EverFi – Week 8 – -Consumer Protection-

Which document puts you at the LEAST risk of identity theft?
A. Cash receipts
B. Pre-approved credit card offers
C. Old tax records
D. Paycheck stubs

A. Cash receipts

Consumer protection laws are meant to:
A. Protect businesses from consumers.
B. Prevent unfair or deceptive business practices.
C. Protect consumers from spending too much money.
D. Prevent consumers from buying unnecessary items.

B. Prevent unfair or deceptive business practices.

Which action will be least helpful if you’ve been the victim of identity theft?
A. Report the fraud to each credit bureau.
B. Contact your bank and credit card companies.
C. Withdraw your money from all accounts.
D. Ordering your latest credit report.

D. Ordering your latest credit report.

It is generally safe to provide your Social Security Number to:
A. Anyone who asks you for it.
B. Verified trusted sources that need it.
C. School personnel who want to have it on record.
D. Close friends and relatives who do not know it.

C. School personnel who want to have it on record.

Identity thieves can use your personal information to:
A. Open a credit card
B. Sign up for electricity service
C. Get a cell phone contract
D. All of the above

D. All of the above

When a product or service is illegally used to deceive you into sending money or signing up for a phony service. Almost always for money.

Consumer fraud

When someone illegally obtains your personal information and then impersonates you. Uses identity for different things.

Identity Theft

preventing identity theft:

don’t throw credit card bills directly away (shred) make a password for your phone don’t click on suspicious links or anti virus emails don’t give sensitive info over the phone especially if you don’t call winning a contest mail don’t buy stuff on public wifi don’t send money to emails

Which of the following describes an effective strategy for protecting yourself against identity theft?
A. Shredding all important mail and documents
B. Only use trusted organizations to wire money
C. Avoid using unsecured wireless networks
D. Only communicate with your bank representative over the phone

C. Avoid using unsecured wireless networks

creating a strong password

make a long sentence use an acronym 1st letter of each word capitalize letters N-Z add numbers not bday or address add symbol or punctuation to front and end change every few months

nine digit number given to US citizens, permanent US residents, and temporary working residents.

social security number (SSN)

share your social security number when:

job appliations tax returns medical benefits school lunch cell phone contract signing up with federal student aid

what should u not share your social security number

credit card number getting a student id signing up for store card

if its safe they usually only ask for…

last 4 digits

what documents should you keep for on year and three years?

one: pay stubs, medical records, credit cards, and banking statements Three; Tax records

In which of the following situations should you expect to provide your Social Security number?
A. Signing up for an after-school club
B. Registering for a store rewards card
C. Paying your cell phone bill
D. Applying for federal student aid

D. Applying for federal student aid

if you think that you are a victim of identity theft whats the things you do in order?

1. contact the company that reported the suspicious charge 2.call a credit bureau and place an annitial fraud alert 3. order your credit report 4.report the identity theft to the federal trade commission 5. continue to monitor your accounts and credit report

You may have been a victim of identity theft if…
A. You look at your credit report and notice accounts you didn’t open
B. You notice charges on your bank account that you don’t recognize
C. Your favorite store e-mails you to let you know their data was stolen
D. All of the above

D. All of the above

what does the FTC do

protect consumers from false advertising and unfair buisness practices

what does the cfpb do

helps protect consumers by regulating financial products and services, especially mortgages, credit cards, and student loans.

what does the The Fair Debt Collection Practices Act do

Aims at doing away with abusive and deceptive practices by those who collect debt. For example, it regulates the hours that collectors may call a consumer and prohibits collectors from publishing a consumer’s name or address on a "bad debt" list.

What does the The Credit Card Accountability Act of 2009 do?

law that makes credit card companies adopt fairer practices. It puts restrictions on when credit card companies must provide your credit card bill, accept payments, and notify you of changes to your fees or rates. It also requires credit card companies to put information on interest payments and the number of years it will take to pay off any debt on your monthly statements.

what does The Fair Credit Reporting Act do

Mandates that the information in your credit report is accurate, complete, and private. This act also gives you the right to view your credit report and dispute incorrect information.

The best way to investigate fraudulent transactions on your credit card is to:
AReview your recent credit card statements.
BReview all old bank statements.
CKeep a copy of your bank statements in a safe place.
DKeep track of your monthly budget.

AReview your recent credit card statements.

