LifeLock for Kids
As adults, we know that we need to continuously monitor our financial business, check our credit, and be vigilant for signs of identity theft. Slowly, as a society, we are learning to recognize the signs of the possible theft of our identity and we are learning to act fast before it ruins our credit and wipes out our savings and financial security. Identity thieves are also realizing that we are becoming more attuned to the signs of identity theft, and thus they have zeroed in on a new type of victim; children.
Unfortunately, because we do not monitor our children’s identity the same way we monitor our own, identity thieves are readily learning how to make the most of it and are pin pointing children as a source for identity theft. Upon applying for their first job or a student loan, kids are now realizing that their good name is gone before they even get out into the world. For years, someone has been living off their once perfect credit and undermining all the life lessons that we teach our children. “Work hard in school, go to college, and get a good job” is no longer a guarantee that their world will be okay. Now the speech is more like work hard in school, get into a good college, and hopefully there isn’t anyone out there pretending to be you who will mess that all up for you.”
Kids are no longer unable to attain financial matters, with many kids opening bank accounts and carrying bank cards, there isn’t anyone questioning credit card applications in the name of a twelve year old. In many cases, the identity thieves have already dumped the identity by the time the child turns of age, making it very difficult for law enforcement to help rectify the situation. This is a very serious problem and it is growing in leaps and bounds.
Identity theft insurance companies have been focusing hard on he adults and offering premiums to cover grown up identity theft. However, very few are even acknowledging that children are at an increased risk for identity theft. Programs like LifeLock are coming through with policies that allow parents to cover their children in the event of identity theft. An insurance policy for identity theft for kids isn’t just a version of an adult policy. After all, kids who are emerging from the nest and out into the world are going to have different needs from their parents. Policies that cover the young adult in the event of identity theft need to recognize that the children’s need aren’t going to reflect the same requirements as their parents. They are going to need to be protected against transcript interference, credit issues that influence school and governmental educational loans, and first car loans.
The crime of identity theft is an increasing threat to our society, and our children. While adults are well informed about how to protect their credit, little attention is paid to the thousands of children who experience this violation every year. As our information regarding identity theft grows, we are sadly realizing we have accidentally left our children exposed, and it is now our responsibility to change that.
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