Protect Your Teenagers This Summer

As summer break approaches, teenagers eagerly anticipate freedom and fun. However, this season also presents increased risks for identity theft, especially among younger individuals. Recent studies indicate that approximately 25% of minors will experience identity theft before turning 18.¹ Moreover, child identity theft costs families nearly $1 billion annually, with an average loss of $737 per family.²

To help safeguard your teenagers this summer, consider the following tips:

Tip #1: Secure Debit & Credit Card Usage

Teenagers often use debit or credit cards for various purchases during summer activities. Encourage them to do the following:

• Use cash for small transactions to minimize exposure
• Cover the keypad when entering PINs at ATMs or point-of-sale terminals
• Regularly monitor account statements for unauthorized transactions
• Avoid accessing financial accounts over public Wi-Fi networks

These practices can help prevent unauthorized access to their financial information.

Tip #2: Protect Personal Belongings

A significant number of identity theft cases stem from lost or stolen wallets and purses. Implementing certain measures can reduce the likelihood of personal information falling into the wrong hands.

• Advise teens to keep their wallets in secure, zippered bags or front pockets
• Utilize lockers at pools or amusement parks to store valuables
• Avoid carrying unnecessary personal documents

Tip #3: Be Cautious with Social Media Sharing

The phenomenon of “sharenting,” where parents or teens share personal information online, can inadvertently expose sensitive data. Oversharing on social media platforms increases the risk of identity theft.³

• Limit the sharing of personal details such as full names, birthdates, and addresses
• Adjust privacy settings to restrict access to personal posts
• Educate teens about the potential risks of oversharing online

By being mindful of their digital footprint, teenagers can better protect themselves from potential identity theft.

Tip #4: Report Lost or Stolen Items Immediately

In the event of a lost or stolen wallet or purse, do the following:

1. Retrace steps to locate the missing item
2. Report the loss to local authorities and the establishment where it was lost
3. Contact banks and credit card companies to freeze or close accounts
4. Consider placing a fraud alert on credit reports

Prompt action can significantly reduce the potential damage caused by identity theft.

Tip #5: Stay Informed & Vigilant

Awareness is a powerful tool against identity theft. Encourage your teenagers to build smart habits:

• Regularly review financial statements and credit reports
• Be skeptical of unsolicited requests for personal information
• Use strong, unique passwords for online accounts
• Stay updated on common scams targeting their age group

By fostering a culture of vigilance, teens can better navigate the digital landscape safely.

Conclusion

Identity theft remains a pressing concern, with over 1.1 million cases reported in 2024 alone.⁴ By implementing these strategies, you can help ensure your teenagers enjoy a safe and secure summer.

For more tips or to talk about other financial topics, schedule a session with a Money Coach today.

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¹ Weisman, S. (2024, September 13). The unknown danger of child identity theft. Forbes. https://www.forbes.com/sites/steveweisman/2024/09/13/the-unknown-danger-of-child-identity-theft

² Coolest Gadgets. (2024). Identity theft statistics. https://www.coolest-gadgets.com/identity-theft-statistics

³ Lapin, N. (2024, April 3). Posting ultrasounds online leaves babies exposed to ID theft risk. New York Post. https://nypost.com/2024/04/03/posting-ultrasounds-online-leaves-babies-exposed-to-id-theft-risk

⁴ WalletHub. (2024). Identity theft statistics. https://wallethub.com/edu/identity-theft-statistics/131472