates of birth or social security numbers, depending on the type of document. Throwing away these items without shredding them can lead to identity theft, identity fraud, and scam victimization.”
The Use of Stolen Data
Although the information contained in discarded documents may seem limited in isolation, criminals now have the ability to aggregate data from multiple sources to build detailed personal profiles, which they can then exploit in a variety of harmful ways.
“Not only can fraudsters use this sensitive information to commit more traditional, analog types of fraud, but they also sell this information on the dark web,” Pitt said. “The information can then be used to commit fraud like account takeover and can even be used to perpetrate very convincing scams.”
Digital and Physical Protection
Defending against these threats has become a universal challenge, but it is especially difficult for older adults. According to the FBI’s most recent Internet Crime Report, Americans over 60 reported approximately $7.7 billion in losses last year, a 37% increase year-over-year.
These tactics are often more effective against older adults, who may be less familiar with digital environments and more susceptible to social engineering. This makes it increasingly important to expand fraud education and continue reinforcing prevention efforts.
“As fraud prevention professionals, we should always encourage people to secure their information, both digitally and physically,” Pitt said. “This event is another great way to do that.”
