LSEG Risk Intelligence: One In Every Fifty Children Falls Victim To Identity Theft Each Year
- 13% increase in identity fraudsters globally year-on-year
- 43% increase in entities used as a vehicle to commit identity fraud over the last year
- “It Takes an Industry” report calls for urgent financial sector response
LSEG Risk Intelligence today publishes a report drawing attention to the global rise in child identity theft. The report calls out the impact of child identity theft, the risks to financial institutions, and highlights the growing threat of synthetic identity fraud. It outlines practical actions financial institutions may adopt immediately such as identity, age and third-party verification together with transaction monitoring for child-linked accounts and multi-layered security.
The report, It Takes an Industry: Combatting the Rise of Child Identity Theft, draws from data, emotional and personal accounts and cross-sector research to present a coordinated response framework for financial institutions.
It reveals that the number of identities connected to identity fraud within the LSEG World Check database grew by 13% since March 2024, reflecting heightened global attention and monitoring.
In addition, there was a 43% increase in the count of entities in World-Check - companies, businesses and organisations that were allegedly used as a vehicle to commit identity fraud.
Entries connected to organised crime groups and identity fraud grew by 12%, underscoring the role of syndicates in facilitating these crimes.
According to the US Federal Trade Commission, child identity theft surged by 40% between 2021 and 2024.
One in Fifty documentary
Our campaign will include a documentary, One In Fifty, featuring Renata Galvão, an LSEG employee whose identity was stolen at the age of six. Her stolen identity was used to create companies, and when those businesses collapsed, young Renata – listed as the legal owner on paper – was left with over USD $400,000 in alleged debt. Her story now reflects a growing trend: children are increasingly targeted by fraudsters creating synthetic identities, leaving damage that often remains undetected for years.
One in Fifty relates to the fact that one in every fifty children falls victim to identity theft each year
Renata Galvão, Channel Partner Manager at LSEG Risk Intelligence and subject of the documentary, comments: “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.”
David White, Global Head of Product & Data, LSEG Risk Intelligence, comments: “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.”