Social Media Fuels Identity Theft Among Kids, Cyber Risks for Children and Families On the Rise
SAN FRANCISCO, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Javelin Strategy & Research has released its 2024 Child & Family Cybersecurity Study, Social Media and Children: A Dangerous Game of Trust and Deceit, which highlights the growing risks social media poses to children, teens, and their families. Unlike identity threats involving adults, children’s risks are often linked to socioeconomic status and vulnerability.
This year’s complimentary report, supported by TransUnion and the Identity Theft Resource Center (ITRC), finds that as a result of having a larger social media and online presence across multiple devices as well as greater access to payment cards and mobile accounts, children from affluent households are a top target for cybercriminals. More than half (58%) of U.S. children victimized by identity theft come from households with an annual income exceeding $100,000. Javelin and the ITRC also find that society’s most vulnerable children, those in foster care, are seen by cybercriminals as ideal candidates for exploitation.
The report identifies a strong link between social media use and child identity theft. Among victims of child identity theft in the past six years, 96% were active social media users when their identities were compromised and they subsequently suffered financial losses linked to fraud or scams.
“Alarmingly, identity theft victims are more likely to be targeted repeatedly over their lifetime,” warns Tracy Kitten, Director of Javelin’s Fraud & Security practice and author of the report. “There is a persistent and lasting risk associated with compromised personal information. Parents and guardians have an urgent need for greater education and support to help them protect their children’s identities online and offline.”
The public and financial institutions are invited to hear more about this new study on Thursday, December 12, learn proactive steps to protect children and young adults, and explore how financial institutions can help families mitigate this increasing cyber risk. Register for our webinar here.
This report was made possible by our sponsors and partners, TransUnion and ITRC. TransUnion offers total credit protection all in one place, from credit score to credit report and credit alert. ITRC is a nonprofit organization established to minimize risk and mitigate the impact of identity compromise.
Javelin is offering this report free to the public because of the essential information it contains that can help make children and families safer. Download Social Media and Children: A Dangerous Game of Trust and Deceit here.
About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent Group, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs, and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. Learn more at javelinstrategy.com.
Contact Sarah Kimball sarah.kimball@escalent.co
