Cybersecurity, digital payment – new episodes added to the K&H Vigyázz, KáPé! vlog

The youngest can gain even deeper financial knowledge: the K&H Vigyázz, széll, pénz! competition, which started with a record number of participants this year, will be held in the summer of 2019. The Vigyázz, KáPé vlog, which has so far consisted of 15 chapters providing knowledge material for the financial competition, has been expanded with new episodes. Two of the four new episodes – the ones covering the topics of mobile banking and digital payments, and safe banking and cybersecurity – have already been released in connection with the 2nd round of the competition, thus helping students prepare. The other two episodes of the series will be released in the spring, during the competition’s semi-finals, and will explore issues of conscious budgeting and long-term savings.

Horváth Magyary Voljč Nóra, Managing Director of K&H Communications, said: “We pay special attention to providing students with knowledge that will help them navigate the financial challenges of the future. The world is changing rapidly, and more and more new phenomena, digital solutions and financial trends are emerging, which are worth preparing for in time. That is why we have expanded the knowledge material related to the competition series organized for students with new vlog episodes, which we hope will be useful and inspiring for the competitors.”

When the phone is the castle wall, and the password is the key

The basis of financial awareness is security, which in the modern era no longer means just guarding cash. One of the most important messages of the series is that the mobile phone now functions as a kind of “digital castle”, within the walls of which the entire digital life of an individual – their images, messages and bank account – is housed. Like medieval castles, this protection is only effective if the gates remain closed to unauthorized persons. A new episode of the vlog points out that a strong password cannot be an easily guessed phrase related to personal interest. Security can be enhanced by using two-step authentication, which provides an additional line of defense even in the event of a password leak. Protection against phishing is also given special attention: recognizing fake messages, suspicious links, and fraudulent phone calls is essential to protect the “castle”. Part of awareness also includes conducting banking transactions via your own mobile network rather than public Wi-Fi, and using biometric identification – such as fingerprint or facial recognition – which serves as a modern and secure “key” to the phone.

When the bank card moves to the phone

Thanks to technological advances, the bank card can now also move to the mobile phone or smartwatch. This solution is based on NFC technology, which enables contactless payments. The series shows that mobile banking applications offer much more than a simple balance inquiry: they provide the opportunity to make instant transfers, set spending limits, or even immediately suspend a bank card if it is lost. The emergence of digital assistants and artificial intelligence in banking is also on the agenda. These systems not only serve convenience, but also help to filter out abuses by monitoring in the background. However, the point is individual consideration: technology helps and simplifies, but the final decision and responsibility always remains in the hands of the user.

The “ruthless budget” and conscious allocation

The path to financial freedom begins with accurate knowledge of income and expenses. The vlog introduces the concept of the “ruthless budget”, which helps to put finances in order in seven steps. The process starts with taking into account your income and then continues with setting aside fixed expenses such as utilities, subscriptions or pet care.
Modern living also includes so-called “digital overhead”: purchases from streaming services, music apps or in-game accounts can eat up your budget without you noticing. Budgeting is about finding a balance: if your expenses exceed your income, you either need to cut back on expenses (e.g. fewer impulse purchases) or increase your income (e.g. student work or help at home). Saving and building up a contingency fund at a young age is essential.