16.3 Frauds, Scams, and Identity Theft - Finance for Teens!

What is a common characteristic of fraud?

• It is legal in some countries.

• It involves physical theft.

• It is always conducted in person.

• It gains a financial advantage by deceiving others.

What is the main goal of scammers?

• To provide financial advice

• To deceive and steal from individuals

• To offer legitimate business opportunities

• To help with personal finance management

How can identity theft occur?

• By forgetting your password

• By copying your credit card number

• By sharing your favorite color

What is a phishing scam?

• A legitimate marketing technique

• A scam that steals data when you click a link

• A scam that involves fishing for compliments

What should you do if you receive a suspicious message?

• Ignore and do not respond

• Click on any links to investigate

• Forward it to your friends

• Reply to confirm if it's a scam

What is NOT a recommended way to avoid scams?

• Double-checking the sender's email address

• Contacting a friend through another method if suspicious

• Not acting too quickly on urgent requests

• Sharing personal information freely

What should you do if you suspect identity theft?

• Ignore it and hope it resolves itself

• Check your credit report frequently

• Share your concerns on social media

• Change your name

Why is it important to not act too quickly when contacted by scammers?

• Scammers are only available for a limited time

• Scammers rely on creating a sense of urgency

• You might miss out on a good deal

• It's polite to respond quickly

What is a key feature of any scam?

• Providing detailed information

• Requiring in-person meetings

• Offering a sense of urgency

• Being endorsed by celebrities

What is the primary goal of a scammer?

• To promote a product
• To help people save money
• To gain financial advantage through deception
• To provide legitimate services