Money Scams Teens Should Watch Out For

Q: Why would scammers target teens? We don't have much money. A: Scammers go after teens because many are online constantly, new to managing money, and might not recognize warning signs yet. They also want your personal information—Social Security numbers, bank logins, passwords—which can be worth more than the cash in your account. Identity theft can follow you for years. Being skeptical online is a financial skill, not paranoia. Q: What are the most common scams teens see? A: Fake job offers that ask you to deposit a check and send money back (the check bounces and you're on the hook). "Get rich quick" investment schemes on social media—especially crypto or forex "mentors" who promise guaranteed returns. Phishing texts pretending to be your bank, Apple, or Amazon asking you to "verify" your account. Fake giveaways that ask for your card info to "claim a prize." Romance or friendship scams that build trust then ask for money. If it pressures you to act fast, that's a red flag. Q: How do I know if something is too good to be true? A: Ask yourself: why would a stranger give me free money? Legitimate companies don't ask for your password. Real employers don't send you a check before you've done work. No investment can guarantee high returns with zero risk. Slow down. Search the company name plus "scam." Talk to a parent, teacher, or trusted adult before sending money or sharing personal info. Q: What should I never share online? A: Your Social Security number, full bank account numbers, passwords, PINs, or one-time verification codes—ever. Not with "customer support" who DM'd you. Not with someone who says they're from your school. Banks and real companies will not ask for your password in a text. If someone asks you to buy gift cards and send them the codes, that's almost always a scam. Q: I think I already fell for a scam. What do I do? A: Tell a trusted adult immediately. Contact your bank to freeze accounts or reverse charges if possible. Report it to the FTC at ReportFraud.ftc.gov. Change your passwords. Don't feel ashamed—scammers are professionals. The faster you act, the better your chances of limiting the damage. Q: How can I protect myself going forward? A: Turn on two-factor authentication for email and banking apps. Use strong, unique passwords. Be suspicious of urgency ("act in the next hour!"). Verify requests through official websites—not links in messages. And remember: if you wouldn't tell a stranger on the street your bank password, don't tell one on the internet either.