Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft

strict

The Senate of Oklahoma has approved a bill to take strict measures against those involved in the identity theft of a child. Now harsher penalties will be applied to those found stealing the identity of a victim who is less than 18 years of age. 

A child identity theft study was conducted in 2018 which revealed that up to one million children in the U.S have been a victim of identity theft. This resulted in a loss of $2.67 billion. $540 million were lost in the family’s out-of-pocket expenses.

The study suggests that almost two-thirds of the victims were younger than 7 years of age. 

Senator of Oklahoma, George Burns, says, “Identity theft is a widespread issue, but very few people realize how prevalent child identity theft is in our society. Oftentimes, the theft isn’t discovered until the child reaches adulthood and attempts to open loans or credit accounts in their own name. It’s even more unfortunate when the perpetrator is the child’s own parent or family member. We must crackdown on this type of theft.”

The Child Identity Theft Resource Center revealed that various parents have found that their child’s identity was compromised when they were refused stimulus checks. This happened as the child’s social security number was already in use. 

Senator Burns also says: “Studies have shown that nearly two-thirds of child identity theft victims are under the age of seven. Unfortunately, I’ve even heard the tragic stories of the perpetrator being in the victim’s immediate family. We must hold these criminals accountable for their actions.”

Senate Bill 312 has been created by Senator George Burns and according to the bill, criminals involved in child identity theft will have to face harsher penalties. The penalty for child identity theft mentioned by the proposed bill is either two to ten years in prison or a fine of $100,000, or both prison time and fine. 

The current law penalizes the identity thief or fraudsters with one to five years in prison or with a fine that does not exceed $100,000. The proposed bill has been passed to the full Oklahoma House of Representatives for further implementation requirements. 

Related Posts

News

Hong Kong Crypto Exchange Platform JPEX Involved in a $178M Fraud

Hong Kong Authorities claimed they received over 23,000 complaints against the Dubai-registered c...

Hong Kong Crypto Exchange Platform JPEX Involved in a $178M Fraud Explore More

News

IMF Joins Hands with Philippines on Wholesale CBDC Project

IMF has announced the collaboration with BSP (Bangko Sentral ng Pilipinas) for the development of...

IMF Joins Hands with Philippines on Wholesale CBDC Project Explore More

News

Beware: Vaccine-phishing scams have risen by 500 percent

Vaccine-phishing scams have increased by 530 per cent, as stated by a new study by Unit 42, the P...

Beware: Vaccine-phishing scams have risen by 500 percent Explore More

News

UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms

The UK government is looking to mandate the declaration of crypto holding in Self Assessment tax ...

UK to Mandate the Declaration of Crypto Holdings in Self-Assessment Tax Return Forms Explore More

News

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs

Members of the European Parliament have proposed a new bill to increase scrutiny of the NFT and D...

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs Explore More

News

Thousands of NSW driver’s licenses exposed online in a data breach

Last week, tens of thousands of NSW driver’s licenses were left exposed online. The breach was ac...

Thousands of NSW driver’s licenses exposed online in a data breach Explore More

News

UAE to be Removed from FATF Gray List in 2024

The UAE’s Minister of State for Foreign Trade and chairman of the Emirates Bullion Committee hope...

UAE to be Removed from FATF Gray List in 2024 Explore More

News

Comparitech Report Ranks Biometric Data Use: China Tops the List

Comparitech, a pro-consumer technology website, conducted a study including 50 countries and thei...

Comparitech Report Ranks Biometric Data Use: China Tops the List Explore More

News

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market

SEC (Securities Exchange Commission) is to implement tough regulations to prevent money launderin...

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market Explore More

News

Another Step Taken by the EU to Harmonize AML Rules

The European Banking Authority has proposed new guidance for compliance officers. The attempt is ...

Another Step Taken by the EU to Harmonize AML Rules Explore More

News

Biden’s Administration Announces New Timeline for AML Initiative and Beneficial Ownership Rules

FACT’s anti-money laundering efforts are updated in the Biden Administration’s Spring 2023 Regula...

Biden’s Administration Announces New Timeline for AML Initiative and Beneficial Ownership Rules Explore More

News

Regional Watchdog Assesses the AML Protocols Followed by Liberia to Fight Money Laundering

The Financial Intelligence Unit of Liberia has established the Inter-governmental Action Group Ag...

