"Annual Cost of Child Identity Fraud Almost $1Bn"

Researchers at Javelin Strategy & Research discovered that the annual cost of child identity theft and fraud in the United States is nearly $1bn.  The researchers put out a report titled "2021 Child Identity Fraud."  The researchers analyzed factors that put children at the highest risk of identity theft and fraud.  Risk factors examined for the research included behaviors, characteristics, and social media platforms. The researchers found that children who use Twitch (31%), Twitter (30%), and Facebook (25%) were most likely to have their personal information exposed in a data breach.  Another key finding was that more than 1.25 million children in the United States became victims of identity theft and fraud in the past year. Resolving the situation cost the average family more than $1,100 and was a slow process. The researchers also found that over half of all child identity theft and fraud cases involve children ages nine and younger and that most (70%) victims know their perpetrators. The researchers advised families to limit and monitor the use of social media and messaging platforms by minors and to be on the lookout for cyber-bullying. 

Infosecurity reports: "Annual Cost of Child Identity Fraud Almost $1Bn"