AARP New York recently organized “The Big Shred NY!” events to dispose of sensitive documents—totaling approximately 420,000 pounds—and emphasize the importance of securing personal information.

Fraud Costs in New York

These initiatives highlight that fraud has cost New York residents over $700 million annually. Criminals will exploit every available opportunity to commit crimes, as evidenced by the increase in scams statewide, according to a recent report. Despite the prevalence of sophisticated phishing and account takeovers, low-tech tactics like stealing information from mail or trash continue to be used for identity theft.

Shredding Unwanted Documents

“Events such as this are highly beneficial,” stated Jennifer Pitt, Senior Fraud Management Analyst at Javelin Strategy & Research. “They not only encourage people to shred their unnecessary documents but also educate them on the potential uses of the information contained in them.”

She emphasized that even discarded junk mail might include crucial details like names, phone numbers, addresses, account numbers, PINs—along with dates of birth or social security numbers. Throwing these items away without shredding could lead to identity theft and scam victimization.

The Use of Stolen Data

While the information in discarded documents might seem limited individually, criminals now have tools to aggregate this data from multiple sources, creating comprehensive personal profiles that can be exploited in various harmful ways, as detailed in a report.

Criminals not only use sensitive information for traditional fraud but also sell it on the dark web. This data can be used to commit crimes such as account takeovers and facilitate convincing scams.

Protecting Against Threats

The challenge of defending against these threats has become widespread, particularly impacting older adults who might be less familiar with digital environments and more susceptible to social engineering tactics. According to the FBI’s latest Internet Crime Report, Americans over 60 reported losing approximately $7.7 billion in 2019, a 37% increase from the previous year.

Pitt noted that expanding fraud education and reinforcing prevention efforts are crucial for older adults who are particularly vulnerable to these tactics. “Fraud prevention professionals should always advise people to secure their information both digitally and physically,” she said.