10 PROTECT YOUR KIDS FROM IDENTITY THEFT The thought of identity theft can be frustrating for an adult, but what about the impact it can have on a child’s financial future? Identity theft occurs when someone unlawfully gains access to your personal information and steals it for their own financial gain. Children are the fastest-growing segment of identity theft victims. Most parents do not monitor their children’s credit reports, which means a breach can sometimes go undetected for years. This creates an enticing scenario for thieves and could result in a shocking surprise when a teenager goes to apply for their first mobile phone account, student loan or job. Parents can be proactive in protecting their child’s identity by learning the warning signs and teaching those signs to their growing children. In doing so, you are helping to safeguard them from needless hardship, and setting a strong example of how to be a responsible financial adult. In addition, the Federal Trade Commission (FTC) recommends that parents of teens turning 16 check to see if their child has a credit report. This will help avoid any unpleasant surprises and also will allow time for any needed repair.
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