Experian is rolling out Child ID Scan, a service that can detect possible child identity theft and fraud.
The global information services company said the scan will help parents protect child identity theft, with more than 1 million children being victims of identity theft in 2017 according a study by Javelin Strategy & Research.
Experian’s new scan seeks to find if a child’s Social Security number (SSN) matches an Experian credit file. If a credit file is found, the company’s fraud resolution team will help parents or legal guardians through their next steps.
“A child’s SSN is like gold to identity thieves and a clean slate for criminals to do damage over possibly a long period of time,” said Michael Bruemmer, vice president of consumer protection at Experian. “We are vigilant when it comes to protecting people’s identities, and hope Child Identity Theft Awareness Day rallies communities and parents to take action. Our free service and educational content can be key resources, but we urge parents to be vigilant on an ongoing basis. If they aren’t, the consequences for their children can be damaging and long-term.”
A recent Experian survey found that that victims believed they were 12 years old on average when the identity theft occurred. Furthermore, 45% of respondents didn’t learn of the theft until they were between 16 and 18 years old, when they were most likely getting a first job or starting to apply for credit.
It also found that 59% of survey respondents had their credit report and credit score negatively impacted, while 52% were denied credit. More than one-third (34 percent) of victims surveyed said it cost them money to fix the issue, and almost 20 percent suffered relationship issues.
Earlier this year, Experian began offering Open Banking and PSD2 ( Payment Services Directive 2) services. After securing FCA accreditation to permission to operate as an Account Information Services Provider (AISP), the business will now offer services to enable the exchange of bank account information between people and organisations.
Acuant also recently integrated its new document verification solution into Experian’s fraud and identity platform, CrossCore. Acuant’s AssureID utilises machine learning, as well as facial recognition technology to quickly and accurately identify individuals using photo-based government-issued IDs such as a driver’s license or a passport.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