Regional Watchdog Assesses the AML Protocols Followed by Liberia to Fight Money Laundering Explore More

News

One Million Student Records Compromised by E-Learning Sites

About one million online student records that contain personal information of students have been ...

One Million Student Records Compromised by E-Learning Sites Explore More

News

South Korea Unlikely to Legislate Crypto Regulations Before the U.S – Says FSC

South Korea’s Financial Services Commission focuses the cryptocurrency legislation. According to ...

South Korea Unlikely to Legislate Crypto Regulations Before the U.S –  Says FSC Explore More

News

Chinese Firms to Test Crypto Opportunities in Hong Kong

Chinese Security companies and banks are attracted by Hong Kong’s retail trading in Bitcoin and E...

Chinese Firms to Test Crypto Opportunities in Hong Kong Explore More

News

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud

The latest FATF report ranks France among countries that have effective measures in combating fin...

France Ranked Among Countries with Effective Measures to Tackle Financial Fraud Explore More

News

Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’

A ransomware gang stole about 1TB of legal secrets from the most important names in the entertain...

Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’ Explore More

News

The Biggest Software Company in the US under Ransomware Attack on Election Night

Tyler Technologies in Plano, Texas, was under a ransomware attack last week. The company sells so...

The Biggest Software Company in the US under Ransomware Attack on Election Night Explore More

News

AUSTRAC Partners With UK Counterpart to Fight Fraud

The financial intelligence agency has announced AUSTRAC has entered a new partnership with a UK c...

AUSTRAC Partners With UK Counterpart to Fight Fraud Explore More

News

Combating COVID-19: Dubai warns of $10 million loan scheme fraud

A recent scam has emerged in Dubai which involves a $10 million loan for young entrepreneurs and ...

Combating COVID-19: Dubai warns of $10 million loan scheme fraud Explore More

News

HKMA imposed a HK$6 million fine on Commerzbank for AML Failure

HKMA imposed a HK$6 million fine on Commerzbank for anti-money laundering failure. The bank has b...

HKMA imposed a HK$6 million fine on Commerzbank for AML Failure Explore More

News

IRS And Foreign Tax Enforcers Warn of Increasing Money Laundering Risks in NFTs

The IRS and foreign tax enforcers have issued a warning of the increasing risks of money launderi...

IRS And Foreign Tax Enforcers Warn of Increasing Money Laundering Risks in NFTs Explore More

News

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings

The UK Gambling Commission has charged the Kindred Group with a hefty £4.19-million (US$5.15 mill...

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings Explore More

News

US Army to Adopt Facial Recognition Technology for Securing Military Base

United States Army is looking to apply face recognition technology on their military base to imme...

US Army to Adopt Facial Recognition Technology for Securing Military Base Explore More

News

AUSTRAC Outlines Common Reporting Mistakes at Industry Outreach Event

Australian regulator, AUSTRAC, highlighted important reporting errors in AML/CFT programmes of re...

AUSTRAC Outlines Common Reporting Mistakes at Industry Outreach Event Explore More

News

Shufti’s Age Verification Solution Approved by KJM

Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

Shufti’s Age Verification Solution Approved by KJM Explore More

News

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws

The  De Nederlandsche Bank (DNB) fined Binance with $3.4 million for failing to get regulatory ap...

Binance Fined $3.4 million by Dutch Central Bank For Violating Regulatory Laws Explore More

News

Danish Gambling Operator Reports Tipwin to the Police for AML Failings

Then danish gambling operator Spillemyndigheden has reported Tipwin to the police for violating t...

Danish Gambling Operator Reports Tipwin to the Police for AML Failings Explore More

News

China’s Top Leaders Indicate the Further Tightening of Financial Regulations

Chinese leaders have indicated that the country will move to further strengthening of financial r...

China’s Top Leaders Indicate the Further Tightening of Financial Regulations Explore More

News

UK Amends Corporate Act to Combat Economic Crimes

The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...

UK Amends Corporate Act to Combat Economic Crimes Explore More

News

Central Bank of UAE Issues New AML Guidelines to Mitigate Payment Fraud Risks

The Central Bank of UAE has issued new anti-money laundering guidelines to prevent payment frauds...

