What’s the...TECH?! 🚀

Newsletter No1 🌟

Author

What's the... Tech?!
November 18, 2024

Dear Amazing Parents, Educators, and Everyone Connected to the Digital Generation,

You know that moment when your child—or someone else’s—starts excitedly explaining their latest gaming achievement, and you find yourself nodding along, secretly wondering what language they're speaking? Or when Robux becomes the ultimate birthday gift, and Discord seems more active than real-life connections? Welcome to the club! 😅

In today’s tech-centric world, as I interact with a wide variety of parents—from tech-savvy enthusiasts to those with little to no connection to tech—I’ve noticed an invisible divide. It’s the gap between the tech-native generation (our kids) and the tech-immigrant generation (us parents) when it comes to understanding technology.

That’s why we’re thrilled to launch “What’s the…TECH?!” – a monthly newsletter designed to help you better understand your kids’ tech-driven lives and bridge the gap between tech-savvy kids and tech.

🌟The Real Talk: Why This Newsletter?💭

Hi, nice to e-meet you all!

I’m Yulia Tarasova, co-founder of KidIT, with over 15 years of experience in gaming and edtech. As a mom to two tech-savvy boys, I’m here to share insights, practical tips, and plenty of “aha!” moments to empower families navigating the digital world.

 Each month, we'll dive into:

  • Real stories of family tech journey

  • The "wait, what just happened?" moments that turn into valuable lessons and practical  solutions found 

  • Insights and recommendations from the industry experts 

  • Links to useful apps, websites and while driving videos and podcasts

  • Parent’s Digital Dictionary to turn that "VS." into "+" between parents, kids, and technology to navigate your family’s digital journey with confidence.

🎯This Month's Hot Topic: Digital Money Adventures💸

A cozy Saturday afternoon. I had finally wrapped up the whirlwind of “sports-coding-and-oh-I-have-to-work” activities and settled in for a moment of relaxation, scrolling through my news feed.

Then ding!—a notification popped up, snapping me out of my cozy mood and straight into panic mode: money had been withdrawn from my account. No idea by whom.

Cue full-on mom-panic mode as I rushed to my boys' rooms.

“Hey, dears, quick question—any chance you’ve been doing some shopping lately? Or maybe clicked on an attractive banner asking for payment?”

My older son answered, “Not yesterday, Mom.” (Mental note: we’ll revisit that ‘yesterday’ comment later… 🤨)

Long story short, I contacted the bank, blocked my card, and, after a few days of investigation, thankfully got my money back.

But the whole experience left me with a series of aha! questions:

  1. How can parents prevent these situations?

  2. What solutions are my expert friends using to handle family money safely?

  3. And what should you do if prevention fails and money is taken?

💡 Experts’ Advice on Protecting Digital Finances 🛡️

We’ve gathered expert opinions to give you real-world solutions for preventing and addressing unauthorized purchases:

  • Oleg Reshetnikov, Founder of Cyprus_iT, recommends using Revolut Junior for safe digital allowances.

  • Vasilis Kettis, Manager IBU Limassol, Bank of Cyprus gives a short- mini-guide of how to teach each kids essential debit card safety, with Joey, the new secure banking app for young people

  • Diana Yudina, Head of Risk at payabl., suggests regularly reviewing security settings and teaching kids about online credibility and caution. Details below.

💬 Oleg Reshetnikov, Founder of Cyprus_iT

STEP-BY-STEP Revolut Revolution 💳

1. Get Your Own Revolut Account
First things first, if you don’t have a Revolut personal account yet, download the app and sign up. It’s quick and easy!

2. Create a Junior Account
Once you’re all set up, look for the option to create a Revolut Junior account. You can set up accounts for each of your kids if you have more than one! Link to more details

3. Download the Junior App
Encourage your child to download the Revolut Junior app on their device. This is where they’ll manage their own account and card.

4. Link Their Account
Help them link their Junior account to their profile in the app. Note: kids need to be between 12 and 17 years old to qualify. They can only receive money from you, and all transfers go through you. Detailed list of limitations

5. Set Up Spending Controls
As the parent, you can set spending limits and even block certain types of purchases (like alcohol or gambling). This way, they can explore financial independence safely!

6. Establish Weekly Transfers
To ensure they have pocket money, set up a weekly transfer to their Junior account in your Revolut account. Pick a day that works best for you – Saturday morning is great so they have funds for the weekend!

7. Keep an Eye on Transactions
You’ll get notifications whenever they spend money. If you see anything unusual, casually ask, “Hey buddy, is this purchase all good?” This keeps communication open without being too intrusive.

8. Encourage Independence
Trust them to make their own spending choices – even if they mess up sometimes! It’s all part of learning, and it builds their confidence in handling money.

9. Set Up Extra Transfers if Needed
If your paycheck comes from another bank (like a Cypriot bank), consider opening a Revolut account for yourself. Set up regular transfers from that bank to your Revolut account on a different day than when you send money to your kids.

10. Save Any Extra Funds
Any leftover money from your transfers can sit in your Revolut account as savings. It could turn into a nice little bonus for birthdays or special occasions!

By following these steps, you’ll be giving your kids a fantastic opportunity to learn about managing money while having fun with their own accounts. Remember, it’s all about building trust and letting them grow into responsible young adults! Enjoy this journey together! 😊

💬 Comment from Vasilis Kettis, Manager IBU Limassol, Bank of Cyprus

As children start using debit cards, it is vital they learn safe and secure spending habits. Teach them to protect their PIN, spot unsafe sites, and understand privacy to keep them secure and confident. Here’s quick guide to help. 

