Young Children Embrace Electronic Banking While Overlooking Cybersecurity Risks

Access to money is already available to children as young as a few years old, who are using mobile banking. However, research commissioned by ING indicates that a significant number of children active online have already fallen victim to cybercrime, including identity theft and financial fraud.

"We are observing a declining trend in cash usage. Consequently, giving our children pocket money in the form of banknotes and coins is quite outdated and impractical.