Whether it’s used for school, work or play, the internet is ever-present 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, and young people may end up making financial decisions that do not benefit them.
Today is Safer Internet Day, a global campaign encouraging people to work together for a safer internet. This year’s theme is ‘Want to talk about it? Making space for conversations about life online’, encouraging us all to talk openly about using the internet with children and young people.
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:
- Paying for extra lives or points in apps – when crushing candies or building 3D blocks, the fun stops when we run out of lives or materials. Offers to buy more lives 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?
- 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.
- 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. 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.
- Dating app money scams – these 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.
- Fake competition 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.
- Others accessing your phone – our phones aren’t just used to communicate with people but also for financial purposes such as transferring money using banking apps and shopping online. Unfortunately, this can cause issues if our phones 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.
- Data mining on Social media – lots of us like to share photos 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.
More more information for young adults, visit the young person page of our website.
