As ATM fraud has become a global challenge due to our dependence on cashless policy, parents have been warned not to give their ATM card to young children to avoid falling victim to online money transfer fraud and other cyber-crimes.
An advocate of cyber safety and publisher of internet safety magazine, Rotimi Onadipe, gave the warning to parents on Saturday March 25, 2023 during his organisation's weekly seminar which aims to educate internet users globally about how to avoid internet fraud, cyber-crimes and other online risks.
Onadipe noted that most parents are ignorant of the fact that young children are the major target of internet fraudsters, popularly known as Yahoo-Yahoo boys because they know that these young children have little or no knowledge about cyber safety.
According to Onadipe, many parents give their ATM card and PIN to young children to withdraw money for them through POS agents or do online transactions at ATM terminals, unknown to them that there are desperate cyber criminals searching for vulnerable children that will fall victim to their scams.
"Don't be their next victim. Being aware of how to reduce your vulnerability to fraud will help you to protect your hard-earned money. Your ATM card and PIN must not be given to young children. This is because they are the most vulnerable to ATM fraud and they are the major target of cyber criminals.
"How do you want to prove your case and get your money refunded if your hard-earned money is fraudulently withdrawn after giving your ATM card and PIN to a young child that knows nothing about cyber safety? Be informed that your PIN and other sensitive information on your ATM card can be hacked at anytime when exposed to a third party," Onadipe added.