Category: Financial Scams

Best of 2018...NGPF FinCap Fridays

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Jan 04, 2019
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Budgeting, FinCap Fridays, Financial Scams, Career, Current Events, Employment, Generosity
We added FinCap Fridays to our resources in mid-August. Teachers asked for a creative and engaging way to bring current events into their classroom and we listened. A 5-7 minute FinCap Friday kicks off with a 5 question Kahoot + Yanely's explanation of the current event and why it matters + a discussion prompt to keep the conversation going + additional activity ideas if you want your students to dig deeper. With over 50,000 student Kahoots played since its August launch, FinCap Fridays have...

Best of 2018...PBS Two Cents Personal Finance Videos

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Jan 03, 2019
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Video Resource, Budgeting, Behavioral Finance, Financial Scams, Mortgages, Paying for College
PBS Two Cents made a big splash on the scene in 2018. Philip Olson and Julia Lorenz-Olson create engaging videos that do a great job explaining personal finance concepts in ways that your students will understand. We added several of their videos to our video library and you can also hear their story on the NGPF Podcast.  I reached out to Philip today and he was kind enough to share the "top 5" videos he and Julia produced in 2018 (based on Facebook and YouTube views). Beth has also created...

Question of the Day: Where does more holiday fraud happen: online or in physical stores?

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Dec 17, 2018
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Question of the Day, Identity Theft, Financial Scams, Budgeting
Answer: It's a tie, Online and in-store channels were hit equally.  Questions: Did the results surprise you? Explain. What are ways that online shoppers can have their identity stolen? Do you know anyone who has been a victim? Name at least three ways that you can protect yourself from identity theft.  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from PaymentsSource): Mobile and e-commerce sales are...

FinCap Friday: 'Tis the Season of Scammers

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Dec 13, 2018
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Current Events, FinCap Fridays, Financial Scams
Know someone who was a victim of a holiday shopping scam? Millions of packages are expected to be delivered this holiday season by the UPS and scammers are ready to take action! This FinCap Friday will help your students spot some of the common holiday shopping scams and learn a few tips for how to avoid them!  Click the image below to access the full resource: ------------------ New to FinCap Fridays? They are a 5-7 minute resource to bring current events to your classroom in a way...

Reading List for December 8-9

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Dec 07, 2018
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Personal Finance, Retirement, Economics, Financial Scams
Personal Finance Two articles popped up on this topic this week based on a research paper by economists at the Fed: Millennials are bucking trends not because they don’t want the same things previous generations wanted, but because they can’t afford them. (WAPO) (The Atlantic) Ever go into a fast food restaurant and find you can’t pay with cash? No problem, unless you don’t have a credit/debit card or smartphone. (NYT) Financial scammers play on your emotions, among...

FinCap Friday: Who's Calling?

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Nov 08, 2018
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FinCap Fridays, Financial Scams, Identity Theft, Research
Have you noticed an increase in spam calls to your phone? We have too, which is why we decided to focus on it this week in our FinCap Friday segment. Not only are they annoying but they cost consumers billons every year. Yanely provides some sage advice on what to do when that spurious call comes in: ---------------------- Did you know that more than $100,000 in cash prizes are available through NGPF's PAYBACK Challenge? Read the details here but please hurry as the deadline is just days away!...

Question of the Day: What percent of Americans bought a lottery ticket in the past year?

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Oct 10, 2018
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Question of the Day, Financial Scams, Investing
Answer: 49% Questions: Do you have family or friends who buy lottery tickets? How often do they play? Have they ever won significant jackpots? Do you think buying lottery tickets is a wise financial decision? Why or why not?  Would it surprise you to know that more people buy lottery tickets than invest in the stock market? Why do you think that is? Remember that overall long-term stock market returns are 7-9% annually while lottery tickets have a negative expected value. Here's...

Question of the Day: What percent of cellphone calls in 2019 are expected to be from scammers?

