Keeping Your Child's Identity and Money Safe.

California Bankers Association Offers Financial Protection Tips to Parents

SACRAMENTO, Calif. -- The California Bankers Association (CBA) today released a brief list of tips for parents interested in keeping their child's financial future safe.

"Parents should be aware that their child's identity is just as susceptible to identity theft as an adult," said CBA senior vice president of government relations Maurine Padden. "For the most part, parents don't realize the importance of reviewing their child's credit and its long-term effect. With vigilance and a few simple precautions, consumers can increase their peace of mind that their child's financial future is safe."

According to the Identity Theft Data Clearinghouse, 5 percent of all identity theft victims in California in 2005 were under the age of 18, or roughly 2,250. A child's identity is often attractive to identity thieves because they have clean credit histories and they can often get away with the theft for years -- until the child reaches adulthood and starts trying to establish their own credit. Parents should be proactive about their child's future not only by protecting them from identity theft, but by providing them with a solid financial education that will benefit them for years to come.

"Providing your child with a financial education is one of the best gifts you can give," Padden said. "Educating your child will give them the tools they need to make informed decisions as they mature into adults."

The California Bankers Association offers these financial protection tips to parents:

* Keep your child's social security number in a safe place.

* Check your child's credit record once a year.

* Teach your child how important it is to start off in good financial standing.

* Teach your child how to save and the importance of saving.

* Teach your child about credit and how to be responsible with it.

* Show your child the rewards of making good financial decisions.

Information about CBA

Established more than 110 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA leads the way in developing relevant educational and legislative solutions to some of California's more pressing financial and banking issues, including adult financial empowerment, identity theft, financial privacy, and financial elder abuse. CBA's membership includes more than 300 of California's commercial, industrial and community banks and savings associations. For more information, visit www.calbankers.com.