SINGAPORE – Colorful booths reminiscent of retro arcade machines caught the eye of 13-year-old Chiong Tze Yu, who pulled his father inside to explore the area.

The booth, which resembles an automatic teller machine (ATM), was made by local education platform Eyeyah! – provides children with a range of interactive games that gamify basic yet essential financial literacy skills.

These include learning how to spot scams, how passwords can be stolen, and how to establish stronger security in the digital space.

The eye-catching stands 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 segments include virtual reality games that challenge participants to sort through their budgets, fraud awareness tests and financial literacy workshops.

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

“The games were very interactive; they taught me to be careful when using 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 Nee Soon Municipal Council.

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

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

Victims in Singapore lost a record $385.6 million in the first half of 2024; The number of cases in the first six months of the year increased by 16.3 percent to over 26,500, compared to 22,853 cases in the same period of 2023.

Mr Shanmugam said the government will continue to engage with the media and POSB will also continue to participate in activities such as increasing people’s knowledge and anti-fraud initiatives.

He said an important educational skill is financial literacy in the community.