According to a recent study 8.1 million Americans became victims of ID theft in 2010, resulting in the loss of $37 billion. Juvenile identity theft is difficult to measure since it can be years before the damage is detected. Debix, an identity theft monitoring company, reported 4,000 cases in 2010, out of a pool of 40,000 children. For those of us math majors that is a whopping 10%!

Underage victims of these scams may one day find themselves entering adulthood loaded with mountains of debt, but vigilant parents can avert trouble by heeding warning signs and taking the following steps to secure their child's identity.

1. Look for RED FLAGS

Watch out for signs that someone may be using your child's identity for a shopping spree, which include your son or daughter receiving pre-approved credit card offers or calls from collection agencies.

2. Know How to TAKE ACTION if your child has been affected

The FTC advises parents to check their child's credit report on their 16th birthday, giving them time to correct any errors before the child comes of age and obtains a credit card, or goes off to college and applies for financial aid.

f suspicious activity is detected, parents need to contact all three major credit bureaus—TransUnion, Experian and Equifax—and immediately request a report. You may also want to consider freezing your child's credit until you are able to wipe their slate clean again.

3. Learn how to obtain your child's credit report

Although adults can obtain their credit reports using the congressionally mandated free credit report website, annualcreditreport.com, it can't be used to check on anyone under the age of 13. For parents with children under 13, the easiest way to obtain your child's records is through TransUnion—but don't get roped into buying other credit-related services you don't want or need. If something turns up on the TransUnion report, be sure to follow up with the other two major credit bureaus (Experian and Equifax).