Teaching children financial awareness is one thing, but ensuring that they understand the risks of online scams and fraud is another—and just as important! Today’s kids are growing up in a digital world where money isn’t just something you hold, but something you transfer, track, and even lose with a single click. That’s why learning how to recognize and avoid financial scams is a key part of teaching kids financial literacy.
At Piscataqua Savings Bank, serving people throughout New Hampshire and Southern Maine, we believe financial literacy is a lifelong journey that begins early. Through our Kids’ Bank program, we’re committed to helping families build healthy financial habits, including learning how to protect themselves from fraud, from day one.
What is Fraud?
Fraud comes in many forms, and the sooner children learn how to spot fraud and identify red flags, the safer they’ll be online. A few common types of scams to be aware of include:
- Phishing: Fake emails or texts that try to trick you into sharing personal information like your bank password or Social Security number.
- Job Scams: Offers that promise easy money for little work, but end with stolen information or empty accounts.
- Peer-to-Peer Payment Scams: Fraudsters might pose as friends or contacts requesting money through popular apps like Venmo or CashApp.
Other frequent scams include email hoaxes, fake customer service calls, or spoofed websites. While these tactics are often aimed at adults, they can just as easily target curious or tech-savvy children.
At Piscataqua Savings Bank, we encourage families to begin teaching these lessons early through our Kids’ Bank Explorers program. Designed for children ages 0–8, Explorers helps build the foundation for financial literacy by introducing kids to the basics of savings. Your young one can open their very first children’s bank account, develop a basic understanding of currency and its value, and begin to foster healthy money habits.
Helping children learn what to watch out for online is just as important as teaching them how to save, and our Explorers program makes it fun with regular visits from our friendly banking bear, B.A. Saver!
Simple Steps to Teach Your Children How to Avoid Fraud
Learning to manage money safely doesn’t have to be complicated. Here are some straightforward steps to help your child stay safe online and feel more confident about managing their money.
1. Enabling Two-Step Authentication
One of the easiest ways to protect any online account is by enabling two-step authentication. This security feature requires a second form of identification (like a code sent to your phone) in addition to a password. Walk your child through how to turn this feature on for their bank accounts, email, and favorite apps. It’s a simple habit that makes a big difference.
2. Creating Unique Passwords
Talk to your child about the importance of creating strong, unique passwords, no birthdays or pet names here! Encourage them to use a mix of uppercase letters, lowercase letters, numbers, and symbols. Tools like password managers can help keep things organized and secure. Remind them not to share passwords with friends or store them in unprotected notes or documents.
3. Enabling Bank Alerts
Enrolling in bank eAlerts through Piscataqua Savings Bank is a great way to monitor account activity. From deposits to suspicious charges, alerts can help kids (and parents) catch fraud quickly. It also opens up a chance to talk about how to respond if something doesn’t look right.
4. Creating a Relationship with a Local Bank
One of the most powerful tools in financial literacy is trust. At Piscataqua Savings Bank, we’re more than just a place to store your money, we’re your neighbors. We take pride in being your local New England bank with a long-standing commitment to community education and security.
Our team is here to answer questions, offer fraud prevention resources, and support your family every step of the way.
Teach Your Child to Manage Money Responsibly with Piscataqua Savings Bank
At Piscataqua Savings Bank, we’re committed to empowering young people to create strong financial habits early and can set your child up for a lifetime of success. With the right tools, a little guidance, and a relationship with a trusted local bank, your child can learn how to avoid scams and grow into a confident, financially literate adult.
Check out our Kids’ Bank program designed with young savers in mind. With resources tailored to three age groups, from explorers to teens, we make kids banking simple, secure, and empowering.
With the right tools, a little guidance, and a relationship with a trusted local bank, your child can learn how to avoid scams and grow into a confident, financially literate adult.
Ready to experience the benefits of a community bank serving the financial needs of the people of Southern Maine and New Hampshire? Contact us, visit us in person, call, or email—we’d love to hear from you!
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