1. S CAMS AND S CHEMES

2. I DENTIFY T HEFT Someone unlawfully obtains and uses a person’s personal data to commit fraud or deception for financial gain Opens up lines of credit in your name and then does not pay DESTROYS your credit score You MUST protect: Social Security number bank and CC #s Passwords & PIN #s

3. I DENTITY T HEFT Identity theft is the fastest growing crime in America. 9.9 million a year, Every minute about 19 people fall victim to identity theft. It takes the average victim an estimated $500 and 30 hours to resolve each identity theft crime. Studies have shown that it’s becoming more common for the ones stealing your identity to be those closest to you. Most cases of identity theft can be resolved if they are caught early.

4. C OMMON WAYS TO GET PERSONAL DATA Skimming debit or credit card numbers are stolen while you are using your card. Phishing thieves pretending to represent banks or other companies ask you for account information. Pretexting thieves request your information from financial institutions, phone companies or other sources, under false pretenses.

5. L OAN AND CREDIT REPAIR SCAMS What they promise: “We’ll take all your debt payments and put them into one payment” “We’ll make your bad credit disappear” What they deliver: Nothing! They just ask for an up-front fee

6. C OLLEGE FINANCIAL AID SCAM What they promise: “We’ll research 1000s of scholarships and find money for you!” What they deliver: After you pay a fee, they send you info you can get for free from other sources

7. P YRAMID S CHEME What it promises: You earn money for doing nothing! You just have to recruit others What it delivers: It is impossible to recruit enough people to sustain it The pyramid collapses as soon as people stop joining Life lesson: email chain letters fall into this category

8. P AYDAY L OANS ( LEGAL ) What it promises: “We’ll give you money before payday” How it works: You get $500 cash Interest is 339%!!! You write a check for $641.25, dated 2 weeks from today On payday, the check is cashed Your 2 week loan cost you $141.25!!! Why it’s bad: If I can’t cover the interest, I’ll take out another payday loan Endless cycle

9. C ONSUMER P ROTECTION Caveat emptor “let the buyer beware” Generally, you have to look out for yourself The seller has more info than you

10. But there are laws and gov. agencies that help protect us Truth in Lending lenders have to disclose APR, fees, and total costs of the borrower CARD Act gives credit card customers increased info about their debt Limits credit card applications on college campuses Fair Debt Collection Practices Act companies collecting a debt cannot lie or use abusive language can’t threaten to have you arrested

11. Better Business Bureau Alerts the public about scams Exposes businesses that use unfair business practices Consumer Product Safety Commission Government agency Regulates the products we buy to ensure safety This doll will burn your child. That’s not fun!