If you thought that dumpster diving identity thieves were only looking to bilk hard-working adults, think again. According to an MSNBC article studying identity theft reports issued to the Federal Trade Commission from 2005 to 2007, there were more than 34,000 reported cases of identity theft concerning people under the age of 18, a startling statistic which many believe is actually an under representation of the crime.
Because identity theft typically involves financial matters not normally associated with children, such as bank or credit card fraud, many people do not consider the possibility that their own kids could be victimized. Also, because children aren’t engaged in frequent financial transactions the same way that adults are, it takes much longer for the scheme to be discovered allowing for massive debts to pile up over the course of many years. All of these factors lead to a long and hard road for young victims of identity theft when they finally do turn of age and are unable to receive loans, credit cards and other necessities.
In the Internet Age, where information is exchanged easily from all over the world in seconds, maintaining a strong handle of your identity is important. If you have children, it’s doubly important. Reputation.com offers a variety of services to help defend your online reputation and protect your children online for as little as $9.95 per month.
3 comments ↓
[...] More: Identity Theft of Children Often Goes Undetected [...]
Rob,
I enjoyed the article you have written above. I have been significantly involved in the in the field of Identity Theft Prevention, and my research has indicated exactly what you have described in your article. More and more, the personal information of minors is being targeted by thieves. The advantage is obvious; it is very likely that no one will look at the credit report of a child until they are at least 18, or looking to get loans for a car, college, travel, etc. Unfortunately, at this point, it is likely that any damage done to their credit history will take up to seven years to repair.
I have no intention of going into significant detail of ways that this can be prevented (your service is one of the ways) I want simply to state an observation that I have made. Statistics indicate that the majority of identities stolen are from the younger generation (approx ages 5-25). The middle age group is the second most vulnerable/commonly affected demographic, and the baby boomer generation and older are the least likely to have their identity stolen. It is still common, however. Don’t let it seem as though I am saying the older you are the more invincible you are. Some of this is due to lifestyles (the elderly are much more hesitant to distribute personal information). The younger generations are much more present on the internet, their personal information is much more accessible, and they are the least worried about protecting their information. The business dilemma that you and I face, the dichotomy of sorts, is that those who are most vulnerable are the least likely to take preventative measures, and those who statistically are less vulnerable are the part of our target market who are most likely to purchase a product designed to protect their privacy and identity. It seems that in order to most effectively penetrate the younger market, significant consumer education is necessary. People need to learn that preventative measures such as Reputation.com, and the various Identity Theft Prevention services that exist, are well worth the money and ought to be considered as a living expense more important than cable tv, or xbox.
Liam Morris
Thanks for your comment Liam. I believe, as you do, that educating people about identity theft is the best way to prevent the crime. I commend your work in this field and wish you much success.
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