Podcast
Questions and Answers
Why is wiring money similar to sending cash, according to the text?
Why is wiring money similar to sending cash, according to the text?
- Once the money is sent using either method, it is nearly impossible to reverse the transaction or trace the funds. (correct)
- Neither provides a receipt of the transaction, making it difficult to prove payment.
- Both methods require a physical trip to a specific location, increasing the risk of interception.
- Both are typically used for small transactions that don't require identification.
Why should you be cautious when dealing with online merchants you've never heard of?
Why should you be cautious when dealing with online merchants you've never heard of?
- They might not honor return policies.
- Established retailers always offer better prices.
- It's more difficult to verify their business practices and legitimacy, increasing the risk of fraud. (correct)
- They often have lower quality products than established retailers.
When might it be safe to click on a link in a message asking for personal information?
When might it be safe to click on a link in a message asking for personal information?
- If the message is from a trusted friend.
- Never, always go directly to the website of the company in question. (correct)
- If the message is in response to an email you sent.
- If the message includes security seals from known vendors.
What is the primary reason it is illegal to participate in foreign lotteries?
What is the primary reason it is illegal to participate in foreign lotteries?
If you deposit a fake check and wire money back to the sender, who is responsible for covering the loss when the check bounces?
If you deposit a fake check and wire money back to the sender, who is responsible for covering the loss when the check bounces?
Why is it important to check bank and credit card statements regularly?
Why is it important to check bank and credit card statements regularly?
What is a sign that a charity might not be legitimate, especially after a natural disaster?
What is a sign that a charity might not be legitimate, especially after a natural disaster?
Why it is risky to buy prescription drugs from online pharmacies that are not licensed in the U.S.?
Why it is risky to buy prescription drugs from online pharmacies that are not licensed in the U.S.?
When evaluating investment opportunities, what should be a red flag?
When evaluating investment opportunities, what should be a red flag?
Other than a P.O. Box, what information about a seller should you try to find to verify legitimacy?
Other than a P.O. Box, what information about a seller should you try to find to verify legitimacy?
Why is it more difficult to determine the origin of a phone call today than in the past?
Why is it more difficult to determine the origin of a phone call today than in the past?
What should you do if an online seller does not have negative online reviews?
What should you do if an online seller does not have negative online reviews?
If someone calls claiming to be a relative in an emergency and asks you to wire money, what should you do?
If someone calls claiming to be a relative in an emergency and asks you to wire money, what should you do?
Why do scammers ask for payment using gift cards?
Why do scammers ask for payment using gift cards?
Why is it important to scrutinize the URL of a website before entering personal information?
Why is it important to scrutinize the URL of a website before entering personal information?
Flashcards
Wiring Money
Wiring Money
Sending money electronically; once sent, it's nearly impossible to reverse or trace.
Sending Money to Strangers
Sending Money to Strangers
Avoid sending money to strangers, especially online, and prefer secure payment options like credit cards.
Protecting Personal Information
Protecting Personal Information
Never respond to requests for personal or financial information via message; contact institutions directly using verified numbers.
Foreign Lottery Scams
Foreign Lottery Scams
Signup and view all the flashcards
Fake Check Scams
Fake Check Scams
Signup and view all the flashcards
Reviewing Bills and Statements
Reviewing Bills and Statements
Signup and view all the flashcards
Charity Fraud
Charity Fraud
Signup and view all the flashcards
Health Product Scams
Health Product Scams
Signup and view all the flashcards
Investment Scams
Investment Scams
Signup and view all the flashcards
Verifying Seller Information
Verifying Seller Information
Signup and view all the flashcards
Study Notes
- Scams are prevalent and come in various forms, including emails claiming lottery wins and unauthorized charges.
- Knowing how to recognize and avoid scams is crucial.
How Scammers Operate
- International scam artists defraud millions annually through clever schemes.
- They threaten financial security and generate profits for criminal organizations.
- Scammers use phone, email, postal mail, and the Internet to cross geographic boundaries.
- They trick victims into sending money or revealing personal information.
10 Ways to Avoid Scams
- Wiring money is like sending cash; once it's gone, it's irreversible.
- Avoid wiring money to strangers, sellers insisting on wire transfers, or individuals claiming to be relatives in emergencies.
- Do not send money to someone you have never met, particularly online merchants or online love interests.
- Use reputable sites, and for online auctions, opt for payment methods offering protection like credit cards.
- Ignore messages requesting personal or financial details, whether via email, call, text, or ad.
- Avoid clicking links or calling numbers from suspicious messages and instead, contact your bank or card issuer using the number on your card or statement to verify your account status.
- Refrain from participating in foreign lotteries; it's illegal and you'll likely be asked to pay bogus fees to collect your prize.
- Refuse to deposit checks from strangers and wire money back, as these checks can be fake, making you liable for the funds.
- Review your bills and statements regularly (both physical and online) to spot unauthorized charges or fraudulent activity.
- Donate to established charities after natural disasters, rather than new ones that may lack infrastructure or be fronts for illegal activities; further information can be found at ftc.gov/charityfraud.
- Consult your doctor before purchasing health products or treatments, inquire about supporting research, and only buy prescription drugs from licensed U.S. pharmacies; more details at ftc.gov/health.
- Be wary of "sure things" – low-risk, high-return investments, especially those with pressure to act immediately or demands for cash; report such offers to the FTC.
- Verify the source of offers and the identity of who you're dealing with by finding a physical address and phone number, searching for company reviews, and checking with the Better Business Bureau at bbb.org.
Bonus Tip
- Visit OnGuardOnline.gov to learn how to avoid internet fraud, secure your computer and protect your personal information.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
