Our economic identity has become as essential as our physical identity.
But surprisingly, a new trend has surfaced that preys on the most vulnerable and unlikely targets: children.
It may be hard to imagine that identity thieves would target young children, but many of them don’t even have pocket money.
However, the truth is very alarming. Fraudsters exploit children’s identities to make large sums of money and can derail children’s financial futures before they even begin.
Read more: Police ask parents to turn off Apple iPhone settings that are dangerous for children
mother shows daughter something on laptop (Kurt “Cyber Guy” Knutson)
Tactics scammers use to exploit children’s information
Scammers deploy a variety of tactics to obtain sensitive information about minors. They may comb social media, scrutinize data breaches, scour public databases, interact directly with minors on digital forums, and purchase data from the internet. dark web.
Top identity theft scams to avoid
How children’s identities become blank checks for criminals
Children’s identities are particularly attractive to criminals because of their financial cleanliness. Armed with a handful of personal information, these scammers can hijack your child’s social media presence, divert mail, secure retail credit cards, and change passwords to access financial resources. You can do that. All of this goes unnoticed by unsuspecting parents.
This form of identity theft can go undetected for years and only comes to light when young people face rejected loan applications or denied benefits. This is a rude awakening to a problem you never knew existed.
Mother is using laptop while daughter is playing nearby (Kurt “Cyber Guy” Knutson)
Child identity theft is just the tip of the iceberg
The Federal Trade Commission (FTC) reported that last year alone there were more than 22,000 cases of identity theft involving individuals under the age of 19. But according to the FTC, these numbers only scratch the surface. The clandestine nature of these crimes is compounded by victims’ reluctance or inability to report, suggesting a larger problem at play.
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The mother is using a laptop and the child is on her lap (Kurt “Cyber Guy” Knutson)
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How to act now to protect your child’s financial future
1. Freezing your child’s credit is an important first step, effectively locking out potential fraudsters. This can be done as soon as the child receives a Social Security number, and there is no downside to preemptively protecting their financial identity.
2. Ask questions before sharing personal information. Be careful when sharing your child’s Social Security number. Always think about why you need it, how it will be protected, and whether there are alternative identifiers you can use.
3. Keep your personal documents safe and secure. Documents containing your child’s personal information, such as medical records and Social Security cards, should be kept in a locked file cabinet. Shred these documents before discarding them.
4. Use an identity theft protection service. Identity theft companies can monitor your child’s personal information, such as social security numbers, phone numbers, and email addresses, and alert you if it’s sold on the dark web or used to open an account . It can also help freeze your child’s bank and credit card accounts to prevent further fraudulent use by criminals. Check out our tips and recommendations on how to protect yourself from identity theft.
5. Install antivirus software. Make sure all devices used by your child have reliable antivirus software installed. This software helps protect your children from clicking on malicious links that install malware that can access personal information. This can also alert you to phishing emails and ransomware scams. Get my picks for the best antivirus protection products of 2024 for Windows, Mac, Android, and iOS devices.
Cart important points
It is clear that the innocence of childhood is under threat in ways unimaginable just a generation ago. The digital age has brought with it a new breed of predators who hide behind screens and seek to exploit the most vulnerable among us: our children.
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Their tactics are sophisticated, their reach is global, and their impact can be devastating. But there is hope. By taking proactive steps, we can protect our children from these financial predators and secure their future.
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