You know, it’s quite disturbing when you think about it. We work hard all our lives and saving for retirement. Then one day you find out that a company you’ve never heard of is selling your personal information to anyone who wants to buy it. It’s not just alarming. It can even jeopardize your financial security.
These companies are data brokers that collect and sell people’s personal data, often without us even knowing about it. And understand this: Some of them may be trading in information that could impact your retirement savings.
Crazy, right? 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 keep your retirement plans safe.
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A couple is working on their retirement plan (Kurt “CyberGuy” Knutsson)
How data brokers are jeopardizing your retirement security
There’s one major way data brokers jeopardize your retirement security, and it’s right there in the name: data brokers buy, sell, trade, and distribute your personal data far and wide. This jeopardizes your retirement security in three different ways, each more dangerous than the other:
1. Spray ‘n’ pray campaigns
They don’t know anything about you, but they have a way to reach you. Even if a scammer only knows your phone number or email address, it is enough for him or her to contact you. If they don’t know who you are or anything about you, they should take the most one-size-fits-all approach they can. Their purpose is to get you to respond to it or click on a link that leads to a malicious website. Once they learn more about you, they can better tailor their next steps.
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2. A fire hose pointed in your general direction
They know what you are like, but not who you are. Scammers can purchase ready-made packages of personal information from data brokers. For example, such a set might contain only the phone numbers of people over the age of 60, while another might contain the addresses of elderly people who require live-in care and are experiencing cognitive decline. The potential for abuse is clear. They don’t need to know your name to target you with a dangerously effective scam.
3. A water pistol to the ear
In other words, something that is aimed right at you and is very difficult to ignore. Scammers can also buy shockingly detailed information about you, from your full name to your healthcare and financial information. These scams are the most dangerous because the attackers know enough about you to get past many of your defense mechanisms.
Any of the above types of scams can end in what could be the ultimate fraud: identity theft – but these three are more likely to get there, and in fewer steps, than the others.
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A woman working on her retirement plan (Kurt “CyberGuy” Knutsson)
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What you can do to protect your retirement security
You can reduce or avoid many of these risks by preventing data brokers from making it easier for scammers to target you and by arming yourself against the most common and effective tactics they use.
1. Invest in personal data deletion services: A trusted personal information deletion service can prevent data brokers from sharing your information. While no service promises to delete all your data from the Internet, having a deletion service is great if you want to continuously monitor and automate the process of continuously deleting your data from hundreds of sites over an extended period of time. See my top picks for data deletion services here.
2. Don’t click on links: No matter how much pressure or stress a message or phone call puts on you, stick to the golden rule of never following or clicking on links. Always go to the source of the communication from a secure device through official channels to confirm what is happening. The best way to protect yourself from malicious links that install malware and potentially gain access to your private data is to install antivirus software on all your devices. This protection can also alert you to phishing emails and ransomware attacks, keeping your personal data and digital assets safe. Discover my picks for the best antivirus protection winners of 2025 for your Windows, Mac, Android, and iOS devices.
3. Don’t reveal sensitive information: If a message or email can put you under enough pressure to do something you shouldn’t do (like following a link to a phishing site), imagine what a phone call can do. Any request for personal information should raise red flags. If something is wrong, hang up.
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4. Verify identity before handing over money or information: Always check who you are dealing with before providing any personal information (name, address, date of birth, social security number, financial information, etc.) or money. If someone asks for this information or claims he or she needs to send you money, follow this rule: “Hang up, look up, and call back.” This applies to telephone calls, text messages and emails. Hang up or set the message aside, find the legitimate contact information for the organization in question, and reach out through official channels (not social media) to confirm the request.
A man 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 floating around in the digital world. But the point is: we are not powerless in this situation. Sure, it can feel overwhelming, but there are steps we can take to protect ourselves and our hard-earned retirement savings. It’s about being aware, staying vigilant and using the tools at our disposal. Remember, your financial security is worth fighting for. So let’s not sit back and hope for the best. Let’s take action and show those data brokers that we won’t be easy targets. After all, we’ve worked too hard for too long to let anyone ruin our golden years, right?
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