Whether it’s used for school, work or play, the internet is a huge part in the lives of children and young people. With endless access to all sorts of information from around the globe, unfortunately not everything on the internet is safe. From scams to risky financial decisions, young people can be vulnerable to online threats that impact their money and personal security.
Today is Safer Internet Day, a global campaign encouraging people to work together for a safer internet. This year’s theme is ‘Too good to be true? Protecting yourself and others from scams online’, encouraging us all to learn to critically evaluate online information and help young people make smarter, informed decisions to stay safe in the digital world.
To make sure young people are using the web safely when it comes to money, our Education Team have come up with 7 things to look out for online and how to tackle them.
7 money safety tips for the internet:
- Watch out for fake competition scams and prize scams. – Ever seen competition emails in your spam folder claiming you’ve won some money or the latest phone? Unfortunately, these can sometimes find their way into your inbox appearing to be legitimate. Some ask for bank details to transfer prize money whilst others invite you to follow links that can contain viruses. Look out for the sender email: if it claims to be from a retailer but the address is ‘r0ck5t4rsch00l80y@hotmail.com’, it’s likely to be fake. And never reply to an email or text with your bank details – even banks will never ask for them. Remember, if it’s too good to be true, it probably is.
- Being asked to exchange money? Sounds like a scam. – Dating apps are used by many, both young and old. But during the talking stage, some matches may take advantage and ask for money. Dating apps are not banking apps, so they’re not designed for exchanging cash. Whether you’re asked for money once or many times, say no and report them. It’s better to meet people who like your personality, not what’s in your wallet.
- Take online security measures seriously – Smartphones and computers store a lot of financial data, from online banking to shopping accounts. Unfortunately, this can cause issues if our phones or devices fall into the wrong hands. To avoid others finding out your financial or personal data, use different passwords and make sure to set a passcode or face ID. You can also set up parental controls to prevent unwanted online purchases and limit children’s access to various content.
- Don’t share sensitive info on social media – Lots of us like to share photos on social media of a great looking meal or a fluffy dog. These sort of photos are pretty harmless, but avoid taking pictures showing your house number, school name (for example on your uniform) or cards as they can be used for data mining. This is when strangers online can piece together information about your whereabouts/financial situation.
- Think before you ‘buy now, pay later’ – Many online retailers now give us the option to pay in instalments over a set period of time rather than upfront. This is called ‘Buy now, pay later’ (sometimes called BNPL). On one hand, paying in instalments can prove you to be a positive borrower, but failing to pay on-time can negatively impact your credit score and lead to debt. When buying something, it’s best to make sure you have the means to pay for it. If not, wait until you do.
- Cap your in-game spending – Many online games encourage microtransactions, tempting players to spend money on extra lives, coins, or character upgrades. When crushing candies or building 3D blocks, the fun stops when we run out of lives or materials. Offers to buy more lives or points can pop up on our screens and tempt us to spend. Think about needs vs wants – you’d like to build more things in less time but is it really needed and worth spending money on?
- Limit online betting – Some young people bet online to try to win money. Whilst there’s the possibility of winning, there’s also the risk of losing. Betting can also be addictive which can lead to debt. To bet safely, it’s best to be cautious; set yourself a limit of time and money and seek help if you feel you’ve over-exceeded your limits. And remember that betting is illegal for under 18s.
Help young people learn to stay safe online:
If children or young people in your homes or classrooms are starting to use the internet, or already using it regularly, it’s important to explain to them that not everything online is true. As children start to navigate the digital world, it’s important you help them recognise some things might be jokes, stories, or tricks online. Talk to them about the difference between real and fake content and help them stay safe online as they grow.
UK Safer Internet Day’s website has lots of great resources for home, the classroom, and workshops to help young people and adults learn about online safety. With printable worksheets on topics like how to spot a scam, online quizzes for a range of age categories, and even presentations for school assemblies, it’s a great place to find practical exercises to teach young people about internet safety.
Follow along with our Global Money Week activities as we empower young people and adults to navigate online financial information safely. We’ll be sharing tips to spot red flags in social media content, how to recognise a scam, and what to be mindful of with AI content.
