This week, the world is celebrating Global Money Week, a financial awareness-raising campaign that ensures young people have the right financial knowledge, skills and attitude to make the right financial decisions.
With this year’s theme being ‘Protect your money, Secure your future’, understanding the threats young people face online is equally crucial because according to CNBC, teenagers fall faster to online scammers than their grandparents (https://shorturl.at/duER4)
To understand more about securing your money, Samuel Waithaka who leads Software Development at ABC Bank had this to say:
Why is securing finances important for young adults in this digital era?
Today’s younger generation is tech savvy meaning most of their finances can be accessed online eg digital banking apps and card payments. Because of this, prioritizing financial literacy and promoting online safety is paramount to protect them against cyber threats like scamming and other financial risks
What does scamming mean and what are the types?
Scamming is the act of deceiving or defrauding someone through dishonest means and can take various forms like phishing, buyer-seller, investment scams etc. Most young adults are scammed through phishing, buyer-seller scams and influencer marketing opportunity scams.
Why is the younger generation more predisposed to online scamming unlike the other generations?
Although they lose more money when scammed, the older generation is more cautious online. Young people are quick to do things online and sign up to new apps or sites without realizing that many of these sites are full of predators that are looking to pry on them.
How can a child protect themselves and what measures can parents / older siblings take to protect them
For parents, I would advise them to monitor what their children are doing online and set up parental control. In addition, they should proactively teach their children about security online, and threats they may face.
To the young adults, I would advise them to be careful with the information they share online and not be too quick to sign up to a site/ app without doing due diligence on it.
What is your parting shot?
Scammers are constantly devising new schemes, so it’s important to be vigilant. Promoting digital literacy, and encouraging online critical thinking skills will empower young adults to protect themselves and their finances.