Financial security is one aspect of personal safety that is becoming more and more relevant to each new generation. Teens and young adults today are facing threats to their financial security that their parents and grandparents could not have imagined. That said, it is up to parents to make sure that their teens are familiar with the strategies that will help keep their personal information safe from exploitation.
Anyone that has experienced identity theft can tell you just how frustrating and disheartening it is to sort out this particular type of crime. All too often the victim has to deal with the consequences of identity theft for several years after the initial crime took place. Credit ratings can be ruined and entire bank accounts drained before the illegal activity is detected. Young adults just learning to manage their own finances can suffer even greater setbacks than adults can because they do not possess the same know-how when it comes to keeping track of their personal financial information.
There are several things that parents and guardians can do to help teens and young adults protect their financial information. Here are a few simple solutions:
RFID chips have made using payment cards a whole lot easier. Instead of swiping the card’s magnetic data strip and then entering a personal identification number (PIN), the card with the chip can simply be presented to the appropriate scanner, which will then read the information contained on the chip. While the usefulness of this technology for things like passports and identity cards is undisputed, certain security measures should be taken to thwart virtual pickpockets.
A Stealth Card is the same size as a standard payment card and can be safely carried in a purse or wallet. It blocks the incoming scan of electronic information thieves while still allowing the card to be used to make payments. This convenient device helps safeguard personal financial information.
You can help your child stay safe from different threats to personal financial security. Make sure your teen is prepared to protect their information.