Identity theft and fraud affected one in 80 children this year, affecting nearly a million families, according to Javelin Research.
Those most commonly victimized were younger than 7 years of age, and typically involved downloading a game or app. Total resolution costs rose to a whopping $1,128 per household. The time households spent on resolving these fraud cases increased to roughly 16 hours per event.
Financial services providers are the first place parents look for assistance in these matters. Let’s give them what they want with a well-designed and educational website that makes it easy to find information that can help prevent members’ wasted time, money and stress.
According to Javelin, your credit union can act as first responders in helping to stem the tide of child ID theft and fraud. The think tank’s recommendations include:
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