Our youngest bankers grew up with smartphones, tablets, and computers, giving them the confidence to navigate the digital landscape with ease. However, they have the least amount of practical experience and tend to be more trusting than other age groups. This makes them more susceptible to scams. If you are a parent of a youth banker, we encourage you to have open communication and educate them on the signs of the most common scams and the danger they pose. Here are three scams that are targeting our youth these days.
Social Media Scams
Ever heard of catfishing? Scammers will create fake profiles and try to befriend your teens with the purpose of stealing their personal information, or getting them to send money. They may also target teens by posting fake surveys or contests that can trick them into giving out personal information. The best way to avoid this is your teen not being on social media. If they have an account, however, we advise them to set their accounts to private so information and pictures are not easily accessible to scammers. This will also require someone to send a friend request, which your teen must accept before they can see your teen’s account.
Cell Phone Freebies
Scammers can even trick your teens on their cell phones. They lure them in with ‘free’ wallpapers, ringtones, or gift cards to get them to sign up for their services. They may offer items for free but get their payment information by adding in a processing or shipping fee. That opts them into an expensive subscription that is difficult to cancel and that your teen didn’t even realize they were signing up for. Have a conversation with your teen about not opting into free trials that require your payment information upfront. At least not until they talk with you about it first.
Online Auctions
Online auction sites are gaining popularity, and your teen may be curious. Fraudsters will trick teens into bidding and paying for items that ultimately will never arrive. Scammers also trick teens into sending in their items to sell before they are sold or without an auction taking place. Once they have sent their item or payment, the auction does not take place and often the representative of the auction disappears. Before your teen uses an auction site, thoroughly research the site with them. Look for reviews, up to date contact information, and check that they have appropriate licensing.
It’s crucial for parents of youth bankers to remain vigilant in educating their children about online safety and the common scams that are targeting them. With their familiarity with digital devices comes a vulnerability to schemes like social media scams, cellphone freebies, and online auctions, where scammers exploit trust and lack of experience to steal personal information or money. By encouraging open communication and providing guidance on recognizing these common pitfalls, parents can empower their teens to navigate the digital world safely. Together, we can help our youngest bankers enjoy the benefits of technology while protecting them from its risks. Here at Waypoint Bank, we love guiding our customers to success. This includes protecting you and your family from fraud.
