Teens and Fraud

As summer fades and the school bells ring, students everywhere are preparing for a new academic year. For those who are among the hustle of buying textbooks, choosing new outfits, and catching up with friends, there's a crucial lesson that often gets overlooked: financial responsibility and the lurking dangers of identity theft.

Perhaps you have a student or students getting ready for school ... or you may visit with a customer who has a student preparing for school. This article shares great ideas and information to help those students and parents to better recognize scams, the dangers of identity theft and basic financial responsibilities for teens.

The ABCs of Financial Responsibility

For many teens, high school marks the beginning of financial independence. Whether it's through part-time jobs, allowances, or early attempts at saving, understanding money management is a vital skill. Here's a quick rundown of the basics every teen should know:

  1. Budgeting: Learning to track income and expenses helps in understanding where money goes and how to save.

  2. Saving: Setting aside a portion of any income for future needs or emergencies.

  3. Smart Spending: Making informed decisions about purchases to avoid impulsive buying.

The Hidden Curriculum: Fraud and Identity Theft

Identity theft occurs when someone uses another person's personal information—such as Social Security numbers, credit card details, or bank account information—without permission, usually for financial gain. This can lead to devastating consequences, including damaged credit scores and financial loss.

While learning to manage money is crucial, teens must also be aware of the darker side of financial independence: fraud and identity theft. In today's digital age, identity thieves are more sophisticated, targeting young people who might not yet understand the importance of protecting personal information.

Common Scams Targeting Teens

  1. Phishing Emails and Texts: Fake messages that appear to be from legitimate sources, tricking recipients into providing personal information.

  2. Social Media Scams: Fraudsters create fake profiles or use hacked accounts to lure victims into sharing sensitive information.

  3. Online Shopping Fraud: Unscrupulous websites that offer deals too good to be true, collecting payment details without delivering goods.

Practical Tips for Teens to Protect Their Identity

  1. Guard Personal Information: Never share Social Security numbers, bank details, or passwords with anyone, even friends.

  2. Be Skeptical of Unsolicited Messages: Emails, texts, or social media messages asking for personal information should be treated with suspicion.

  3. Secure Online Accounts: Use strong, unique passwords for different accounts and enable two-factor authentication where possible.

  4. Monitor Financial Statements: Regularly check bank statements and credit reports for any unauthorized transactions.

  5. Educate and Communicate: Discuss the risks of identity theft with parents or guardians and seek advice if something seems suspicious.


By understanding financial basics and staying vigilant against identity theft, teens can build a secure foundation for their future. Remember, the lessons learned today will shape the financial habits and security of tomorrow. Let's make this school year not just about academic achievements, but also about mastering the essential life skill of financial responsibility.