Common Types of Fraud:
- Identity Theft: - When another’s personal information is used without their permission. - Communications: - Occurs via mass marketing, mail, wire, telephone, Internet, etc. to deceitfully get money from people. - Credit: - Applying for and modifying credit (most common involved mortgages) - Investment: - Investors are deceived by individuals claiming to be financial advisers or have an investment guaranteed to make money. - Tax: - Scammers making claims that a person may be exempt from paying taxes. |
How Does Fraud Negatively Impact Financial Well Being: - Costs money - Stress - Anxiety - Time What you can do to minimize your risk?: - Mail her documents from a secure post office location - Use a PIN number that is not easy to guess - Shred documents that contain personal information - Use secure websites and computers - Use privacy settings on social networking sites - Never give personal information out via email |
Personal Information:
- Search your purses, wallets, and backpack. What are you carrying with you right now that reveals personal information. - Driver’s license - Debit and credit cards - Electronic devices - Identification cards How Thieves Access Personal Information: - Stealing a purse, wallet, financial records, mail, etc. - Diverting mail - Skimming credit and debit card information - Phishing for personal information via email - Hacking a computer to install spyware. Protect Your Personal Information: - Don’t carry your Social Security Card - Sign credit and debit cards with signature and “Please See ID” - Memorize and use difficult PIN numbers - Shred personal documents before discarding them - Keep personal records in a secure location - Deposit outgoing mail in a secure post office collection box. - Be careful of what personal information is posted on the Internet |
Credit and Debit Cards:
- Credit Cards: - Maximum liability is $50 - No liability if a lost card is reported before being fraudulently used - No liability if the card number is used, but not the card itself - Debit Cards: - Liability depends on how quickly the card is reported and depository institution policies - Ranges from $0-unlimited - Use a credit card instead of a debit card for online purchases. |
Recognize Fraud Early:
- Act immediately if... - A business that has taken your money won’t return your calls - Unfamiliar or unrecognizable charges - You are denied credit - Mail is missing - Errors in your credit report If You Are A Victim: - Act immediately - Keep detailed record - File a report with your local law enforcement - Report to the appropriate federal agency |
Most Common Government Protection Agencies: - Federal Trade Commission: - Prevent business practices that are anti competitive, deceptive, or unfair to customers. - Consumer Financial Protection Bureau: - Makes markets for consumer financial products and services work for Americans. - Federal Drug Administration (FDA): - Protects the public health - Federal Communications Commission: - Regulated interstate and international communication - US Securities and Exchange commission: - Protect investors and maintain fair, orderly and efficient financial markets. - Internal Revenue Service (IRS): - Enforce tax laws - Federal Bureau of Investigation: - Protects the United states and it’s citizens |
Identity Theft Video:
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