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ν ‘Having limited access to parents’ debit cards may save lives’
ν Children may fall prey to fraudsters – Cyber safety advocate
By Vera Wisdom-Bassey
As the world increasingly shifts toward a cashless economy, concerns over automated teller machine (ATM) fraud and cybercrimes have grown in tandem. This challenge has left many parents questioning whether they should entrust their children with their ATM cards. In Nigeria, where internet fraud remains a significant issue, cyber safety experts are warning against this practice, while others see potential educational benefits for children when done cautiously.
In a recent seminar, Mr Rotimi Onadipe, a well-known cyber safety advocate, warned parents to be cautious about giving their children access to their ATM cards. Onadipe stressed that cybercriminals, popularly known as “Yahoo-Yahoo” boys in Nigeria, often target children because of their limited knowledge of online security.
“Most parents are unaware that young children are prime targets for fraudsters,” he said. He explained that criminals exploit the innocence and lack of cyber safety awareness among children, making them easy victims for internet fraud.
Mr Onadipe’s seminar, which aimed to educate internet users on how to avoid falling prey to cybercrimes, also highlighted that cyber safety needs to be taught at home. Parents must protect their financial information and teach their children the importance of securing personal and financial data. He cautioned that children, despite their good intentions, might not understand the complexities of online scams, leaving families vulnerable to significant financial losses.
However, the issue is not as black-and-white as it may seem. Mr. Adeniyi Olusegun, Vice Principal of Calab British International School in Ajah, Lagos, offered a more nuanced perspective. He opined that giving children limited access to their parents’ ATM cards could provide them with an educational opportunity.
Hear him: “It depends on so many factors. Every exposure given to a child is an opportunity to educate him or her.” Olusegun advised that while parents should not give their primary ATM card linked to their main account to children, they could open a separate account with a limited balance meant for family expenses. This, he explained, could minimise the risks of fraud while still teaching the child responsibility.
The idea of creating a separate account, with minimal funds designated for specific purposes, seemed to appeal to some parents.
Olusegun also pointed out that the environment plays a significant role. In areas with low crime rates, it might be safer for children to make withdrawals, whereas, in regions with a higher risk of fraud or theft, parents should exercise greater caution. “There are some areas in Lagos, and even in the UK, that are not safe for a child to make withdrawals,” he noted.
Balancing safety and responsibility
Parents interviewed on this subject had differing opinions. Mrs Felicia Obi, a teacher at Crestgate Schools in Iba, Lagos, shared a personal story that underscores the importance of children having access to their parents’ financial information, particularly in emergencies. She recalled a neighbour who fell gravely ill and passed away without sharing her ATM PIN with her children. After her death, the children discovered that their mother had a substantial amount of money in her account, but they were unable to access it when they needed it most. “If the children had known the PIN earlier, they could have withdrawn money for their mother when she was still alive and needed it,” Obi explained. In such scenarios, she advised that parents should consider sharing their PINs with their children, especially if they are trustworthy.
Obi however, acknowledged that this decision was dependent heavily on the character of the child. She recounted another case where a son defrauded his father by withdrawing large sums from his account because he had access to the PIN. “It’s different things for different folks,” she said, emphasizing that the integrity and maturity of the child are crucial factors.
Mrs Joy Ekemini, a mother of five, shared a similar view, stating that she didn’t see anything wrong with allowing her children to withdraw money in case of emergencies. “For me, I don’t see any problem with it. If I can’t get to the ATM or POS, I send my child, and it’s convenient,” she said. Ekemini emphasised the importance of teaching children financial responsibility from a young age, as it can help them in the future.
On the other hand, Mrs Ngozi Ibe, an accountant, offered a different perspective. She stated that she regularly gives her niece access to her account details to make withdrawals on her behalf from a Point of Sale (POS) terminal. “She’s been doing this for years, and I trust her,” Ibe said. She admitted that while she takes this risk because she trusts her niece’s integrity, she is also aware of the possibility of fraud. “If my account is ever defrauded, I’ll know who to ask because no one else has access to my card.”
For Ibe, the issue boils down to trust. She explained that she firmly believed that as long as the child or relative was trustworthy, there is no harm in allowing them access to one’s financial information. “If a child has integrity, why not? It’s good to teach them early so they can get used to it,” she added.
A recurring theme in the discussion was the importance of financial education and literacy. While cyber safety advocates like Mr Onadipe caution against giving children too much financial responsibility without proper education, others see this as an opportunity to teach children essential life skills.
For Mrs Obi, she suggested that parents should teach their children the basics of handling money responsibly, understanding cyber safety, and knowing when to be cautious. “It’s not just about giving them your ATM card; it’s about teaching them how to use it wisely,” she said.
Parents like Mrs Ibe and Mrs Ekemini echo this sentiment, arguing that teaching children about financial responsibility and safety is essential in today’s world. “We live in a cashless society, and they need to learn how to navigate that,” Ibe said. This approach involves educating children about budgeting, saving, and the potential dangers of sharing personal financial information.
In his seminar, Onadipe also stressed the need for schools to incorporate cyber safety and financial literacy into their curricula. “Children are growing up in a digital world, and we need to equip them with the skills to navigate it safely,” he said. He argued that while parents have a critical role to play, schools can also help by providing formal education on the risks and responsibilities associated with the internet and financial transactions.
Cultural differences also influence parents’ views on this issue. In some cultures, sharing financial responsibilities with children is seen as a normal part of family life, while in others, it may be viewed as too risky or inappropriate. In Nigeria, where large families and communal living are common, children are often expected to take on responsibilities at a young age, including financial ones.
Mrs Obi pointed out that in some cases, children are better equipped to handle financial transactions than their parents, especially as technology becomes more advanced. “Children today are very tech-savvy. Sometimes, they understand these things better than we do,” she said. This generational shift in understanding technology is another factor that parents consider when deciding whether to give their children access to their financial information.
However, the risks associated with cybercrime in Nigeria cannot be ignored. Fraudsters often target families who are unaware of the latest scams, and children, with their limited experience, can easily fall victim. This has led some parents to err on the side of caution, preferring not to share their PINs or ATM cards with their children.
The decision to allow children to withdraw money using their parents’ ATM cards is a deeply personal one, influenced by various factors, including trust, financial education, and the environment. While cyber safety experts like Onadipe warn against it due to the rising threats of cybercrime, others see it as a valuable teaching moment for children, provided the proper precautions are in place.
Mothers like Obi, Ekemini and Ibe advocated a balanced approach—allowing children access to financial information in a controlled and responsible manner, especially in emergencies. On the other hand, Olusegun suggested setting up a separate account with limited funds, which some agree might offer a safer compromise for those concerned about potential fraud..
