Gamified experiences help children gain financial literacy and detect fraud

SINGAPORE – Colorful stalls reminiscent of retro arcade machines caught the attention of 13-year-old Chiong Tzu Yu, who invited his father to explore the area.

The stand, which resembles an automated teller machine (ATM), was created by local education platform Eyeyah! – provides a series of interactive games that gamify basic but essential financial literacy skills for children.

These include learning how to spot scams, how passwords can be stolen, and how to be more secure in the digital space.

The eye-catching booths were just part of the digital and financial literacy initiative organized by POSB at the Tzu Chi Humanist Youth Center in Yishun on November 2.

Other sections include virtual reality games that challenge participants to budget their money, fraud quizzes and financial literacy workshops.

Zi Yu said that games helped him learn how to manage money.

“The games were very interactive and taught me to be careful with my money and also taught me how to spot scams before they happen,” he said at the POSB Your Neighborhood Carnival.

Home Affairs and Law Minister K. Shanmugam attended the event along with members of Nee Soon City Council.

Speaking to the media on the sidelines of the event, Mr Shanmugam said the government will continue to work with stakeholders such as the POSB to educate the public and provide a “shield against fraud” for Singaporeans.

This comes as fraud continues to grow and become more sophisticated, he added.

Victims in Singapore lost a record $385.6 million in the first half of 2024, with the number of cases in the first six months of the year rising 16.3 per cent to more than 26,500, compared with 22,853 cases in the same period in 2023.

Mr Shanmugam said the government would continue to engage the media as well as engage in activities such as POSB initiatives aimed at increasing people’s knowledge and combating fraud.

He added that one of the important educational skills is financial literacy among the population.