Children At Risk Of Identity Theft
A recent study by ID Analytics found that approximately 140,000 identity fraud actions occur against children, annually.
More than 60 percent of fraudulent activity against children's identities is related to credit card use, while a large amount of the remaining 40 percent belongs to cell phone usage.
"This new study finds that child identity fraud is more than a hypothetical risk," said Tom Oscherwitz, chief privacy officer at ID Analytics. "Well over 140,000 U.S. kids are victims of the crime today. Our children need better protection. A comprehensive solution to child identity fraud requires a layered approach reflecting advances in technology and business processes, legislative guidance and consumer education."
The study may act as a warning to parents to keep an eye on their children's financial information. Because these incidents can go undetected, credit card debt, and other extremely damaging actions could occur. It may be a good idea to contact the proper financial institutions and authorities if a person suspects that their child's information has been stolen.
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