FTC and DOJ Hold Joint Forum on ID Theft - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » FTC and DOJ Hold Joint Forum on ID Theft

FTC and DOJ Hold Joint Forum on ID Theft

FTC and DOJ Hold Joint Forum on ID Theft
The content is accurate at the time of publication and is subject to change.

As if identity theft was not already enough of a problem, now there is a new target – our children. Identity thieves have found ways to use the personal information of young infants to open fraudulent accounts and make purchases. While millions of adults fall prey to identity thieves each year, a new study by ID ANALYTICS estimates that approximately 140,000 minors fall victim to identity theft as well.The Federal Trade Commission and the Department of Justice have joined forces in their wars against identity theft on minors. Recently, they organized five panels to discuss the problem and ways to combat it.

Minor Identity Theft May be Worse

Some experts assert that a minor who is an identity theft victim may experience more damage than an adult victim because the crime can go undetected for years or even decades. The longer discovery period stems from the fact that children are not typically applying for credit cards and loans, as adults are.

According to Tom Oscherwitz, who is the Chief Privacy Officer at ID ANALYTICS, “Child identity fraud poses complex challenges to consumers, businesses and regulators. Unfortunately, minors’ identities are particularly appealing to fraudsters because their personal data is untainted, legitimate and less likely to be monitored for misuse.”

Correcting the Problem

Current laws and legislation do not focus on child identity theft, but theFederal Trade Commission and the Department of Justice intend to address the issue. The joint forces eventually plan to put processes in place to prevent identity theft in minors; for now, their work is more of a reactive process.

Currently, the focus is on creating parental awareness of the problem. Once parents understand the threat, the goal is to teach them how to react to the identity theft and correct any of the problems created by their child’s identity being stolen. Panelists also urge parents to take steps to protect the identity of their children as much as they would their own.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Mastercard Set to Buy Ethoca
Mastercard Set to Buy Ethoca

Posted: March 20, 2019

Credit Card security is something that everyone is mindful of these days, and in keeping with this theme, Mastercard is set to buy Ethoca, a company that specializes in helping both retailers and card issuers detect and resolve digital… Continue reading

American Express Set to Buy Lounge Buddy
American Express Set to Buy Lounge Buddy

Posted: March 19, 2019

American Express is well known for their Centurion Lounge network, and now they are upping the ante with the purchase of LoungeBuddy, a digital platform designed to help people find and book time in airport lounges around the world. While… Continue reading

The New Luxury Card App is Launched
The New Luxury Card App is Launched

Posted: March 18, 2019

Luxury Card has rolled out their new app, giving cardholders access to a variety of features and benefits including, finding one of a kind experiences and chat in real time with Luxury Card Concierge Specialists. These specialists can help… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!