Warning signs
In this type of crime, a child’s information may be used to develop an identity for a fictitious adult. Certain warning signs would be notification from the IRS regarding, say, failure to pay taxes when your child has had no income and notice from a financial institution regarding an account your child doesn’t have or a purchase he or she never made.
Keep an eye on accounts
As with any kind of identity theft, prevention requires close monitoring. Regularly review the statements your child may receive from any savings or other financial accounts they have. Ensure that all checks or withdrawals are accurate and that there aren’t any unauthorized charges. When your children are old enough, discuss your reviews with them. Explain the importance of keeping tabs on their money so that they are better able to protect their accounts, manage their money, and stay on budget as an adult.
Protect their privacy
You can safeguard your entire family’s privacy by properly maintaining the confidentiality of all your paper and electronic financial and other records, and shredding documents with personal information before you discard them. Keep Social Security cards in a safe place, not in your child’s wallet. Warn your children to restrict their online purchases to reliable websites that feature online security and privacy protection. In addition, advise them not to divulge information about their financial accounts or Social Security number in response to any e-mail, no matter who sent it or how legitimate it may look. Identity thieves can use a birth date to access a birth certificate and create a phony profile, so discourage them from revealing this information online.
Respond to thefts
If you believe your child has been the victim of identity theft, contact the three major credit agencies—Equifax, Experian, and TransUnion—to see if they have a fraudulent credit history on file. If they do, ask the agencies to remove the incorrect accounts and other information and issue a fraud alert on the account. Follow up with each creditor and let them know that the account in your child’s name is fraudulent. You can also file a fraud report with the Federal Trade Commission and a police report.
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