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

Resembling an automated teller machine (ATM), the stand – created by local educational platform Eyeyah! – offers a series of interactive games that teach children basic but essential financial skills.

These include learning how to spot scams, how to steal passwords, and how to increase security in the digital space.

These eye-catching stalls were just part of the digital and financial education 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, scam awareness quizzes and financial literacy workshops.

Tze Yu said the games helped him learn how to manage his money.

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

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

Speaking to the media on the sidelines of the event, Mr Shanmugam said the Government would continue to collaborate with stakeholders such as POSB to educate the public and provide a “shield against scams” for Singaporeans.

This comes as scams continue to multiply and become more sophisticated, he added.

In Singapore, victims 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 increasing by 16.3% to over 26,500, compared to 22,853 cases during the same period in 2023.

Mr Shanmugam said the government will continue to engage the media and also participate in events such as POSB initiatives to increase public knowledge and combat scams.

An important educational skill is financial literacy within the community, he said. “When we look at the needs of our community, we also think about the life skills they need. One skill that everyone can benefit from, even from a young age, is financial literacy.