Teenagers can be easy victims of phishing simply because they are often first time users of banks and don’t know what to expect. It is important when your teenager opens their first bank account that you explain to them what it is and what they need to do to avoid being scammed.
Phishing is the fraudulent process of attempting to acquire information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication. The emails have the ‘look and feel’ of the real thing. Often you will notice it when you receive an email that appears to be from your bank asking you to confirm your account number and password. Everything about the request makes it seem that it is from a legitimate organization. The correct branding and logos are used. The request uses formal language and is seemingly from an authorised source. A threat or request for information is made: for example, that an account will close, a balance is due, or information is missing from an account. The term derives from the word “fishing” refering to the act of “fishing” using increasingly sophisticated baits in order to obtain financial and password information. The best thing you can do is to delete any email asking you for any information regarding your account details. Banks and investment houses specify that they will never ask you for those kind of details.