Consumer protection laws are meant to:
AProtect businesses from consumers.
BPrevent unfair or deceptive business practices.
CProtect consumers from spending too much money.
DPrevent consumers from buying unnecessary items.

BPrevent unfair or deceptive business practices.

Identity thieves can use your personal information to:
AOpen a credit card
BSign up for electricity service
CGet a cell phone contract
DAll of the above

All of the above

It is generally safe to provide your Social Security Number to:
AAnyone who asks you for it.
BVerified trusted sources that need it.
CSchool personnel who want to have it on record.
DClose friends and relatives who do not know it.

School personnel who want to have it on record.

Which of the following is the BEST way to protect against identity theft?
ADiscard old account statements weekly.
BUse only local public access Wi-Fi.
CChange online account passwords frequently.
DAvoid emails from people who do not like you.

Change online account passwords frequently.

What is the safest way to dispose of old bank account statements?
AThrow them out in a neighbor’s trash.
BShred them in a paper shredder.
CKeep them bundled together in a folder.
DPut them in the trash unopened.

B Shred them in a paper shredder.

Which action will be least helpful if you’ve been the victim of identity theft?
AReport the fraud to each credit bureau.
BContact your bank and credit card companies.
CWithdraw your money from all accounts.
DOrdering your latest credit report.

C Withdraw your money from all accounts.

Which document puts you at the LEAST risk of identity theft?
ACash receipts
BPre-approved credit card offers
COld tax records
D

A Cash receipts

The safest action to take if someone claiming to be from your bank calls you to ask for account information is to:
APull up the bank website and compare information.
BHang up and call back using the bank’s official phone number.
CAsk the caller to explain the account information they need in more detail.
DProvide only your name and account number.

B Hang up and call back using the bank’s official phone number.

What is the FIRST action you should take if you suspect there has been a fraudulent charge on your credit card?
A Order your credit report to look for other fraudulent activity.
B Call the store where the purchase was made and ask them to remove the charge.
C Close all bank accounts associated with that credit card.
D Contact the credit card company to report the fraudulent charge.

Contact the credit card company to report the fraudulent charge.

Consumer protection laws are meant to:

Prevent unfair or deceptive business practices.

What is the FIRST action you should take if you suspect there has been a fraudulent charge on your credit card?

Contact the credit card company to report the fraudulent charge.

It is generally safe to provide your Social Security Number to:

Verified trusted sources that need it

The primary goal of the Consumer Financial Protection Bureau is:

To protect consumers by regulating financial products and services.

After a suspected identity fraud case has been resolved, you should:

Both A and B

The safest action to take if someone claiming to be from your bank calls you to ask for account information is to:

Hang up and call back using the bank’s official phone number.

Which of the following scenarios might indicate that you have been a victim of identity theft?

Your credit report displays accounts you did not open.

What is the safest way to dispose of old bank account statements?

Shred them in a paper shredder.

Which of the following is the BEST way to protect against identity theft?

Change online account passwords frequently.

Which type of password would be considered secure?

None of the above

Consumer protection laws might result in:

Fewer unwanted telemarketing calls.

Which action will be least helpful if you’ve been the victim of identity theft?

Withdraw your money from all accounts.

The best way to investigate fraudulent transactions on your credit card is to:

Review your recent credit card statements.

If you’ve been a victim of identity theft, what should you do after contacting the company that reported the suspicious charge and issuing a credit fraud report?

Order a credit report.

Where could an identity theft access your personal information?

Both A and B

Which document puts you at the LEAST risk of identity theft?

Cash receipts

bank statement

Your bank statement contains sensitive information like your name and account number. Shred all sensitive documents, like bank statements, paystubs, and tax records before you toss them in the trash

cell phone

Your cell phone might store many of your account passwords. Protect your phone with a password in case it goes missing. Also protect all your accounts with strong, secure passwords and change them often

anti-virus software

Supposed "anti-virus software" coming from an unknown sender might collect and send your personal information and computer activity. Don’t click suspicious links or download software from unfamiliar sources. Anti-virus and anti-spyware software is critical for keeping your computer secure, but make sure you download or purchase them from a reputable source

phone call

A "phishing scam" is when someone tries to deceive you into providing personal information by impersonating someone like a bank representative. Don’t give sensitive information communication yourself phone or email, especially if you didn’t initiate the communication

