Teens ask for bank transfer rather than cash for night out

children and young adults know how to protect themselves when banking online.

“Our study shows parents have concerns that their children can be left vulnerable to fraud and contact from strangers so they need to be armed with the tools and advice to help protect their children online.

“We hope that by joining forces with Halifax and offering parents some helpful safety tips for online banking - we can help give them peace of mind over their child using mobile devices to manage money.”

The organisation, which has created a video for parents to help keep heir children safe while using internet banking, says that parents should teach their children rules to help protect them from spam and fraud and avoid online scams that encourage children to share their bank details.

The suggestions include setting strong passwords and only accessing their accounts online via secure connections - and never through public wifi - not clicking on suspicions links and using up-to-date anti-virus software.

Russell Galley, managing director of Halifax, said: “Today’s children and teenagers have grown up with the convenience of the internet at their fingertips and so for many online banking is just part and parcel of how they expect to be able to manage their money.

“We hope more parents will have the confidence to give children the skills and confidence they need to get the most out of being online.”

0 Teenagers are more likely to fund a cinema trip via a transfer than cash, say the Halifax