Mind Your Money: 5 Tips From Pocket Money Card nimbl to Spot and Stop Online Fraud

LONDON–(BUSINESS WIRE)–With the school half-term holiday underway, the pre-paid pocket-money card and app nimbl is looking to shine a spotlight on its fraud detection awareness campaign for young people between the ages of 6 and 18. The Lifecycle of a Scam and Mind your Money infographics – available to download free by parents, carers and schools are a simple and impactful way to understand what a scam is and how not to fall for one.

A resounding 90.92% of parents and carers using nimbl said that their children were aware of online scams. However, with generative AI’s speed and growing sophistication, there has been more than a fourfold rise in account hacking attempt rate since 2022, according to fraud prevention company Sift’s Digital Trust and Safety Index.

According to figures from the National Crime Agency (NCA), there were 3.7 million incidents of fraud in England and Wales at the end of 2022. Crucially, the NCA stipulates that 86% of fraud cases actually go under-reported, meaning that the scale of fraud is far greater.

“Knowledge and vigilance are key to outsmarting scammers and ensuring a safe digital experience,” says Alana Parsons, CEO of nimbl. “It is important to equip our future generations with the right information so that they can safeguard themselves against scams from an early age.”

With the move towards a cashless society gaining momentum, managing money online or digitally can be both empowering and daunting for young people.

“We have seen tens of thousands of parents and carers register to get the nimbl card and app for their children over the last year, and 87.47% of our customers have said that it has helped their children learn about money. While it is necessary to give young people the tools to become financially independent, it is important to enable them to be proactive and cautious when navigating the online world,” says Parsons.

By being knowledgeable and taking charge, families can thwart attempts at online fraud and create a safer online environment for young people.

Here are some simple and effective tips to follow:

1. Know the risks: Online fraud comes in various forms, but the most common ways scammers target the vulnerable are:
   
   PHISHING: A technique by which fraudsters masquerade as a legitimate business or individual, and dupe their victims into opening an email asking for sensitive information such as bank details or their card number. Any links to forms or other websites contained within these emails are always malicious, and when clicked on cause different types of cybercrimes.
   
   SMISHING: The same technique as phishing, but done over text message rather than email. Malicious links are sent via SMS, and clicking on them lead to harmful websites or downloads.
   
   VISHING: This is phishing but through voice calls. Scammers pose as representatives from reputable companies such as your phone provider to extract personal information such as card details. They may also use AI to duplicate voices of family members or friends.
2. Think before you click: If the website does not start with “https://” and does not display a padlock sign in the address bar – it is an insecure connection and a possible phishing attempt. Incorrect spellings or unusual URLs must also be treated with suspicion and unfamiliar email or website addresses could also indicate a potential scam.
3. Ask before you act: Young people must consult a trusted adult if something seems unclear or raises suspicion, for example any urgent requests. Scammers often employ urgency to manipulate their victims. When in doubt, seeking a second opinion can prevent falling victim to scams.
4. Protect your money and yourself: Any online purchases must be made under adult supervision. It is important to warn against sharing money or card details with strangers, even if they claim to be friends, or indeed are friends. The importance of strong passwords and two-factor authentication must be emphasised as they can help safeguard personal information.
5. Report a scam: Reporting suspicious activity or a misdoing is a critical element in tackling fraud. If they encounter a suspicious email, text, or phone call, they should inform a trusted adult in the first instance. The adult should demonstrate how they can report the case to Action Fraud by contacting them on https://www.actionfraud.police.uk/, and if possible, notify the company whose name the scammers are using.

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Notes to the editors:

Please credit nimbl.com if re-publishing the Money Matters and Life-cycle of a Scam infographics.

Alana Parsons is available to interviews and written commentary.

About nimbl

nimbl is an award-winning app and pre-paid debit card aspiring to be the payment product of choice for 6-18 year olds. By stimulating financial awareness and literacy in young people in an increasingly cashless world, nimbl demonstrates how fintech can positively impact society. Now a part of Caxton Group, nimbl is designed with parents, carers and young people in mind offering a safe and secure environment to support financial responsibility, independence and confidence from an early age.

Contacts

For further information or inquiries, please contact:
Anisa Khan

Senior PR Manager – Caxton Group

Email: [email protected]