Central Bank of UAE Issues New AML Guidelines to Mitigate Payment Fraud Risks Explore More

News

Hong Kong Police Arrests 19 Criminals and Halts a US $40.5M Money-Laundering Operation

Hong Kong Police arrested 19 syndicate members pertaining to money laundering operations, involve...

Hong Kong Police Arrests 19 Criminals and Halts a US $40.5M Money-Laundering Operation Explore More

News

FATF Urges Qatar to Increase its Efforts Against Money Laundering

A recent FATF evaluation of Qatar’s anti-money laundering procedures says local regulators must w...

FATF Urges Qatar to Increase its Efforts Against Money Laundering Explore More

News

Ukraine Passes Anti-Money Laundering Law based on FATF

The Government of Ukraine has passed the final version of a money laundering law based on the gui...

Ukraine Passes Anti-Money Laundering Law based on FATF Explore More

News

China’s Central Bank Fines ICBC & Bank of Chongqing for AML Shortcomings

Chinese banks including industrial and commercial banks of Chongqing have been fined by regulator...

China’s Central Bank Fines ICBC & Bank of Chongqing for AML Shortcomings Explore More

News

Facebook’s Calibra rebrands to Novi wallet

Facebook subsidiary and Libra wallet provider Calibra, has recently been rebranded to Novi. The n...

Facebook’s Calibra rebrands to Novi wallet Explore More

News

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal Explore More

News

Cloudflare Discloses Another huge DDoS Attack

Amid the COVID-19 outbreak, a surf in internet traffic can be seen and thus, an increase in cyber...

Cloudflare Discloses Another huge DDoS Attack Explore More

News

Banks warned against profiteering from UK coronavirus crisis

British institutions, including banks, have been urged to avoid profiteering from the Coronavirus...

Banks warned against profiteering from UK coronavirus crisis Explore More

News

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two compa...

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion Explore More

News

U.S. Schools and Colleges Witness a Rise in Data Breaches

Data breaches and cyberattacks continue to grow and now targeting the education sector. Amid the ...

U.S. Schools and Colleges Witness a Rise in Data Breaches Explore More

News

The Anti-Money Laundering Solution Market is Expected to Double by 2025

According to the latest AML solution market report 2020-2026, the post coronavirus pandemic had a...

The Anti-Money Laundering Solution Market is Expected to Double by 2025 Explore More

News

AI-based voice cloning induces new scams

Vijay Balasubramaniyan, the CEO, CTO, and Co-founder of Pindrop Security, warns the world about a...

AI-based voice cloning induces new scams Explore More

News

UK Approves New Age Verification Laws to Protect Children

The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

UK Approves New Age Verification Laws to Protect Children Explore More

News

Switzerland Introduces New Regulations To Clamp Down on Money Laundering

Switzerland proposed new Anti-Money Laundering (AML) regulations to crack down on money launderin...

Switzerland Introduces New Regulations To Clamp Down on Money Laundering Explore More

News

SEC & NYDFS Oppose Binance $1 Billion Voyager Deal

The Securities and Exchange Commission and the New York Department of Financial Services have spo...

SEC & NYDFS Oppose Binance $1 Billion Voyager Deal Explore More

News

Hong Kong Looking to Legitimize Crypto Trading for Retail Investors

The government of Hong Kong has been looking at whether to legitimize crypto trading for retail i...

Hong Kong Looking to Legitimize Crypto Trading for Retail Investors Explore More

News

OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Sourcing Money Laundering

OFAC has imposed economic sanctions on cryptocurrency mixing service Tornado Cash for allowing cu...

OFAC Sanctions Cryptocurrency Mixing Service for Allegedly Sourcing Money Laundering Explore More

News

Coinbase Attorney Urges SEC to Announce Crypto Rules

Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

News

Macau to Introduce Digital Currency to Combat AML Threats in Casinos

Macau is moving towards introducing digital currency to fight money laundering and tax evasion in...

Macau to Introduce Digital Currency to Combat AML Threats in Casinos Explore More

News

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals

COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals Explore More

News

Global Banks Slapped with a Total of $14.21 Billion Fines in 2020

Finbold released a report on the global banks that were fined in 2020. According to the report, a...

