How to prevent your children from using your credit card to invest in random business
Kids are naturally curious, and their curiosity has served them well growing up in today’s world of computers, smartphones, and the internet. While the internet can be a lot of fun and even a source of education for our kids, safety must come first. After all, who hasn’t heard the horror story about the kid who used a parent’s credit card to blow £20,000 on a crowdfunding website?
Okay, so while that kind of damage won’t happen to every parent’s bank account, kids are especially vulnerable to internet traps and are at risk of unknowingly spending your money. But don’t worry, this is why we’ve compiled a guide to digital safety for kids. Learn how to protect your kids—and your bank account—from internet fraud.
Digital Safety for Kids
Always keep your credit card details safe and out of your children’s hands. If they ask why they can’t have access to your credit card, explain the dangers of credit card details getting into the wrong hands. Make it clear that while you trust them, responsible credit card care is a smart safety precaution against fraud.
If your kids want to make an online purchase, make it for them, and walk them through the process. Check for signs of a secure connection for financial transactions, and point out any site badges to your kids. This shows your kids that you’re taking spending money online seriously and provides a good example.
Explain to your kids how credit cards work. Stress that they don’t provide “free” money, because you always have to pay your bill at the end of each month. They may be upset to learn money isn’t free, but if you want them to learn responsible spending, it is best to let reality set in.
To prevent your kid from purchasing expensive apps for your iPhone or tablet, change the settings so that every purchase will require a password, and don’t share your password with your kids. Many of us have heard the story of the kid who spent thousands of pounds on virtual rubies or animals in a smartphone game, and password-protection is way to prevent that from happening to you.
Teach your kids to never post any personal information—such as your address, phone number, or full name—on the internet. Explain that you can never be totally sure who you’re talking to online and that people may try to trick you. Safety comes first on the internet, and telling someone personal details online is just as bad as talking to a stranger on the street.
Tell your kids to be very careful with whom they share pictures and videos. This may be especially tricky in the age of social media, but it’s best to explain that public posting of photos allows strangers to download their images. If you infuse the safe practice of photo sharing within your kids at a young age, they will take these responsible sharing practices with them into adulthood.
And last but not least, teach kids that their online passwords are just as important as house keys—they open the doors to their online lives. Since your kids wouldn’t give their house keys to random strangers in the street, they should view their online passwords in the same way. Also, start teaching them about the power of a secure password—while it maybe be easier for kids to remember easy passwords like their cat’s name, teach them how to have fun with more complicated, number-letter combinations.
