A team of pupils from one of the island’s secondary schools has been working with the Financial Services Authority on a project to educate the public about so-called crypto-currencies and financial scams.

Lee Mackey, Marie Manuel, Ruth Kane, Joseph Reaney, Maryan Jel Garmino and Kyla Lowey, all pupils at Ballakermeen High School, were given the task of producing a public information leaflet about crypto-currencies (’electronic money’) and Initial Coin Offerings (’ICOs’) - a way of raising funds.

The purpose of leaflet, along with promotional material, is to explain what crypto-currencies and ICOs are, what risks they pose and how to spot scams. The information is due to be published on the FSA website, www.iomfsa.im in the next few weeks.

Project co-ordinator, Claire Whitelegg, said: ’This year the authority has been supporting Ballakermeen High School teaching the London Institute of Banking and Finance’s level 3 Certificate in Finance Education to A-level students.

’We decided a better approach would be to invite a team from Ballakermeen to plan, and undertake, a project to prepare consumer guidance on a topic relevant to their age group. We were delighted the project idea could be taken forward and I commend them for their maturity, work ethic and professionalism.’

One of the participating pupils, Maryan Jel Garmino, said they had jumped at the opportunity to take part in the task and had spent time looking at how to spot scam web sites.

’To help us within this project, we decided to look through a website called HoweyCoins.com, a fake ICO website which was created by the US Securities and Exchange Commission to teach an educational lesson to unsuspecting investors,’ she said.

’The guide we have produced will explain the risks involved with ICOs and cryptocurrency, and help you spot whether an ICO is a scam.

’Hopefully, it will help people to back a winner.’