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Sep 30, 2018
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Question of the Day, Financial Scams, Research, Current Events
Answer: 50% 3 minute video explainer here:  Questions: Have you noticed a recent increase in robo-calls to your cell phone? Describe any of these scammer calls that you have received. What are some good rules of thumb when it comes to people calling your cell phone? What information should you NEVER provide anyone over the phone? Do you have a strategy on how to deal with these calls?  Here's the ready-to-go slides for this Question of the Day that you can use in your...

Videos: Brain Games Related to Money

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Jun 21, 2018
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Behavioral Finance, Video Resource, Investing, Advertising, Financial Scams
I was just introduced to this National Geographic TV show called Brain Games. We watched an episode today and I am hooked. What makes it compelling? It requires active participation on the part of the viewer and provides a heavy dose of behavioral finance. I am queuing up this list to binge watch one lazy summer afternoon (does that exist?), but thought I would share ahead of this weekend in case someone else :) was motivated to send me a few discussion questions (tim@ngpf.org) that they would...

Question of the Day: What form of identity theft was most common in 2017?

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Apr 26, 2018
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Question of the Day, Financial Scams, Identity Theft, Current Events, Research
Answer: Credit Card Fraud Questions: Why do you think credit card fraud is so easy for scammers to commit? What are two trends that you can spot from analyzing the chart on the previous page? If someone steals your credit card and makes purchases, are you “on the hook” to pay for them? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the Numbers (FTC's Consumer Sentinel Network Data Book 2017): ...

Mini-Activity Idea: How To Avoid Financial Pitfalls

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Apr 17, 2018
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Financial Scams, Activities, Article, Activity, Behavioral Finance
A great article from Of Dollars and Data that highlights six of the "tried and true" methods that make us susceptible to financial trickery or just plain bad decisions. On the subject of trickery, be sure to check out NGPF's release of SIX NEW Financial Pitfalls Projects that will increase your student's savviness. So what are the six ways of influence described in the article (with the tag lines he provides): Authority: Trust me I'm an expert.  Commitment and consistency: Just say...

Question of the Day: Who Loses More Money to Financial Fraud? Millennials or Senior Citizens?

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Apr 15, 2018
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Question of the Day, Financial Scams, Research, Current Events
Answer: Millennials Questions: Do you know any one who has been a victim of a financial scam? Explain.  Why do you think that young people are victims of financial fraud more often then senior citizens?  What are some financial scams that you are aware of? What are strategies you can come up with to avoid scams?  Here's the ready-to-use slides for classroom use.  Behind the numbers (from FTC Data Book):  Of people who reported their age, those aged 20-29 reported...

What's the Catch?: The Case of Golden Valley Loan Company

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Apr 12, 2018
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Activities, Financial Scams, Policy, Activity
If they won't regulate, we better educate.  Listening to Planet Money podcast (20 minutes) last week about an online lender,  Golden Valley Loan, Inc. It was being sued by CFPB for "unfair, deceptive and abusive business practices." Under new CFPB leadership, the lawsuit has been dropped.  So, I went to Golden Valley's website to read the fine print of their short-term, high interest loans to see if I could find the "gotchas."  What a beautiful website... Here's how they...

Financial Education Explained by Danielle: The Cost of Trust

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Nov 14, 2017
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Financial Scams, Personal Finance, Article, Payment Types, Budgeting, Savings
Last week, one of my friends experienced a financial pitfall that most of us only ever hear about and hope to avoid. For the past five months, my friend's monthly rent money was not making it to their landlord because their roommate had been pocketing it. To give some context: most landlords require a single rent check for each unit that they own. To achieve this in a multiple person apartment, one roommate—typically the original or most responsible tenant—usually inherits the...

Finance In Our Life: What's the Catch?

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Oct 31, 2017
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Personal Finance, Investing, Credit Cards, Financial Scams
Laura and I were exchanging notes about recent items we received in the mail. We thought it would be a good exercise in having students figure out "What's the catch?" with these financial offers: From my mailbox (apologies for the poor photo): Questions: What is this a "special invitation for?" Who is hosting the event? What do you think they are selling? Why do you think they invite both spouses to attend? What are examples of how they are using psychological tactics to get me...