The Literacy Trinity: Financial Literacy, Digital Literacy, Scam Literacy.

A successful scam has several interconnected elements - the base (financial instruments), the bait (digital platforms), and the buck (potential illegal gains).

We are still recovering from the throes of the pandemic. Not medically, but situationally. As a result of the global lock-down, digitalisation exploded and fintechs mushroomed. Digital banks valiantly reached those who were previously unbanked and unreachable, and equipped them with the cloak of financial inclusion.

I am a supporter of financial inclusion. White Byte teaches digital literacy skills to the marginalised to equip them with the foundation to learn digital tools that could land them a better job or enable them to build a micro business, so they can be in a better financial situation. However, financial inclusion is incomplete without financial literacy. Financial literacy is essential especially to previously unbanked and now newly banked customers. Opening a banking account without teaching them how to use financial tools is somewhat flippant customer service.

Let's say financial literacy has been delivered and the customer begins to optimise their savings. In today's digitised ecosystem, financial literacy is almost imprudent without digital literacy. Almost all money movements are made digitally and customers, especially those less savvy, may be disadvantaged without adequate digital literacy. White Byte's digital literacy programme goes beyond teaching how to use digital applications. We help individuals be comfortable with the features and concepts of a few common digital applications and guide them to see the similarities in other digital applications and online platforms. This opens up their minds to explore more confidently, avoid risky online behaviour, and be a more competent digital citizen.

That brings me to the third literacy i.e. scam literacy. It would be irresponsible of me if White Byte taught digital literacy without scam literacy. That is akin to giving my car keys to my teenage son without first sending him for driving lessons. Online scam tactics are more sophisticated day-by-day. Everyone logging online must know the precautions to apply to minimise scam risk. You can be sure that every White Byte digital literacy class comes complete with a segment on good cyber habits to keep these new digital citizens safe.

Competent digital citizens in the making.

Financial inclusion is incomplete without financial literacy.

Financial literacy is imprudent without digital literacy.

Digital literacy is irresponsible without scam literacy.

Multiple reports have stated that over USD1trillion have been lost to scams in 2024. We cannot be careless with any activity involving online interaction. Especially with financial inclusion, this set of three literacies are a necessity.

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Good Bytes

If you have digitally less savvy loved ones at home, here are some tips to help you strengthen their online safety:

• Password:

  • Remind them NOT to share their passwords with anyone, especially not with strangers, INCLUDING anyone claiming to be government officials.

  • For the elderly, stick a simple note near the telephone and next to the main door.

  • Emphasise the need for alpha-numeric-symbol password and avoid easily identifiable milestone dates (e.g. birthdays, anniversaries) and passphrases.

    
    

• Phishing:

  • Many has heard of this but it is not always easy to spot.

  • It is better to forgo a 'too good to be true' deal and avoid the risk of loosing your hard-earned savings.

    
    

• Pause:

  • Never be hasty, when it comes to safety.

  • Use the analogy of crossing a busy road to represent being online. We have to pause and check for safety before walking on the road. Similarly, we have to pause and check for authenticity before accepting any friend request or sharing our information.

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Caring as a Community

Do you have a tip that has worked for you? What can you share that can equip others in helping their less digital-savvy loved ones?