Financial Scams Targeting Teenagers

Teenagers are increasingly targeted by financial scammers because many are new to managing money, using banking apps, and making online purchases. Scams can come through social media, messaging apps, email, or even in-game offers. Losing money is bad enough, but some scams also steal your identity, which can cause problems for years. Knowing how scams work is your best defence.

Common scams targeting teens

Fake giveaways on Instagram or TikTok that ask for your bank details to 'send the prize.' Phishing messages that look like they come from your bank, PayPal, or a delivery company. Money mule recruitment where someone offers you easy money for letting them use your bank account — this is illegal and you could get a criminal record. Fake online shops selling trendy items at too-good-to-be-true prices.

How to spot a scam

If something seems too good to be true, it almost certainly is. Red flags include: urgency ('act now or miss out'), requests for personal or financial information via message, links that do not match the official website, poor spelling and grammar, and offers from accounts with few followers or no history. Take a breath before you click.

What to do if you have been scammed

Contact your bank immediately — they may be able to reverse the transaction. Report the scam to Action Fraud (actionfraud.police.uk or 0300 123 2040). Screenshot all messages and evidence before blocking the scammer. Tell a parent or trusted adult. Do not feel embarrassed — scammers are professionals and they target millions of people.

Money mules: why 'easy money' is a trap

If someone asks you to receive money into your bank account and transfer it elsewhere, keeping a cut for yourself, that is money laundering. It does not matter if you did not know where the money came from. Having a money mule conviction can prevent you from getting a bank account, a mortgage, or certain jobs for years. Never let anyone use your bank account.