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Financial Fraud DEVISE A PLAN TO PROTECT YOUR PERSONAL FINANCIAL INFORMATION 1©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud
Preview Today we will answer these questions: What are common scams? How can I protect my personal financial information? What do I do if I’m a victim of a scam or if someone gets into my bank account without my permission? Use what you learn today to devise a plan to protect your personal financial information. 2©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud
Uncover Check Fraud Common fake check scams: Sudden riches: Wire money to collect winnings. Foreign business offers: Send money to accept job/business offer. Work-at-home: Cash checks; send cash to “employer.” Overpayments: Claim that check is overpayment; request that excess be returned. Rental schemes: Receive check to cover shipping for move from out of the country; request overpayment paid to another party. Love losses: Request for travel money to visit “loved one.” Source: www.fakechecks.org, 2013 ©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud3
Check Terminology Post-date: To write a future date on the check. Drawee: The financial institution holding the funds. Drawn: To withdraw money from the checking account. Third-party check: A check that is endorsed once and then being cashed or deposited by a second endorser. ©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud4
Help for Consumers Share what you find out about online help: Name of Organization and website URL Purpose of the site (1 sentence) Who benefits most from site information Summary of resources or services on site Two pieces of advice to deter or detect fraud How to defend or get help if a fraud victim ©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud5
Deal With Deception The Federal Trade Commission (FTC) recommends: Deter misuse of your information Detect when you have a problem Defend yourself from loses ©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud6
Challenge 5-D Scam Prevention Action Plan Create an action plan to outline ways your family can avoid scams, fraud, and theft of financial information. ©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud7 My Family’s Scam Prevention Action Plan Internet precautions Cell phone precautions Portable technology precautions (laptop, tablet computers, mobile devices) Financial account precautions Personal information precautions
Reflection What is one action step can you take to better protect yourself against fraud? ©2012 National Endowment for Financial Education | Lesson 5-3: Financial Fraud8
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