Investing in digital financial literacy benefits everyone

Rose carried a flair of sophistication that we admired from afar. She was impressed because she understood the language of money.

She came closer and whispered to me, “David, Cash creates the potential for him to be robbed even if someone isn’t a thief. Keep the money away »

That’s all I remember of that cold September 2009 morning interaction with my trainer, Rose Tumwemere, who was kind enough to share her wisdom.

Around the same time, in Korea, Dr. Yuhyun Park launched an educational initiative that taught children digital citizenship skills to minimize risk and maximize their potential in the digital world.

The initiative, now supported by the World Economic Forum, has become the Digital Quotient Institute (DQI) whose vision is to equip every individual, organization and nation with digital intelligence to ensure their well-being, security and prosperity in the digital age.

Many years later, neither Rose nor I can recognize that old face of money. Dr. Yuhyun’s pioneer children are now adults who mainly transact online. Money has evolved, cash remains king.

Mobile money and all related e-commerce has grown in many transformative ways. As society reaps the undeniable benefits of this development, one must reflect on the latent potential of the cash that Rose was passionate about passing on.

The digital quotient, at the individual level, is the ability to securely use available digital assets to create value for self, others, teams and the community while maintaining the required security of their personal data and others and their privacy.

This involves discerning useful and harmful information and taking steps to protect yourself and others from such information.

While it sounds great to have Google “All of Google. One Login it” when it comes to our cultural framework, it may not be advisable. Google has the financial and technical resources to make this happen, with your help.

In the latest BOU Financial Capability 2020 survey, it was revealed that less than nine percent of adults indicated being aware of digital risks such as peddling, fraudulent transactions, cyberbullying, phishing, non-transparent transaction costs, pharming, keylogging and malicious security software. The majority of our people are still exposed.

It is dangerous, for example, to have a PIN code that opens your phone, your Mobile Money, your banking app and your Taxi call app.

Somehow, WhatsApp and male galleries tend to have complex lock patterns. Let’s migrate them to other applications.

Legend has it that you cannot be represented in sickness, exams and marriage vows. E-commerce password management should be added to this list.

PIN codes, one-time passwords (OTP) should never be shared. Your good intentions can be abused by someone else.

An industry expert interviewed for this article suggested that the majority of fraud cases involving password/PIN sharing also involve close relatives, sometimes spouses and children.

We have also witnessed instances where fraudsters have gone to extremes by attacking their victims, breaking into their cars, homes, cutting into their bags just to gain access to their phones and laptops which they have already compromised and know the passwords.

If you’ve shared your PINs, take a few minutes and change all your PINs at least once a month.

While ABCD and 1234 PIN are good for our introductory kindergarten classes, they have no place in a modern digital financial world. Even children’s video games do not accept them.

Although our attention is quickly drawn to the money we normally have on our phones, any intruder into your email or other communication tools has the potential to fraudulently resign you from your job or end your marriage.

In real life, we’re not going to greet every foreigner we meet. Even politicians at a campaign rally can’t do that. In the same vein, we should not respond to every link, message, video that appears on our screens.

This simple act of ignoring these messages will prevent us from losing our data and our hard-earned money.

Finally, when we browse the Internet, we continue to save cookies or temporary files on the phones. They sometimes contain information about online payments you have made and how you made them.

It is important to erase these cookies at the end of each browsing session.

Louis R. Hancock