Teaching children the basics of managing money is more important than ever, especially as financial scams evolve and children become prime targets.
With children now owning smartphones, bank accounts, and engaging in online activities such as gaming or trading, they are more exposed than before.
I will highlight three emerging scams targeting kids and explain how parents can help to protect them.
Talk about scams early
Although it might not be a pleasant conversation, teaching children about scams early on can make a big difference. If they understand that things might not always be what they seem, they will be better equipped to spot warning signs.
A crucial lesson is that “If something sounds too good to be true, it probably is”. While adults may easily recognise this, children often don’t have the experience to determine what’s “too good”.
Scammers exploit this lack of context, and their tactics are becoming more creative and persuasive. For example, children should be wary of promises like doubling their money in a short time – such offers are almost always a scam.
Three scams targeting kids
1. Money mules
A growing scam involves luring children, particularly those from wealthier backgrounds, into disclosing their bank accounts.
Scammers offer a seemingly simple task: transferring money from one account to another, with the child keeping a small portion as “payment”. For example, a scammer might send a message like this:
“Hi [Name], I’m Alex, and I have a business opportunity that can earn you quick cash. You’ll receive $1,000 in your bank account, and all you need to do is transfer $800 to another account. You can keep $200 for yourself!”
To a child, this may seem like an easy way to make money while helping someone out. However, they could unknowingly assist in laundering money or their bank details could be stolen. Worse, they could face legal consequences for being involved in such activities.
What to tell your child: Never share your bank details online, no matter how good the offer seems.
2. AI-generated articles
With artificial intelligence (AI), scammers can now create highly convincing fake news articles. These articles may feature celebrities or influencers endorsing bogus investment platforms.
For example, a recent fraudulent article claimed that a fictional character named Charlotte Walsh was earning $85,000 a month through a trading platform. It even included fake screenshots of Charlotte on a popular UK morning TV show to make the scam more believable.
Children, more trusting by nature, might easily fall for such tricks, especially if they think others, including celebrities, are getting rich quickly.
The scam then prompts the child to transfer money to “sign up” for a trading account, only for the scammers to vanish with their money.
What to tell your child: Always verify the legitimacy of a website or article. If everyone is suddenly getting rich, it's almost certainly a scam.
3. Online game currency
Many children are passionate about online gaming, and scammers know it. A common tactic is to lure children with promises of free in-game currency (like Fortnite's V-Bucks) in exchange for completing a task – downloading an app or filling out a survey.
These offers may seem harmless at first, but clicking on fake links can result in malware being installed on their device, or worse, personal information being stolen.
For example, a scam might say: “Hey, Fortnite Fan! Want FREE V-Bucks? Complete our survey and download our app to get V-Bucks instantly!”
While it might seem like a great deal, kids can lose far more than they gain. In the worst cases, they might make payments they’ll never get back.
What to tell your child: Never trust offers of free in-game currency from outside the official game platform. Always stick to trusted sources.
How to protect our kids
As scammers grow more sophisticated, particularly with the rise of AI, our children are at greater risk. That’s why having conversations about scams is crucial.
By staying informed and maintaining open communication, we can help safeguard our children from falling victim to these increasingly clever deceits.
Remember, teaching kids to manage money isn't just about making it – it's also about keeping it safe.
Will Rainey is the founder of Blue Tree Savings, a company that helps parents teach their kids about money
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Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
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4. How long does the travel paperwork and other travel preparations take?
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In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
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