Kids Are Twice As Likely to Be Fraud Victims Than Adults

Here is something to make your bold boil.  Toddlers and kids are under attack by fraudsters. About 1 in every 50 kids is subject to becoming victimized by fraudsters in this day and age.

Your son, daughter, grandson or granddaughter are the #1 target of these fraudsters because their social security numbers are cleaner and easier to steal than adults.

More than 1 million children — about 1 in 50 kids— were victims of identity theft or fraud in 2017, according to a new report from Javelin Strategy & Research. 2/3rds of those affected kids were age 7 or younger.

At the economic impact is devastating.  Last year the industry tracked over $2.6 billion in losses to fraud against children.

Breached Data Reveals Kids Are At Higher Risk

According to studies, kids are at higher risk than adults when data is breached.  When hackers sell the breached data, it is the kids’ data that often sell first and for the most money.

In breached data, only 19% of adults social security numbers are sold compared to 39% of children’s.

Parents and Family Members are Often to Blame

But it’s not always criminals that are stealing and using kids social security numbers. 33% of the time, Javelin discovered that the children are victims by someone known to them.

The biggest threat to your kids is often someone close to them.

What Can You Do?

There is a simple remedy to the problem and something that you can do to protect your kids.  Freeze your kid’s credit files.  Congress is trying to pass legislation to make freezes on you and your kid’s bureaus free.

Freeze their credit report, it might make a world of difference.

 

Frank McKenna is the Chief Fraud Strategist for PointPredictive and a Fraud Consultant based in San Diego California