Cryptocurrency Internet trap: How young people are warned

Cryptocurrency Internet trap: How young people are warned

Smartphones and social media are part of everyday life for young people.
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Getting rich with currency trading and speculation: This is the illusion believed by a young man who was recruited with his peers for a dubious trading model in November last year. Convinced of starting his own business and making big money, the youngster quit his job as a gardener. The hoped-for wealth didn’t materialize, says Alen Velagic. The communication scientist is an expert at saferinternet.at and looks after young people who have not only had good experiences on the Internet.

At his workshops in schools, he learns directly from the young people how they behave on the Internet: online video games offer them numerous opportunities to spend money quickly with so-called in-app purchases. Some would invest hundreds of euros in expansions in the game: “There is social pressure. If there is a rule in the player group to always have the latest equipment, then it has to be bought.” Anyone who can’t keep up is kicked out.

Ten percent of the young people fell into the cost trap

The Upper Austrian Youth Study from 2021 showed that 61% of the 500 respondents (between eleven and 18 years old) had already received advertising for in-app purchases. Ten percent have already fallen into a cost trap. Velagic suspects that the number of unreported cases is higher: young people and their parents often do not know who to turn to in the event of damage.

In order to sensitize children and young adults, Youth Councilor Wolfgang Hattmannsdorfer (VP) presented a new workshop series together with the expert from saferinternet.at, which also includes the topics of cryptocurrency and in-app purchases. “The use of the Internet begins earlier and earlier, as a father of two sons, I see it every day,” says the provincial councillor. He himself recently registered on the TikTok platform, where numerous videos were suggested to him that advertise alleged ways to make quick money.

The workshops are carried out by the association 4YOUgend on behalf of the youth service of the state of Upper Austria. Since the introduction ten years ago, over 40,000 students have been trained in 2500 workshops. With the new offers, Hattmannsdorfer is aiming for a pioneering role for Upper Austria, 250 to 300 workshops are to be held this year.

These can be booked by schools, youth clubs and communities. For elementary school students there is a two-hour event on how to behave on the Internet. Older young people are informed about fake news, sexting and the digital footprint on the internet. Short explanatory videos were also produced with the help of the expert, an offer for teachers.

In the youth service’s Webchecker quiz, young people can also prove their knowledge of how to use the Internet correctly and also win something.

Source: Nachrichten

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