Financial Protection Module Overview

Introduction

photograph of a wallet How secure are your online passwords? Have you considered what may happen if someone gets them and other personal information of yours? They could get into your online bank account and take money, open credit cards in your name, or buy a house in your name. Rapper 50 Cent and NBA star Carmelo Anthony know first-hand what it is like because they were victims of identity theft. This module teaches you how to detect and protect yourself against something like this happening. You will also learn how you are protected against debt collection and bankruptcy. Get started right away!

Essential Questions

How are consumers protected against debt collection and bankruptcy?
How does identity theft happen?
How do you avoid identity theft?
How is identity theft detected?
What should you do if you are a victim of identity theft?

Key Terms

Identity theft: stealing someone's personal, identifying information and using it to make purchases or to get other benefits
Bankruptcy: a legal proceeding involving a person or business that is unable to repay outstanding debts
Fraud: a deception deliberately practiced in order to secure unfair or unlawful gain
Dumpster diving: retrieving personal data from redundant IT equipment or old devices and dump sites
Skimming: information from bank or credit cards using compromised or hand-held card readers, and creating clone cards
Phishing: when internet fraudsters impersonate a business to trick you into giving out your personal information
The Federal Trade Commission (FTC): is the nation's consumer protection agency. The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace

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