Building Smarter Futures: Teaching Students to Outsmart Fraud

Fraud is something that impacts all of us, especially in today’s digital world. From phishing scams to identity theft, the risks are everywhere, and young people are no exception. Did you know; young adults ages 18 - 29 are the age group most vulnerable to scams? But how do we equip the next generation to recognize and avoid these threats? The answer lies in education! Teaching students about fraud in schools empowers them to protect themselves and make smarter decisions online and off.

We strive to make an impact in our community by supporting education and increasing awareness in this subject. Cresco Bank employees Erin Ludwig, Haylee Holten, and Memphis Sweeney visited Mr. Govern’s economics classes at Crestwood High School to teach students these valuable lessons about spotting and preventing fraud. Continue reading for a glimpse into what the Crestwood students learned about preventing fraud.

Fraud examples:

1. Fraudsters are wanting to purchase a person's profile picture (Tik Tok, Instagram, Facebook) to paint or do some sort of art with it and then the victim is emailed a fraudulent check to remote deposit in their account and funds are often spent before realizing it is fraud.
2. Fraudsters reach out to individuals looking for help with some kind of job for example, help with planning for a project or help with yard work. These situations lead to being asked for personal banking information, being asked to return excess funds through gift cards or other means.
3. Fraudsters coerce people into sending explicit images and then threaten to release these images unless paid money. 

Tips to avoid scams:

1. Be skeptical of ads on social media. If it sounds too good to be true, it likely is!
2. Fraudsters often will send you money via an app or check and then ask for all or portions of it to be returned. Do not engage!
3. If you think something looks suspicious, ask more questions, avoid further communication or talk to a trusted adult about it.
4. Know who you are doing business with. Do you have mutual friends? Fraudsters will impersonate other businesses or organizations, so reach out to businesses directly and avoid clicking on suspicious texts or emails.
5. Protect your personal information! Avoid sharing personal information because scammers use this information to create fake identities or hack into accounts.
6. If you feel threatened or are being asked not to tell others about what you are doing, this can be a sign of fraud too.

For more tips and resources about fraud prevention, visit our Banzai financial literacy site!