Download presentation
Presentation is loading. Please wait.
Published byMarylou Maxwell Modified over 8 years ago
1
5.6- Demonstrate how to be a responsible consumer in the 21 st century Roll Call Question: Something that you learned in this unit
2
SHHHHH Quiz in Progress When you finished, work on your budget project
3
Mental Floss Objective 5.6 - How to be a responsible consumer Vocab ID Theft Phishing Skimming Credit and Debit Card Theft Fraud Spree Account Takeover Application fraud Ponzi Scheme Pyramid Scheme Online Fraud Malware Questions 1. Why would a person want a credit card? 2. What is interest in regards to a credit card? 3. How would a person protect his/her credit score?
4
Identity Theft A crime in which someone wrongfully obtains and uses another person's personal data Types: Phishing Skimming Credit Card theft video video
5
Phishing attempt to acquire identity of someone by asking for sensitive information i.e. username, password, credit card number. Watch Out For …being asked to update personal information (password, credit card, social security number). ** A legitimate business will always ask for the information on a secure website or in person.
6
Skimming illegal copying of information from the magnetic strip of a credit or ATM card. Watch out for… unusual devices on the ATM swipe machine
7
Credit and Debit Card Theft Fraud spree: unauthorized charges on existing accounts. Hackers can steal account information from personal computers or company computers.
8
2 types of Credit Card Fraud Account takeovers involve the criminal hijacking of an existing credit card account. Application Fraud opening of credit card accounts in another person's name.
9
Some ways thieves steal your information lost or stolen cards Your mailbox Stealing your pin during a purchase Your trash Hacking Email Over the phone Personnel records Employees of a business steal card info
10
Fraud Deliberate deception usually for economic gain. Examples of Fraud: Ponzi Schemes Pyramid Schemes Online scams
11
Ponzi Scheme Named after Charles Ponzi (early 1900’s) Convince people to invest in a fake company for great returns. Once the scam artist feels that enough money has been collected, he disappears – with the money
12
How do they work? 1.Convince a few people to invest. 2.Return some money to investors 3.Convince more investors based on success… many original investors will invest again 4.Repeat steps 1 through 3 a number of times. 5.Before step 2 in one of the cycles, disappear Bernie Madoff
13
Pyramid Scheme investment where each paying investor recruits two other investors. The first investor makes money from his recruits… they make money by recruiting more People at the top make money from people on the bottom
14
The main characteristic of a pyramid scheme is that participants only make money by recruiting more members. How Do Pyramid Schemes Work? Ponzi v. Pyramid
15
Online Fraud Work at Home Ads Too good to be true Fake charity organizations Natural disasters are popular “Be part of one of America’s Fastest Growing Industries. Be the Boss! Earn thousands of dollars a month from home”
16
Malware “malicious software." It includes viruses and spyware that get installed on your computer, phone, or mobile device without your consent. Can be used for fraud
Similar presentations
© 2024 SlidePlayer.com Inc.
All rights reserved.