Annual Cost of Child Identity Fraud Almost $1Bn

Annual Cost of Child Identity Fraud Almost $1Bn

New research published today by Javelin Strategy & Research puts the annual cost of child identity theft and fraud in the United States at nearly $1bn.

The 2021 Child Identity Fraud study authored by Tracy Kitten, director of fraud & security at Javelin Strategy & Research, 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 study 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. 

Chillingly, the report revealed that over half of all child identity theft and fraud cases involve children ages 9 and younger, and that most (70%) victims know their perpetrators. 

“One of the most eye-opening findings from our research was just how much risk children are exposed to when they are not

Read More: https://www.infosecurity-magazine.com/news/annual-cost-child-identity-fraud/