winning a contest you never entered

Be wary of any contest you haven’t entered, especially if you’re asked to provide your bank account information. If it is to good to be true, it probably is. Protect your bank account information and do not give it to unknown people or organizations

using public wifi

Public Wi-Fi at coffee shops, airports, libraries, and other places are often not secure networks. Hackers can access your passwords, e-mails, account information, and other personal information. Don’t conduct sensitive transactions on public Wi-Fi. If you do use a public network, for instance at your office, make sure you’re connected to the correct hotspot and using a secure connection

helping a friend

Fraudulent e-mails can trick you into sending money directly into a thief’s account, even if the email appears to come from a friend. Identity thieves sometimes hack email addresses and send out messages from the victim’s account. If you receive an email from an unknown source asking you to wire money, it may be a scam . If the email describes a person you know, contact that friend or relative and verify the emergency. Be careful whenever wiring money. It is like sending cash and can be used by anyone who receives it

Step 1:

create a strong password

Step 2:

use an acronym

Step 3:

Capitalized Letters N Thru Z

Step 4:

Add numbers (memorable)

step 5:

Add symbols and punctuation

making of a strong password

mix lower and uppercase letters choose a series of letters that makes sense to you but not to a stranger memorable – but not predictable – numbers symbols and punctuation marks change it every few month

MAKING A STRONG PASSWORD

To protect yourself, shred documents containing sensitive information instead of simply throwing them out. Making strong passwords for online accounts and your electronic devices can also help protect you from identity theft.

WAYS IDENTITY THEFT CAN HAPPEN

Whenever someone takes your personal information to impersonate you without your permission, it is called identity theft. There are many ways to commit identity theft, from simple tactics like dumpster diving to complicated scams that deceive you into providing personal information.

should I share my social security:
employment records

yes

should I share my social security:

tax returns

yes

should I share my social security:
credit card purchase

no

should I share my social security:
signing up for public benefits programs like medical benefits or school lunch programs

yes

should I share my social security:
signing up for a cell phone contract

yes

applying for your school’s student ID card?

no

signing up for a frequent shopper card at a store?

no

filling out the FASA when applying for federal student aid?

yes

SENSITIVE DOCUMENTS – PART 1

One of the most sensitive pieces of information is your Social Security Number, which can be used to open financial accounts, borrow money, or applying for jobs.

should this document be shredded:
cash receipt

trash

should this document be shredded:
banking statement

shred

should this document be shredded:
pre-approved credit offer

shred

should this document be shredded:
cell phone bill

shred

should this document be shredded:
generic mail address to "Current resident"

trash

should this document be shredded:
paychecks

shred

should this document be shredded:
tax records

shred

should this document be shredded:
medical records

shred

step 1:

contact the company that reported the suspicious charge

step 2:

call a credit bureau and place an initial fraud alert

step 4:

report the identity theft to the Federal Trade Commision

step 3:

order your credit report

Step 5:

continue to monitor your accounts and credit report

Federal Trade Commission

The Federal Trade Commission (FTC) is a U.S. government agency that protects consumers against false advertising and other unfair business practices.

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB) is a U.S. government agency that helps protect consumers by regulating financial products and services, especially mortgages, credit cards, and student loans.

Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act aims at doing away with abusive and deceptive practices by those who collect debt. For example, it regulates the hours that collectors may call a consumer and prohibits collectors from publishing a consumer’s name or address on a "bad debt" list.

Credit CARD Accountability Act of 2009

The Credit Card Accountability Act of 2009 is a law that makes credit card companies adopt fairer practices. It puts restrictions on when credit card companies must provide your credit card bill, accept payments, and notify you of changes to your fees or rates. It also requires credit card companies to put information on interest payments and the number of years it will take to pay off any debt on your monthly statements.

Fair Credit Reporting Act

The Fair Credit Reporting Act mandates that the information in your credit report is accurate, complete, and private. This act also gives you the right to view your credit report and dispute incorrect information.

HOW TO TELL IDENTITY THEFT HAS OCCURRED

If you notice fraudulent charges, you should immediately contact the company to alert them, as well as notifying the credit bureaus so they can place a fraud alert on all your accounts.

What is a way to protect your social security number and other sensitive information from identity theft?

Limit how many credit cards you carry

Which new password is the strongest alternative to the weak password: "ilovedogs"?

the same

What activities might require you to provide your social security number?

renting a car