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Fraud and Identity Theft
Terms in this set (39)
Buyer of goods and services
Right to safety
Protection against sale and distribution of dangerous goods; government helps but mainly up to consumers
Informed: Required that accurate info is given
Product labels, warranties, return/ exchange policies
Right to choose- opportunity to select what you want
variety of goods and sellers, competitive prices, laws prohibiting monopolies
Voice: Consumers have right to complain
Issues must be effectively communicated to business, gov, or agencies
Redress: Access to essential products
(both gov and consumer play role)
Adequate food, shelter, clothing, health care, edu, sanitation
Disputes with company, entitled to fairness, compensation for:
shoddy goods, misrep, unsatisfactory service
(Still responsible for establishing claim, avoid bad trades)
Edu: Right to be trained in knowledge
make informed sound choices, aware of basic rights
Service: Right to live in healthy environment
clean water and air, proper waste disposal, preservation of natural resources
Advertising is one of the most reliable sources of product information.
Consumers are responsible for reading and following directions that come with the products they buy.
When information about goods and services is available, consumers have the responsibility to seek it out and use it.
By using your right to voice your concerns about a product or service you are:
letting businesses know what you like and dislike.
Accuracy of a measure
Consumer info file
file identifying reliable sources of information.
Know sources of info
provided by people, places, and org.
Internet: convenient tool (check reliability)
comparison shop, buy goods, perform financial trans
Use a reliable source, determine purpose, evaluate usefullness
Knowing and using the resources available in your community will help you to make intelligent consumer decisions.
It is important to identify the primary purpose of the information before deciding if it is useful.
When evaluating the usefulness of information, you want to make sure
it is up to date.
Credit information is any personal information such as names, addresses, telephone numbers, email addresses, credit card information, or other contact information and personally identifiable data.
Federal trade commission
The Federal Trade Commission is a federal agency that investigates and eliminates unfair and deceptive trade practices.
A credit report is a detailed history of an individual's credit and is used by lenders to determine credit worthiness.
ATM is an acronym for automated teller machine, a machine at a bank branch or other location which enables a customer to perform basic banking activities even when the bank is closed.
A password is a secret word or string of characters used to gain access to information or to log onto a computer.
PIN or personal identification number is a secret number that is used to access bank accounts.
Blue< phone no phone< 123
Green< phone no phone< 123
2 x 2 x 3 = 12
Sensitive info: phone, name, address, DoB, birthplace, mother maiden name, SS number, Bank account No, Credit Card No, PIN or password
Stolen identity: Mail, Computer, Trash
4 digit number 0-9
10^4 = 10,000
not allowed to use 0 for first digit: 9 x 10 x 10 x 10 = 9,000
Login, 7-10 characters, longer is safer, 10 instead of 7
26 + 10 = 36
36^10 = 3,656...
36^7 = 78, 364...
How many different 4-digit personal identification numbers are possible if no digit can be used twice?
10 x 9 x 8 x 7 = 5040
An identity thief watches someone enter a four-digit PIN and manages to see that the first digit is 3. They also know that the second digit is either 4 or 7. If the thief tries guessing the PIN, how many possiblities would there be?
3 x 2 x 10 x 10 = 200
A password is 4 characters long and must consist of 3 letters and one number. If letters cannot be repeated and the password must end with a number, how many possibilities are there?
26 x 25 x 24 x 10 = 156,000
A three-character password is to be created by choosing characters from the digits 0 through 5 inclusive, vowels (a, e, i, o, u), or 5 special keyboard characters. If only one character category can be used at a time, rank the following from smallest to largest based on the number of possibilities for a password.
2, 3, 1
A 7 character computer password is made up of 4 letters followed by 3 numbers. How many different passwords are possible?
What are the total amount of choices possible if an individual is to create a 4 digit password using the digits 0 through 9 inclusive, but not using the digit 0 as the first character of the password?
What does the Fair and Accurate Credit Transactions Act provide for consumers?
It entitles consumers to get one free credit report per year from the big three reporting agencies.
Which of the following best describes a way of safeguarding personal information?
Jenika has the cashier run her debit card as a credit purchase, rather than debit, to avoid having to enter her PIN.