Debit cards are useful in terms of learning financial knowledge, especially being taught how to use them from a young age. They can be a powerful tool for building a strong foundation for finances in the future. If used irresponsibly…would be more like building foundation on quicksand.
If you have already set your kids up with their own SpendSafe debit card, speak with them about common types of scams. Read ahead for safety tips, your kids should be aware of.
Frauds and Scams Awareness
With no exposure to online scamming and phishing, kids are not able to tell what is fake. The fact of the matter is, keep all personal banking information to yourself. Talk about these common scams that can take place:
- Shoulder Surfing: The phrase used when a scammer sneakily looks over someone’s shoulder to get their card information. Kids should know this is easy to avoid by keeping it to themselves, and covering the PIN number when making payment.
Voice phishing (‘vishing’): Calls (and robocalls) pretending to be from ‘debt collector’ or the ‘government’ are forever trying to steal your personal information. We know to ignore the false sense of urgency they create, children don’t. Tell your kids never to share personal or financial information over the phone till they have discussed it with you.
- Unrealistic Deals: The moment your child begins to shop online, it might be best to advise them on deals that sound too good to be true, and might not actually exist. Scammers use the information applied on their website to steal personal details.
Learn About it Together
Prepare for the future by learning safety tips together, giving you and your kids a chance to actively engage and plan out scenarios. As a parent or guardian, it’s a great opportunity to refresh safety tips you may already know.
Remind your kids that debit card information has to be kept private. Even though they would like to tell their friends their personal details, this plastic card is not a toy. It holds all the money they have worked hard for. Encourage them to memorize their PIN number, debit card number and login information. Maybe even learn to keep the personal information a fun secret for themselves.
A Safe space for your SpendSafe debit card
If you decide to hand over a debit card to your children, make sure your child is attentive about where they place the cards, as this is their own money. Teach your kids to be independent, and learn from their real life actions.
Lost card support
We understand, losing your card can be frustrating. Be sure to log into the parental control app, where you and your kids can lock the debit card. At SpendSafe, we want kids to easily keep track and learn the fundamentals of money management. Parents should provide guidance as conversations come up about saving money. A great learning experience with convenience, apply for a SpendSafe Kids Debit Card today!