1 / 9

Scams, Schemes and identity theft

Business Foundations – Personal Finance Unit. Scams, Schemes and identity theft. Rent-to-Own. Companies who rent and sell appliances, furniture and electronic products Advantages Can return product after certain time period Allows rental for short period of time Disadvantages

liza
Télécharger la présentation

Scams, Schemes and identity theft

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Business Foundations – Personal Finance Unit Scams, Schemes and identity theft

  2. Rent-to-Own • Companies who rent and sell appliances, furniture and electronic products • Advantages • Can return product after certain time period • Allows rental for short period of time • Disadvantages • Costs 2-5 times as much as purchasing from department store!!! (rate can be over 100%)

  3. Payday Loan • Allows a person to get cash until payday with NO credit check • Postdated check for repayment; APR can be 500% or higher • Recent regulations on Payday Loans • Easy to fall in financial trouble trying to pay off loan; can be cycle of debt

  4. Pyramid Scam • Participants receive payment for recruiting additional participants • Example • Selling telephone cards • Buying clubs • Chain letters • Mail order operations • Pyramid schemes are illegal

  5. College Financial Aid Scams • Need to pay up front fees for organization to find scholarships for you • Use guidance counselors and college financial aid officers – they know what’s good for you!

  6. Credit Repair Schemes • Company advertises it can repair your bad debt and requires a fee up front. • Poor credit history CAN NOT be repaired

  7. Loan Scam • Debt consolidation – rolling all of your debt into one payment. • Specific information is rarely given – usually only 1-800 number! • Requires fee to be paid before loan money received

  8. Identity Theft • Electronic kidnapping? • Using YOUR information to open new accounts in their name. • ILLEGAL!

  9. Reduce Identity Theft • Sign your credit/debit cards as soon as they arrive • Keep a separate record of account numbers, expiration dates and phone numbers of each issuing company • Open bills promptly and check information • Immediately call credit card company if your cards are lost or stolen • Do NOT give your account number out over the phone unless you can verify the call is coming from a reputable source

More Related