RCS - LSEG Risk Intel. - 1:50 children victim of identity theft each year
04/06/2025 10:45
For best results when printing this announcement, please click on link below: https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250604:nRSD2904La&default-theme=true RNS Number : 2904L LSEG Risk Intelligence 04 June 2025 Press Release June 4(th), 2025 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. Our 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 Galvao, 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 Galvao, 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." Watch the trailer for Renata's story - https://www.youtube.com/watch?v=9oWxaETtTTw (https://www.youtube.com/watch?v=9oWxaETtTTw) Download the full report: https://www.lseg.com/en/risk-intelligence/resources/white-paper/child-identity-theft-industry-response (https://www.lseg.com/en/risk-intelligence/resources/white-paper/child-identity-theft-industry-response) -Ends- For further information LSEG Press Office Nsikan Edung +44 (0)20 7797 1222 newsroom@lseg.com (mailto:newsroom@lseg.com) www.lseg.com (http://www.lseg.com) About Risk Intelligence LSEG Risk Intelligence provides a suite of solutions to help organisations efficiently navigate risks, avoid reputational damage, reduce fraud and ensure legal and regulatory compliance around the globe. From screening solutions through World-Check, to detailed background checks on any entity or individual through due diligence reports, and innovative identity verification and account verification - you can trust us to help you successfully manage your risk, so you can operate more efficiently, more effectively and more confidently. Learn more: lseg.com/risk-intelligence. About LSEG LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world's financial system. With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in over 60 countries across EMEA, North America, Latin America and Asia Pacific. We employ 25,000 people globally, more than half located in Asia Pacific. LSEG's ticker symbol is LSEG. -- This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. 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