One in every fifty children is now a victim of identity theft each year, according to new findings released by LSEG Risk Intelligence.
The report, It Takes an Industry: Combatting the Rise of Child Identity Theft, presents a coordinated framework for the financial services sector. Drawing from data, lived experiences, and cross-industry research, the report outlines immediate steps that institutions can take, such as adopting enhanced identity and age verification, monitoring third-party account activities, and implementing layered security for accounts linked to minors.
According to the study, the number of identities associated with fraud within LSEG’s World-Check database has risen by 13% since March 2024, underscoring the growing global threat. More worryingly, there has been a 43% increase in the number of entities—companies, businesses, and organisations—allegedly used to facilitate identity fraud. Entries connected to organised crime groups and fraud activities also rose by 12%, reinforcing the role of crime syndicates in exploiting identity data.
The issue of child identity theft is far from theoretical. The US Federal Trade Commission reported a 40% rise in child identity theft cases between 2021 and 2024, it said.
LSEG’s campaign around the report includes a documentary, One in Fifty, which brings the issue into sharp focus. The title reflects the startling statistic that one in fifty children is affected by identity theft annually.
The documentary tells the story of Renata Galvão, a Channel Partner Manager at LSEG Risk Intelligence, whose identity was stolen when she was just six years old. Her stolen identity was used to establish companies. When those businesses failed, she was unknowingly left with over $400,000 in debt.
Galvão said, “I was only six years old when my identity was stolen and for years, I had no idea. By the time I started work, it was already too late. If we can protect children from physical harm, we should be able to protect them from financial abuse too.
“I’m choosing to speak up now, so no one else has to go through what I did.”
LSEG Risk Intelligence global head of product & data David White added, “Since Renata’s ordeal over twenty years ago, fraudsters have become more sophisticated, using AI and social engineering to target the most vulnerable.
“Children are being targeted because they know our systems weren’t designed to spot them. This has to change. No one organisation can fix this alone – it’s going to take the entire industry working together to protect the most vulnerable among us.”
Watch the trailer for the documentary here.
The full report can be downloaded here.
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