A new study shows that 1-million children had their identity stolen last year. Since the kids don’t have hardly any financial history or any existing online accounts, they’re becoming victim of new-account fraud. The study shows that parents and family friends are most likely the people committing the fraud.
- Check your child’s credit early. Michelle Dennedy, chief privacy officer of Cisco says to run a credit check and freeze a child’s credit while they’re young to prevent new accounts being opened.
- Teach your child safety and security online. Make sure they understand to never share their info on the Internet.
- Secure physical identification documents. This includes social security cards and birth certificates-make sure they’re locked away.
- Keep an eye on bullying. A child may be more susceptible to giving out info if they’re being bullied into it online or they can “mistake cruel gestures for friendship.”
Read the report here
Here’s what to do when debt collectors come after your toddler— CNBC (@CNBC) April 24, 2018