We’re becoming savvier to identity theft and taking care of our personal information, both online and in the physical world. Perhaps it is this sophistication that has criminals turning to stealing the identity of children. Over 66% of such thefts are against children under the age of 8. Scammers practicing child I.D. theft made $2.6 Billion in 2017. The theft can often take years, even decades, to detect. Imagine leaving home for college and being unable to rent your first apartment because of thousands of dollars in previously unknown debt. Or, being unable to get that first “for emergencies only” credit card because some criminal has already obtained cards using your name and Social Security number.
Making this problem even worse? Sixty percent of the fraudsters have some relation to the child. Carefully secure your children’s personal information, such as their Social Security number as well as important documents like their birth certificate. If fraud is detected, contact the major credit bureaus (Equifax, Experian, TransUnion) to examine the credit file and place a security freeze if you are in a state that allows this. This should only be done in cases of fraud, though. If your state does not allow freezing, monitor your children’s credit reports, contact companies involved with these debts, and file a complaint with police.1
Mike Moffit may be reached at ph# 641-782-5577 or email: firstname.lastname@example.org
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Michael Moffitt is a Registered Representative with and Securities are offered through LPL Financial, Member FINRA/SIPC. Investments advice offered through Advantage Investment Management (AIM), a registered investment advisor. Cornerstone Financial Group and AIM are separate entities from LPL Financial.
1 – washingtonpost.com/news/get-there/wp/2018/04/24/why-does-a-2-year-old-have-a-credit-card-how-to-protect-your-children-from-identity-theft [4/24/18]