Global Banks Slapped with a Total of $14.21 Billion Fines in 2020 Explore More

News

France to Implement Stringent Regulations on Cryptocurrency

France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

France to Implement Stringent Regulations on Cryptocurrency Explore More

News

Online Gaming Used by Criminals to Groom Minors into Drug Mules

Criminal networks are now applying the use of online video game, Fortnite, to groom minors around...

Online Gaming Used by Criminals to Groom Minors into Drug Mules Explore More

News

Kuwait’s Largest Money Laundering Lawsuit, The Malaysian Fund Case Comes to An End

Kuwait’s criminal court has put an end to the largest money laundering case by ruling the family ...

Kuwait’s Largest Money Laundering Lawsuit, The Malaysian Fund Case Comes to An End Explore More

News

Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia

BNPL (Buy-Now-Pay-Later) policy in Australia has given a rise to identity theft and has doubled t...

Identity Theft Pushed to New Records with Buy-Now-Pay-Later Boom in Australia Explore More

News

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts

Japan’s federal regulatory authority FSA lays ground for anti money laundering requirements for c...

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts Explore More

News

Canadian financial watchdog geared up for FATF compliance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) plans on closely regul...

Canadian financial watchdog geared up for FATF compliance Explore More

News

£23.8 Million Fined to MT Global for AML Non-Compliance

A Money Service Business (MSB) firm, MT Global, penalized by HM Revenue and Customs for breaching...

£23.8 Million Fined to MT Global for AML Non-Compliance Explore More

News

FinCEN Proposes Extension in Suspicious Activity Reporting Rules

The US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM...

FinCEN Proposes Extension in Suspicious Activity Reporting Rules Explore More

News

Cloudflare Discloses Another huge DDoS Attack

Amid the COVID-19 outbreak, a surf in internet traffic can be seen and thus, an increase in cyber...

Cloudflare Discloses Another huge DDoS Attack Explore More

News

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts

Both sectors in Zimbabwe are prone to money laundering, and the first target of the authorities i...

Insurance and Pension Sector in Zimbabwe Progressing in Anti-Money Laundering Efforts Explore More

News

Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring

 Hong Kong police detained 458 people and seized $65 million in connection with an extensive crim...

Hong Kong Police Seizes $65 Million From Triad Controlled Money Laundering Ring Explore More

News

FCA Alerts Crypto Firms to prepare for Advertising Rule Change

The UK Financial Watchdog has alerted all Crypto firms to be prepared for advertising rule change...

FCA Alerts Crypto Firms to prepare for Advertising Rule Change Explore More

News

US Army to Adopt Facial Recognition Technology for Securing Military Base

United States Army is looking to apply face recognition technology on their military base to imme...

US Army to Adopt Facial Recognition Technology for Securing Military Base Explore More

News

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft

Hackers stole approximately $625 million in crypto from the Ronin blockchain and the video game n...

Hackers Steal $625 Million from Ronin Network in Largest-Ever Crypto Theft Explore More

News

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources

Principal Secretary for Internal Security, Dr Raymond Omollo, has sent a directive to Non-Governm...

Anti-Money Laundering Laws Require NGOs to Disclose Their Funding Sources Explore More

News

MALACAÑANG Orders Relevant Government Agencies to Implement Anti-Money Laundering Plans and Programs

Aiming to exit the Financial Action Task Force’s (FATF) grey list by January 2024, MALACAÑANG Pal...

MALACAÑANG Orders Relevant Government Agencies to Implement Anti-Money Laundering Plans and Programs Explore More

News

Bank of Thailand Issues Warning Against Digital Fraud

The central bank advised individuals not to accept information that appears fake, nor to perform ...

Bank of Thailand Issues Warning Against Digital Fraud Explore More

News

Europol Arrests 106 Suspects in Money Laundering, Online Fraud Case

The organised crime operation involved phishing scams and numerous business email compromise atta...

Europol Arrests 106 Suspects in Money Laundering, Online Fraud Case Explore More

News

UAE Central Bank Imposes Dh352k Fine on Currency Exchange

The Central Bank of the UAE has fined an exchange house with a total of Dh352,000 for shortcoming...

UAE Central Bank Imposes Dh352k Fine on Currency Exchange Explore More

News

AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines

The Anti-Money Laundering Council (AMLC) is pushing for more strict due diligence measures on del...

AMLC Demands Rigid Security Measures for Non-Compliant Businesses in the Philippines Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started