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May 26, 2023

How to Protect Your Kids from Fraud

Follow these tips to keep your kids financially safe and aware.

Unfortunately, children and teenagers can be easy targets for fraud. However, it’s not too late to teach your kids about online security habits and money management to help prevent scams from occurring. Encourage your kids to implement these skills to establish financial responsibility and security. 

Have open conversations about money. 

One of the first things you should do to help boost financial security in your home is to have open conversations about money. Sometimes, when kids or teens fall victim to a scam or fraudulent activity, they are unsure about what to do next. Make sure to give your kids reassurance by conducting open communication and questions to help them feel supported and more confident in their financial knowledge.

Know what to look for. 

It’s important to know how to identify a financial scam. Be sure to set aside time with your kids to review common financial fraud instances and indicators. Fraudulent activity can be found in online material such as social media, online messaging, or video gaming chats. Ensure that your child understands to never reveal their personal information such as their name, address, or contact information. 

Monitor personal finances.

Another good way to protect your family from fraud is to teach your kids about the importance of monitoring banking activity and personal finances. This means keeping an eye on checking accounts, savings accounts, and credit statements and reports. Teaching your kids to regularly check personal finances will help prevent scams. 

Be aware of child identity theft.  

Child identity theft commonly goes unnoticed. Oftentimes, this is because scammers try to steal a child’s social security number and use it to open a new credit card account, buy a new car, acquire a driver’s license, and more. It’s important to watch for warning signs that indicate that your child has become a victim of identity theft. Some red flags include unfamiliar online purchases and activity or receiving credit card offers and bills in the mail that contain your child’s name. Most young children do not have any record of credit history so, when you go to check your own credit, take a look at your child’s as well.

While you can’t always prevent fraudulent activity on your accounts, at Citizens First Bank we are committed to protecting you and your family’s banking security and finances. If you have any questions or ever find fraudulent activity on your account, feel free to give us a call or stop into your local branch