Financial literacy is the best protection from cybercrime

Abstract

As a “side effect” of the stormy digitisation of financial services, cybercrime has taken its toll. Therefore, financial service providers must continuously strive to protect the wealth entrusted to them and preserve their reputation. Law enforcement agencies in all countries highly support these efforts, since their core tasks include safeguarding their citizens’ financial security and maintaining financial stability. However, customers of financial institutions are also accountable for the safety of their assets, notably by taking care of passwords, computers and network connections. This paper is primarily dedicated to teachers and educators participating in improving financial literacy so that, on the one hand, they can obtain a comprehensive picture of the different manifestations of financial crime and the means to protect themselves against it. On the other hand, it is aimed at elevating the level of their financial literacy to be able to provide professional answers to the questions raised by their target audience.