Are data brokers jeopardizing your retirement security?

You know, it’s uncomfortable when you think about it. We spend our whole life working hard and threaten retirement. Then, one day, you find out that some company you’ve never heard of is selling your personal information to anyone who wants to buy it. It’s just not scary. It can actually put your financial security at risk.

These companies are data brokers who collect and sell personal information, often without our knowledge. And get this: Some of them may be trading information that could affect your retirement savings.

You’re crazy, aren’t you? But don’t worry, it’s not all doom and gloom. There are things we can do to protect ourselves. I want to talk about how these data brokers work and what steps you can take to keep your retirement plans safe.

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How data brokers are jeopardizing your retirement security

There’s one big way that data brokers put your retirement security at risk, and it’s right there in the name: data brokers buy, sell, trade and spread your personal information far and wide. This threatens your retirement security in three different ways, each more dangerous than the last:

1. Spray ‘n’ pray campaigns

They don’t know anything about you, but they have a way to reach you. Even if the scammer only knows your phone number or email address, it’s enough to reach you. If they don’t know who you are or if they don’t know about you, they should use the “all equals” approach they can handle. Their goal is to get you to respond to them or click on a link that leads to a malicious website. Once they learn more about you, they can better make their next move.

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2. A fire hose directed in your general direction

They know what you look like but not who you are. Fraudsters can buy ready-made packages of personal information from data brokers. A set like this might only include phone numbers for people over the age of 60, for example, while another might provide addresses for elderly people who need residential care and are experiencing cognitive decline. The potential for abuse is clear. They don’t need to know your name to understand a scam that is working dangerously against you.

3. Water gun in the ear

In other words, something that is aimed at you and is very difficult to ignore. Scammers can also purchase shockingly detailed information about you, from your full name to your health care and financial information. These scams are very dangerous, where the attackers know enough about you to bypass many of your defenses.

Any of the above types of fraud can result in what can be serious fraud – identity theft – but these three are more likely to get there, and with fewer steps, than others.

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A woman working on her retirement plan (Kurt “CyberGuy” Knutsson)

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What you can do is protect your retirement security

You can reduce or avoid many of these risks by stopping data brokers from making it easy for fraudsters to target you and by arming yourself against the common and effective tactics they use.

1. Invest in personal data removal services: A reliable de-personalization service can stop data brokers in their tracks from sharing your information. While no service promises to remove all of your data from the Internet, having a removal service is great if you want to stay on top of it and automate the process of removing your information from hundreds of sites over a long period of time. Check out my top picks for data removal services here.

2. Do not click on links: No matter how much stress or pressure the message or phone call puts you under, stick to the rule of never following or clicking on links. Always go to the source of communication using official channels from a secure device to confirm what is going on. The best way to protect yourself from malicious links that contain malware, which may have access to your private information, is to install antivirus software on all of your devices. This protection can alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Find my picks for the best antivirus 2025 winners for your Windows, Mac, Android and iOS devices.

3. Don’t give out sensitive information: If a message or email can put you under enough pressure to do something you shouldn’t (like follow a link to a phishing site), imagine what a phone call can do. Any request for personal information should raise red flags. If something goes wrong, hang up.

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4. Verify identity before giving money or information: Always verify who you are dealing with before giving out personal information (name, address, date of birth, social security number, financial information, etc.) or money. If someone asks for this information or says they need to send you money, follow this rule: “Hang up, check and call again.” This applies to calls, texts and emails. Hang up or leave a message, get the official contact information of the organization in question and contact official channels (not social media) to confirm the request.

A man is counting cash and working on his retirement plan (Kurt “CyberGuy” Knutsson)

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You know, it’s crazy to think how much of our personal information is out there, floating around in the digital world. But here’s the thing: We are powerless in this situation. Sure, it may sound overwhelming, but there are steps we can take to protect ourselves and our hard-earned retirement savings. It’s all about being aware, staying alert and using the tools we have. Remember, your financial security is worth fighting for. So let’s not just sit back and hope for the best. Let’s take action and show those data vendors that we will not be easy guides. After all, we’ve worked too hard for too long to let anyone mess with our golden years, right?

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Do you think there should be regulations in place to limit the activities of data brokers, and what specific measures would you like to see implemented to better protect your personal information? Let us know by writing to us at Cyberguy.com/Contact.

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