Protecting Your Child from Online Financial Scams

Protecting Your Child from Online Financial Scams

As the world of scamming and unwanted exposure continues to grow, the need to protect your children from online financial scams increases. With the online world constantly booming, we never know what we may encounter daily, from scammers to genuine websites. Some parents completely exclude the internet and online access from their children until they are old enough to understand the risks, while others try to guide them along the way. Whichever way you choose, if you are allowing your children to go online, perhaps having a talk about online scams is something that should be considered moving forward.

Studies suggest that it’s easier for scammers to target those who are less aware of their online presence. In fact, “an estimated 61% of fraud incidents in the year ending March 2022 were cyber-related.” Therefore providing an even more severe reason to educate you, and your family on online financial protection.

How Are They Presented?

The younger generations are constantly splashing cash and overspending on online shopping brands. With many scammers now identifying themselves as verified shopping brands, it can be very difficult to actually notice any differences between what is real and what is fake. However, one wrong move, and you could potentially get scammed. Unfortunately, it is easier for the younger age groups to be lured in by the “too good to be true” deals and cheap prices, which leads to unnecessary link clicking, identity theft, and potentially malware downloads. However, online shopping and fake deals aren’t the only online financial scams customers can come across. There are in fact millions of different attempts scammers make to get hold of your information. So, how can you actually prevent it, and what can you do to look out for it?

What To Look For

As previously stated, looking for deals that are “too good to be true” can often be harmful and fraudulent. We understand that cost of living is rising, and households are struggling to afford the things that they usually would.¬† However, it is important to stay away from uncertainty and keep on track with the elements you know are genuine. If you are wanting to make a purchase or splash out, perhaps a personal loan is something to consider. Borrowing from a reputable lender will give you further peace of mind.

Identifying scams can be difficult. Previously, people would use the padlock in the corner to check whether a site was encrypted or not. However, scammers can now also use this. So, what other ways could help you? Now, with technology being so adaptable, we can view the content and make our judgements or even read previous reviews.

How Can You Protect Yourself?

Despite it being so easy for scammers to appear so real, we, as customers, also have the freedom and ability to conduct a background check before making any unplanned decisions. The most common tips when it comes to avoiding scammers include aspects like never offering personal information, keeping an up-to-date system on your web-enabled devices, and ensuring all of your accounts have extremely strong passwords. These simple but strong points will defend you much more than you’d expect from online financial scammers.