1. Teach Security as Priority!

Explain to your child that their card and PIN are like their personal secrets—Never share your 1bank credentials/passwords, One Time Passwords (OTP), Card details and PINs, even if someone claims to be from the bank, or from any other “legit” Organisation. 

2. Spot the Red Flags Together!

Show children what to look for: shady websites, unfamiliar stores, or odd pop-ups. Talk about safe places to use their card and where to avoid. Explain how to avoid clicking on any links in unsolicited email messages, SMS or via social media posts, banners etc. 

3. Practice Safe PIN Habits!

Encourage children to memorize their PIN and never write it down or share it with anyone. Rehearse this by treating the PIN like a “super-secret password.”

4. “Set Up Spending Alerts!”

Bank of Cyprus offers instant alerts. This way, you’ll get notified of every transaction, helping you and your child track spending together.

5. No Snap, No Share, Nowhere Online!

Make sure your child understands never to photograph or share card details on social media, in messages, or Video calls no matter what.

6. Encourage Open Reporting!

Tell your children to inform you if they ever feel something’s “off” with their card. Building trust early helps to catch issues before they grow.

7. Balance Check, Fraud Detect!

Teach your child to review their balance regularly (with your help) so they learn to spot any unexpected transactions.

“Smart Habits for Safe Spending!”

Joey, the new banking app designed by Bank of Cyprus (BoC) exclusively for 9- to 17-year-olds, is a truly game-changing application, enabling young people to use their cards in a fun, simple and secure way.


💬 Diana Yudina, Head of Risk, payabl.

🛡️ Preventive Tips for Online Safety:

Create an Open Environment: Foster honest discussions about online behavior and security risks. Keep conversations regular, and focus on guidance over control.

Encourage Credibility Awareness: Teach kids to approach online information critically. Not everything they see on the internet is accurate, and people may not always be who they appear to be. Emphasize this especially with teens, encouraging a positive online identity.

Review Security Settings: Regularly check privacy settings and security options for all websites and apps your child uses.

Device Protection: Ensure all internet-enabled devices, including phones and tablets, have adequate security measures in place.

🚨 Steps to Take if an Incident Occurs:

Scan for Malware: Check your computer for any malware, and delete any threats that are found.

Update Passwords: Change passwords immediately to secure accounts.

Account Recovery: For any account takeovers, reach out to official support channels to recover access.

Block Cards: If your cards have been compromised, block them through your digital banking account or contact your bank directly.

Check Transactions: Review all recent bank transactions to spot any unauthorized activity.

Report and Recover: Contact your bank to report any unauthorized transactions. You may also initiate chargebacks to potentially recover lost funds.

🎓 LEARN NEW WORD: Parent's Digital Dictionary

Today's Term: ROBUX (Yes, that thing your kid keeps asking for!)

Let me break it down:

What is Robux? 💰

  • It's the official currency in Roblox, "R$" symbol you keep seeing in “mysterious” payment requests

What Do Kids Actually Buy With It? 🛍️

  • Avatar items 

  • Special abilities in games (run faster etc) 

  • Access to premium games (some actually educational, others... well, let's say "entertaining")

  • Custom animations (so their avatar can floss dance, dab, or whatever's trending this week)

How to Get Robux (The Legal Ways!) 💡

  1. Buy It Directly:

    • Through the Roblox website/app (safest option)

    • Current rates: 400 Robux = €4.99 (prices may vary)

    • Monthly subscription options available (Premium membership)

  2. Earn It (Yes, Really!):

    • Create and sell items in-game (my 14-year-old actually made his first "digital business" this way!)

    • Develop games (turns out those hours of "playing" could turn into a game development career)

    • Join Roblox Premium (get monthly Robux allowance + trading abilities)

Parent Alert! 🚨

  • Watch out for "free Robux" scams

  • Set up a monthly Robux budget (trust me, it saves SO many dinner table negotiations)

  • Consider Roblox gift cards instead of linking your credit card

🛠️ Cool Tools We Love 🛠️

Family Finance Apps 📲

  • Joey 
    Perfect for ages 9-17
    Developed by the Bank of Cyprus, Joey offers kids aged 9 to 17 a safe way to learn money management. It combines practical banking features with educational tools, allowing parents to set allowances and monitor spending while kids handle their finances independently.

  • Revolut Junior
    Great for digital allowance management
    Revolut Junior allows kids to manage their own money within a safe framework controlled by parents. With spending limits and restrictions on specific types of purchases, it’s a perfect tool for teaching financial independence.

Learning Resources 🎓

  • 📱 Khan Academy’s Financial Literacy Course
    Sal Khan’s platform of free online courses truly deserves your attention, we’ve been an active users of Khan Academy starting when it was only focused on math but now it’s a complete paradise of  free online courses from various subjects. Found there a powerful course on financial financial literacy and personal finance modules from budgeting, scam and frauds, taxes, car buying etc

  • 🔗 Brett Malinovsky’s YouTube Channel
    TheBrettWay
    Brett Malinovsky’s channel introduces a fresh mindset for young entrepreneurs aged 17-25 (!!!) who’ve successfully created thriving online businesses. It’s an eye-opening resource that helps kids and teens think creatively about modern business and earning opportunities. Enjoy and stay closer to your kids mindset.

🌟 Monthly Challenge: “Tech Tuesday” Tradition

Take 15 minutes to let your child teach you about their favorite app or game. You’ll be amazed at what you learn, and they’ll love being the expert! 🙌

Connect With Us! 🤗

Got questions? Tech dilemmas keeping you awake? Or just want to share your own tech parenting wins? Drop us a line at [email protected]

Remember: We're all in this digital parenting journey together! Sometimes we rock it, sometimes rock hits us, but we keep growing and learning alongside our kids! 🌱

Stay connected and positive.

With warm wishes, Yulia 🌟

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