Experts say that there are some basic steps we can take as parents to help keep our kids safe on social networking sites like Facebook. First step, if you don't have a Facebook account, get one and learn about it before you allow your teen to get one. Another suggestion, teach your kids to use common sense. Don't put your social security number, address or phone number online. Finally, don't teach your kids to be dishonest! You don't want them to be dishonest in real life, so don't teach them to lie about their age, etc. online.
You can read the article here: http://abcnews.go.com/Business/Technology/social-networking-pitfalls/story?id=11575257