Children are 51 times more likely than adults to have their identities stolen, according to a study conducted by Carnegie Mellon CyLab. Child IDs are used to purchase homes and automobiles, open credit card accounts, secure employment and obtain driver’s licenses.
Children make good targets because most do not use their Social Security numbers until they become older. And identity thieves know that parents seldom – if ever – check their young child’s credit report. However, the CyLab report states that the youngest victim was 5 months old.
The CyLab report also shared a story of a 17-year-old girl who is $725,000 in debt because her Social Security number was stolen and linked to eight different suspects. The suspects opened 42 accounts including mortgages, auto loans and credit cards. Several bills were in collections.
Red flags that indicate your child’s identity has been compromised include unsolicited credit offers, letters from debt collectors addressed to your child, a letter from the IRS stating that your child’s Social Security number listed on your tax return is a duplicate number or, upon opening a bank account for your child, you’re told an account has already been opened with your child’s Social Security number.
Your BBB offers the following tips to help on how to protect your child’s identity:
Guard your child’s Social Security number. Don't carry your child's Social Security card in your wallet. Don't give out your child's number on the phone unless you trust the recipient and never send the number in an email. And don't give your kid his or her number until he or she is old enough to understand what it is.
Be careful about posting information about your child. Scammers routinely scan social media posts to find information such as birth dates and ages that can help them steal identities. If you want to let your Facebook friends or Twitter followers know that it's your child's birthday, don't tell them the child's age. Educate your children about the importance of protecting personal information online.
Check your child's credit report. Go to annualcreditreport.com, which lets you get a free report from each of the three credit bureaus once a year. If you enter your child's information and no report comes back, consider it a good sign.
Start With Trust. For trustworthy consumer tips and information, visit wynco.bbb.org or call 970-484-1348 or 800-564-0371.