Consumer Skills Unit Test

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What is a scam?

Back

A scam is a fraudulent scheme designed to con people out of their money or personal information.

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What are the two major signs of a scam?

Back

A request for personal information and an urgent need for money.

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What is a Pump and Dump Scam?

Back

A type of scam where investors artificially inflate the price of an asset and then sell out before the price falls.

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What is identity theft?

Back

Identity theft is the act of obtaining and using someone else's personal information, usually for financial gain.

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What is a Roach Motel dark pattern?

Back

A design tactic that makes it easy to get into a service but difficult to get out, such as signing up for a subscription without an easy cancellation option.

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What is 2-factor authentication?

Back

A security process in which the user provides two different authentication factors to verify themselves.

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What should you do to protect against identity theft?

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Regularly check your credit report, use strong and unique passwords, and enable 2-factor authentication.

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What is the purpose of a credit report?

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A credit report provides a detailed account of an individual's credit history, including credit accounts, payment history, and outstanding debts.

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What is a Ponzi Scheme?

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A fraudulent investment scam that pays returns to earlier investors using the capital from newer investors.

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What is a Pyramid Scheme?

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A business model that recruits members via a promise of payments for enrolling others into the scheme, rather than supplying investments or sale of products.