Some 97 per cent of teenagers use social media and spend close to three hours a day doing so on average, according to research commissioned by big four bank Westpac.
The bank's customer and corporate services group executive Carolyn McCann says scammers need to be prevented from leveraging social media to target children.
"It's time these companies took the safety of their users seriously and did something to stop scams," she said.
Parents should also be educating their children about how to detect and avoid scams, Ms McCann added.
More than 1000 parents with teenagers aged between 13 and 17 were surveyed, and then the same questions were asked of their children.
Scammers need to be prevented from leveraging social media to target children, Westpac says. (Dan Peled/AAP PHOTOS)
Over one-quarter of the teens revealed they had fallen victim to scams via social media, most commonly when buying or selling goods or services.
Meanwhile, about half of those in both the parent and children cohorts believed social media users should have to be at least 16 years old.
Most social media platforms have policies dictating that people under 13 should not use them.
But one in four children aged eight to 10 used social media at least once a week, rising to almost half of all 11- to 13-year-olds, according to research from the eSafety Commissioner.
Several popular platforms have been asked to answer a series of questions from the online safety watchdog about the number of children on their platforms and the age-assurance measures used to prevent access by under-aged kids.
State premiers have voiced support for age restrictions, with South Australia and NSW to hold a joint social media summit in October to examine the impact on young people.
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