By In today’s digital world, scammers are constantly finding new ways to target unsuspecting teens. According to Federal Trade Commission (FTC) data, consumers reported losing over $10 billion to fraud in 2023 alone.1 This highlights how important it is for young people to understand the risks and learn how to protect themselves from scams.
Whether it’s understanding how student loans work to avoid online fraud, which claims to be from a reputable organization, or general fraud awareness, financial literacy is crucial. Because scams could come in many forms — fake job offers, scholarship scams, or even fraudulent promises.
Here are some tips to help spot and avoid money scams:
1-Get an understanding of the basics to stay safe
The first and most important step is education. Teens need to understand the different types of scams that exist.
Financial literacy classes, online resources, and even conversations with parents or teachers about finding the best college savings plans could go a long way. Knowledge about how money works, how banking systems operate and the red flags to watch for in various transactions are all important topics to cover. Teens should also be aware of how scammers target people their age, using offers that seem tailor-made for their situation, such as scholarships or internships.
2-Don’t Believe Anything That Seems Too Good to be True
You’ve heard the phrase: “If it seems too good to be true, it probably is.” Scammers often prey on people by offering deals that sound irresistible, such as “win a free iPhone” or “get $10,000 just for filling out a survey.”
Teens need to be skeptical of these claims. Always double-check the source and never give out personal information in exchange for something that sounds unrealistically generous. Legitimate opportunities usually don’t come with strings attached or require much personal information upfront.
3-Call the Organization You Think You’re Dealing with Directly
Scammers often impersonate reputable companies or organizations to gain your trust. They might send an email that looks like it’s from your bank or a text message that claims to be from a well-known retailer.
One way to protect yourself is to call the organization directly. Instead of replying to a suspicious email or text, find the official contact information and reach out to confirm whether the message is legitimate. This simple step could help you avoid scams designed to steal your personal or financial details.
4-Watch What You Post Online
Social media is a great way to connect with friends but can also be a goldmine for scammers. The more personal information you share online, the easier it becomes for a scammer to target you.
Teens should avoid sharing details like their birth date, address, or even where they go to school. Scammers may use this information to create fake identities or hack into accounts.
Remind teens to keep their social media profiles private and be selective about what they post.
5-Developing These Skills, Early Sets Teenagers Up for Success
Teaching teens how to spot and avoid money scams is vital in today’s world and it’s clear that everyone, especially young people, needs to stay vigilant.
From learning about scams through education to double-checking anything that seems too good to be true, these tips could help teens navigate a world where scammers live more safely. The earlier they develop these habits, the better prepared they’ll be to manage their digital identities with confidence.
Source:
1https://www.ftc.gov/news-events/news/press-releases/2024/02/nationwide-fraud-losses-top-10-billion-2023-ftc-steps-efforts-protect-public
Media Information:
Source: Northwestern Mutual
Contact: Don Klein, 1-800-323-7033
Country: USA
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