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Published: Thursday, January 03, 2008  

Child ID Theft
By Jim Robinson

 Child ID Theft

“In cases where individuals know who stole their identity info, it turns out to be someone they know 50 percent of the time.” Source: Javelin Group
 
In a previous article ID Theft…No One Is Invulnerable - Protecting Clients From ID Theft, we discussed how your wealth and assets come under attacked by ID Theft criminals. When we say that no one is invulnerable, we mean no one! Not even your children. Child ID Theft is a crime, much like adult identity theft.
 
"Americans between the age of 18-29 are the most likely to be the victims of identity theft". Source: FTC
 
The victims are in fact getting younger each day. Linda Foley, co-executive director of the Identity Theft Resource Center in San Diego, estimates that at least 400,000 children had their identities stolen in 2005, more than double the number in 2003. Some experts put this number at over half a million.
 
Three bad things that very bad people do with your children IDs:
  1. Some crooks use children's names and Social Security numbers to ring up massive debts.
  2. Others use children's identities in place of their own when caught committing other crimes.
  3. Others sell identification information on the black market to illegal immigrants, fellow criminals or even terrorists.

In a Reader Digest Online article, Foley explained that children is increasing so rapidly precisely because kids are such good targets. “They usually have a spotless record and because they aren’t using their credit, the crime can go undetected for years,”

Protect Your Child from Identity Theft
  • Limit access to your child’s Social Security number by not providing it on sports team sign-ups and other non-essential forms
  • Shred all papers that contain account or Social Security numbers
  • Do not carry your child’s Social Security card or number in your wallet
  • College students should ask their school not to use their SSN as their college ID number
  • Social Security numbers should never be given out over the phone or on the Internet. 
  • Observe the mail. If bills, statements or credit card offers begin arriving in your child’s name, call the credit reporting bureaus to check on his or her credit record. In fact…there should be none.

The Big Three Credit Reporting Companies

Contact the nation’s largest credit reporting companies for your credit report or if you suspect you have been hit by Identity Theft.

Help For Fraud or ID Crime Victims

If you feel your child's rights have been violated, please consider notifying one or more of the applicable agencies:

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Categories: Internet Security, Consumer, Privacy

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The articles published here represent the personal views of the author(s), and not necessarily the views of any securities firm, insurance company, FINRA, SEC or organization with which he or she may be affiliated. All statements made in these articles are for general information only and are not intended to provide, nor should they be relied on as, legal or investment advice.  Readers must consult with their qualified investment, tax or legal advisors before relying upon any content contained herein. Statements made in these articles may be incorrect for your state or jurisdiction. Also keep in mind that at the time when you read such statements the underlying rules, regulations and/or decisions may no longer be controlling or persuasive as a matter of investment or insurance law or interpretation.
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