Keeping your child safe online from financial scams is a major concern, and for good reason. While we can’t tell you when to give your kid a phone, we’re here to help ensure the whole family knows about potential scams and fraudulent activity. Some target young people, while others are looking for someone’s vulnerabilities at any age.
Here are six ways to help young people stay savvy against scams and become the next generation of fraud fighters.
1. Keep communication lines open.
Normalizing talking about money is essential in all matters of passing on financial literacy. It may feel uncomfortable at first – and you may worry you aren’t doing it right. But sharing your values about saving and spending, how you make decisions as a family, and making it OK to ask questions will help create an environment where your child will check with you if they think something is a scam and tell you immediately if they’ve been scammed.
Reinforce that your children can talk to you about money, their concerns, and any troubles that pop up. It’s a good idea to also come up with the names of other trusted adults (family members or neighbors) they could reach out to if they are embarrassed to tell you. Especially during teen years, when it can feel hard to talk about anything, keeping lines of communication around financial safety is essential.
2. Teach them about common scams, especially those targeted to young people.
Anyone is at risk of being targeted by a scam that involves a quick greeting or request from an unknown number or via a DM on social media. If a child responds, the scammer continues the conversation in a casual, friendly way, often offering compliments. Over time, the scammer builds trust before requesting money. Kids and teens don’t want to be seen as mean or rude – which is excellent! But that means they risk getting looped into an ongoing conversation. Block unknown numbers if you aren’t able to quickly verify their identity using a different way.
A common scam targeting teens involves an account reaching out, often on social media, claiming to be a well-liked brand. The account offers to send swag or promo goods – if your child buys a few other things or covers shipping, all via a fraudulent link provided.
3. Make monitoring accounts a family habit.
Have a regular time to check in on bank accounts, other online accounts, and online activity. Be broad in your approach – Are there unusual transactions in their accounts (including any digital wallets or mobile payment apps). Are games set to allow purchases that weren’t before? Are subscription accounts correct? Are email accounts clear from filters that move spending alerts before you can see them?
Teach your kids about credit reports – what they look like and how they work – and how to report fraudulent activity.
4. Get your children used to creating strong passwords.
Add your child to your password management software. This may include adding the password management app to their phones, tablets, and other devices so they can use strong passwords in their digital lives.
Remind your children never to share passwords over text,email, or DM with anyone – including you! Due to hacking and other nefarious activities, it’s best to keep passwords as private as possible.
5. Protect devices and software.
Along with passwords and lock screens, keep all your family’s devices updated with the latest operating systems. Ensure apps are regularly updated to install security patches. Consider adding antivirus software to your devices. Turn on multi-factor authentication on apps they use regularly.
Ensure they use lock screens on all their devices – facial or fingerprint recognition and a numerical code that is not easy to guess. They may want their friends to know their codes, so it’s important to reinforce that they should keep that private.
Be sure you take the time to set up protections on devices your child uses independently and on any shared family devices. Turn on available locator features in case of theft.
6. Practice what you teach.
Model safe online behavior — from setting limits on your doom scrolling to showing them you have passwords and lock screens on your phones and accounts. Show them you use multi-factor authentication — even when it takes extra time.
If you receive a suspect DM or text that you believe is part of a scam, show your child what it looks like and how you handle it. Don’t engage or get angry with the scammer. Block them, delete the message, and move on.
Want other cybersecurity tips? We have you covered. Explore our Definitive Guide to Cybersecurity.
