Are your kids scam aware?

Teenagers and young adults are more vulnerable to scams due to the amount of time they spend online and may not be aware of the tricks and schemes designed to steal their personal information.

Here's a quick guide to help you talk to your kids about scams and give them some of the tools they need to stay safe.

Common scams to be aware of:

1. Phishing scams
   This is where scammers try to steal information by tricking you into clicking on fake links that look like they’re from real companies or people. Once you click, they might ask for your email, passwords, or even bank info. Links are often sent via an email or text message and might appear from TikTok, for example, asking your teen to provide their details in exchange for more followers.

2. Prize and giveaway scams
   Teens may receive messages claiming they've won prizes like new phones, a fashion voucher or gaming consoles. These fake prizes can appear as pop up windows, paid ads or direct messages and often require them to provide personal information or even pay upfront "fees" to claim the reward. They’ll often create a sense of urgency saying it’s for a limited time only.

3. Fake job or opportunity scams
   Scammers may advertise fake work-from-home jobs or "exclusive" opportunities that promise easy money. These scams typically ask for personal details like account details to deposit ‘pay into’. At the moment, there’s an increase of scammers posing as TikTok employees offering cash in exchange for watching and clicking video links as a source of income.   

Information that shouldn’t be shared

We know social media can be an exciting space for kids to connect with their peers but not everything should be shared.

• Name and birthdate: Setting up profiles should be kept to the bare minimum. Full name and birthdate shouldn’t be shared together as it can be used for identity theft. This includes photos of legal documents like licenses and passports.

• Home address or phone number: Goes without saying, including pictures where this can be clearly identified.

• Account details or passwords: Make sure your teen knows to keep their bank account, card details, PINs and passwords to themselves. No sharing with friends, or revealing one-time passwords to anyone - not even their bank.

• Explicit content: Photos or messages in the wrong hands can lead to blackmail, cyberbullying and legal issues, not to mention a negative impact on their mental wellbeing.

Tips to help keep your kids safe

1. Start the conversation early
   Discuss the importance of online safety with your child regularly. Talk about common scams, the dangers of sharing personal information, and how to recognise suspicious messages. Keep the conversation open, so your child feels comfortable coming to you if something doesn’t feel right.

2. Set boundaries and guidelines
   Talk about which apps, websites, and platforms are okay to use, and make sure your child understands how to spot potential dangers. Encourage them to be cautious when clicking on links or downloading apps, especially if they came from unfamiliar sources.

3. Teach them to think before clicking
   Encourage your child to question suspicious messages or offers. Teach them to look for red flags, like misspelled words, unfamiliar links, or poor grammar. Remind them that no legitimate company will ask for personal information via text or social media.

4. Monitor online activity
   Set up parental controls on devices, and keep track of the apps and websites your child is using. Many platforms offer tools to monitor online activity or restrict certain features to keep your child safe.

5. Set up two-factor authentication (2FA)
   Help your child set up 2FA on all their important accounts, like email, gaming, and social media. This extra layer of security can protect them even if their password is compromised.

6. Lead by example
   Practice what you preach! Be cautious about your own online security, and show your child how you protect your personal information.

7. Encourage communication
   Make sure your child knows that if they ever receive a suspicious message, offer, or feel uncomfortable about an interaction, they can come to you. The sooner they report an issue, the sooner you can help prevent it from escalating.

Reporting a scam

It’s important to remember that anyone can be a victim. Scam tactics are becoming increasingly convincing and are often threatening, which can be a scary experience. Here are some of the steps you can take in the unfortunate situation your child is scammed.

• Stop communication with the scammer immediately and block their profile or number. Take screenshots of any interactions where possible to keep as a reference.

• Contact your bank as soon as possible if your teen has an account or used your card so they can put necessary protection measures in place.

• If any personal information was compromised, it’s important to contact the relevant support or government services.

• Make a report to the social media platform directly and notify Scamwatch to help protect others.

• Depending on the situation and if the scam has involved a criminal offense, you can contact your local police to investigate further.

Keeping your kids safe from scams requires ongoing communication, awareness, and guidance. By talking to your child about the risks, setting clear rules for online behaviour, and practising safe online habits together, you can help them navigate the digital world more confidently and securely.

This information is part of the Greater Bank Finance Academy outreach program developed with the University of Newcastle and delivered to high school students across the Hunter and Central Coast to improve financial literacy. Get in touch if you’d like to see your school take part in the program.