‘Child-friendly bank cards with built-in parental controls needed’

ISLAMABAD: A survey conducted by the global cybersecurity company revealed that a safer and more educational alternative to cash is to introduce child-friendly bank cards or digital wallets that come with built-in parental controls.

A report issued by the cybersecurity company disclosed on Friday that as children are now growing up in a world where money is mostly digital, cybersecurity has become a fundamental part of financial literacy.

Around 25 percent of parents participated in “Growing Up Online” survey admitted that they lost money because of their children’s online behavior, while 16 percent of respondents stated that their child’s device was infected with a virus.

According to Kaspersky, if kids aren’t aware of online risks, even strong financial literacy won’t protect them from phishing disguised as giveaways, fake in-game deals, sneaky subscription renewals, or identity theft. By integrating financial education with digital protection, parents can prepare their kids not only to manage money smartly, but also to defend themselves against the cyberthreats that come with it.

Helping children understand boundaries is the first step in building both financial discipline and digital awareness. Rather than micromanaging every purchase, introduce digital money literacy: explain how in-app purchases, microtransactions, or hidden fees can drain their balance if they’re not careful.

A safer and more educational alternative to cash is to introduce child-friendly bank cards or digital wallets that come with built-in parental controls. These tools let you set spending limits, receive instant purchase notifications, track transactions in real time, and even block certain categories like online marketplaces or gaming platforms. Banking apps and online stores can become targets for cybercriminals, so installing a cybersecurity solution that includes safe browsing and secure payment protection is essential.

As a parent, you can also help children with account security by enabling two-factor authentication (2FA) for every app that might be used for online purchases. Teach the basics of strong passwords: including at least 12 characters, avoiding names or birthdays and not reusing them across platforms. If possible, start using a password manager, which stores credentials securely and allows family access if something goes wrong, the survey added.