Certified Financial Planner (CFP) Robert Ryerson of New Century Planning possesses more than 25 years of experience in estate management and retirement planning. Additionally, Robert Ryerson is a Certified Identity Theft Risk Management Specialist (CITRMS) and author of the book What’s the Deal with Identity Theft: A Plain English Look at Our Fastest Growing Crime.
In 2017, more than a million children, two-thirds under the age of 8, were victims of identity theft or fraud, resulting in losses of more than $2.67 billion. Because a child’s Social Security number has not been used before, it is more valuable to criminals.
When a bank uses the child’s Social Security number to pull a credit report, nothing suspicious appears, so criminals can use the number freely. Typical warning signs of a child’s identity being used fraudulently include the child receiving pre-approved credit card offers or jury summons in the mail. In the event of suspicious activity, parents can place a freeze on the child’s credit report to prevent the opening of new credit accounts.