New Westpac research has found one in four (26%) 13-17-year-olds have fallen victim to a scam on social media, with buying and selling scams the most common (10%).
While the research has found parents are taking steps to help prevent their teenagers from being scammed, with two-thirds (65%) teaching them about potential online and social media threats, parents and teens share the same view on better preventative controls. Half (51%) of parents whose teens use social media believe the minimum age for social media should be raised from 13 to 16. And over half (52%) of Australian teenagers agree.
With 97% of teens' parents reporting their child uses social media and the average teenager spending almost three hours a day on it, Westpac's Group Executive, Customer & Corporate Services Carolyn McCann, says a combined effort between industry and parents will be vital in protecting teens on social media.
"It's incredibly concerning how prevalent scams are among under-18s. Teenagers seek connection with family and friends online but instead fall victim to scammers in record numbers."
Westpac has parental controls and safety features that help keep children and their money safer, including daily payment and weekly spending limits, notifications to parents on account activity, mandatory signatories for under-14 account holders, and online payment blocks.
Additional features such as dynamic Card Verification Code (CVC), Westpac Verify and Westpac SaferPay have also significantly reduced the prevalence of customers impacted by fraud and scams.
"While we continue to invest in tools and technologies to help protect parents, kids and their money, there needs to be a broader effort to prevent scammers from being able to leverage social media to take advantage of teens."
"Social media gives scammers a platform to target younger Australians. It's time these companies took the safety of their users seriously and did something to stop scams," McCann said.
Almost all (98%) teenagers scammed told someone, with three in five (60%) telling their mum. But only a fifth (19%) of parents educated their teenager on social media scams after discovering their child was scammed.
Nine in ten (91%) teenagers say it's important to be up to date on potential online and social media scams. Still, two in five (43%) say they allow people they don't know to follow them on social media or have accepted a friend request from someone they don't know.
From 2 - 8 September 2024, National Child Protection Week highlights the need to speak regularly with children about their safety and how they can protect themselves. Westpac encourages parents to talk to their kids about staying safe online and for customers to take advantage of robust parental controls and safety features within the Westpac app.
"Education is key to prevention. While our robust parental controls and safety features will lessen the financial impact of scams on teens - close to four in five (78%) teenagers say they learnt how to detect and avoid social media scams from their family," said McCann.
"Social media scam prevention can start as a conversation at the dinner table or in the car on the way to Saturday sport. I'm urging parents and caregivers to be open and honest with their teenage children about the danger online scammers can pose."
