Protecting Your Child’s Identity

The holidays are upon us, and unfortunately, so are the opportunities for being victims of fraud.

Most of us are savvy enough to know we should shred our credit card bills and anything else with identifying information on it.

But have you thought about protecting your child’s identity?

Child identity theft is a fairly new problem but it’s happening more and more. And according to the FTC, 5% of the victims were under the age of 18.

The holiday season seems to prompt criminal creativity.

To keep your child from becoming a victim of identity theft, keep these tips in mind:

1. Don’t disclose personal information if you don’t know how it’s going to be used.

Never give your child’s personal information out over the phone, through the mail or online, especially with regard to any kind of sales promotion.  Never carry your child’s Social Security card or number in your purse or wallet.

If your child is old enough to use the Internet (and they start really young these days), watch what they’re doing.  Social networking sites have led to an increase in the amount of personal information children are providing about themselves online.  And predators are out there watching and waiting.

Just as you warn your child about talking to strangers, warn them about posting their home address, date of birth or phone number online.

2. Request that your bank require photo identification.

This is for all transactions for your accounts or accounts in your child’s name.

3. Don’t apply for credit cards through offers received by mail.

If you have opened a credit card account with your child as a joint account holder (typically a teenager), you will more than likely begin to receive credit card offers in your child’s name.  If you do, don’t assume that it’s a mistake.

If you receive an offer in the mail for your child, check with the three credit reporting agencies periodically to make sure that fraudulent accounts haven’t been opened in your child’s name.

Contact 888-5OPT-OUT or 888-567-8688 to opt out of receiving prescreened credit offers in your name or your child’s.

4. Shred all paperwork.

Just as you would shred paperwork with your information on it, shred anything with your child’s information on it.  The same protections that you employ for yourself should be applied to your child.

5. Contact the Social Security Administration

Call the Social Security Administration and request an earnings report in your child’s Social Security number and name to make sure that someone isn’t out there working under your child’s identity.

If you take these steps and your research turns up fraudulent information, take the following steps to begin to correct the problem:

• Contact the Social Security Administration and advise them of the fraud.
• Contact the three leading credit report agencies, TransUnion, Experian and Equifax and advise them of the problem.
• File a complaint with the Federal Trade Commission.

As parents, our chief concern is and will always be protecting our children.  When your kids are 50 and you’re in your 80’s, you’ll still be worrying about their safety and well-being.

Call us to talk about additional steps you need to take to protect your children.  There are legal documents you need to have in place to make sure that your children are protected in the event you’re not there to care for them.  Schedule your Family Wealth Planning Session today and ask us about the Kids Protection Plan. Our Family Wealth Planning Session is normally $550, but each month I make space for two families to have a complete planning session with me at no charge.  Call today, mention this article, and ask for one of those sessions!