Up to 85 percent of identity theft nowadays is synthetic, which means thieves use combinations of real and fake information to take out loans, get credit cards, purchase cars, collect unemployment, and much more. And it’s grown 233 percent over five years.
Children are uniquely vulnerable, because it’s an amalgamation of different identities (name, Social Security number, etc.) and 86 percent of parents don’t look at their kids’ credit report or other reports that would alert them to fraud – a key reason why the problem is growing and can go undetected for years until the damage is already done.
How can parents protect their kids? Security.org is out with research and tips, including how to notice early indicators and take action quickly to reduce damage.
Key findings include:
- Only six percent of parents use credit monitoring services to track their children’s credit activity
- Parents feel their children’s data stored in social media, medical records, and school forms were most vulnerable to theft
- Nearly 25 percent of parents weren’t taking any active steps to protect their children’s sensitive data, up from 15 percent in 2020
Parents can find helpful tips to keep their kids safe here: https://www.security.org/digital-safety/synthetic-identity-theft-guide-for-parents/
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This entry was posted on January 10, 2023 at 11:03 am and is filed under Commentary with tags Security.org. You can follow any responses to this entry through the RSS 2.0 feed.
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New Research: Up to 85% of Identity Theft is Now Synthetic, and Kids are Most Likely Target
Up to 85 percent of identity theft nowadays is synthetic, which means thieves use combinations of real and fake information to take out loans, get credit cards, purchase cars, collect unemployment, and much more. And it’s grown 233 percent over five years.
Children are uniquely vulnerable, because it’s an amalgamation of different identities (name, Social Security number, etc.) and 86 percent of parents don’t look at their kids’ credit report or other reports that would alert them to fraud – a key reason why the problem is growing and can go undetected for years until the damage is already done.
How can parents protect their kids? Security.org is out with research and tips, including how to notice early indicators and take action quickly to reduce damage.
Key findings include:
Parents can find helpful tips to keep their kids safe here: https://www.security.org/digital-safety/synthetic-identity-theft-guide-for-parents/
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This entry was posted on January 10, 2023 at 11:03 am and is filed under Commentary with tags Security.org. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.