On November 2, Javelin Strategy & Research published a new study that stated the yearly cost of child identity theft and fraud in the United States is estimated to be approximately $1 billion.
Tracy Kitten, director of fraud & security at Javelin Strategy & Research, published the 2021 Child Identity Fraud research, which examined the variables that put children at the most risk of identity theft and fraud.
The research examined habits, characteristics, and social media platforms as risk factors.
Children who use Twitch (31%), Twitter (30%), and Facebook (25%), as per the survey, are most prone to have their personal information compromised in a data breach.
Another significant result was that in the previous year, more than 1.25 million children in the United States were victims of identity theft and fraud. On average, the family spent more than $1,100 to resolve the matter, and it took a long time.
Surprisingly, the survey indicated that over half of all child identity theft and fraud instances include children aged nine and under, with the majority of victims (70 percent) knowing their attackers.
Kitten added, “One of the most eye-opening findings from our research was just how much risk children are exposed to when they are not supervised online. Add to that nearly 90% of the households with internet access say they have children on social media, and the picture our findings paint quickly becomes dark, grim, and scary.”
Criminals utilised social media to gain access to vulnerable minors, according to Kitten, a journalist and cybersecurity subject specialist.
“Predators and cybercriminals lurk in the wings of all social media platforms, waiting for the moment to prey on overly trusting minors who may not fully understand safe online behaviour.”
Families should limit and supervise children' usage of social media and messaging platforms, and be on the watch for cyber-bullying, according to Javelin.
“Platforms that allow users to direct/private message (DM), friend, or follow other users via public search pose the greatest concern,” stated a company spokesperson.
Parents were advised not to reveal their children's personal information on social media and to set a good example for their children by demonstrating safe online conduct.
