Category: Financial Scams

Sorry...but I have to vent

|
Aug 21, 2019
|
Financial Scams, Checking Accounts
August 21, 2019 Dear Jamie Dimon [Chase CEO], I applaud your leadership role on the Business Roundtable and your recent commitment to creating value for stakeholders other than just your shareholders. Earlier this week, you were quoted as saying that this shift away from a shareholder only focus “will help to set a new standard for corporate leadership.” Given your renewed focus on customers and setting new standards for leadership, I thought I would offer a suggestion on one policy...

What's New With Financial Pitfalls? (August 2019)

|
Aug 16, 2019
|
Financial Scams, Identity Theft, Parent Conversations
For College Students Once students turn eighteen, they are legally adults. Their parents no longer have a say in their health care or legal decisions (or grades—unless you and your student sign a Family Educational Rights and Privacy Act (FERPA) waiver.) So what happens if the student has a medical or financial emergency? An article from Kiplinger has been gaining traction as it advises families to get four legal documents in place when a child turns 18. Many are documents that are...

Reading List for August 16-18

|
Aug 16, 2019
|
Current Events, Parent Conversations, Paying for College, Investing, Economics, Retirement, Student Loans, Financial Scams, Insurance
As your former students or maybe your own children are heading off to college for the first time, here is some sage advice for them.   Having taught at a college for several years, and living amongst the students for even longer, I cannot agree more with the tips offered by a college professor in this MarketWatch article, like show up for class, turn off the phone, and go to office hours! I like the cartoons too!   And here is one for the parents. Once your child turns 18, their...

FinCap Friday: Dangerous Downloads

|
Aug 15, 2019
|
Current Events, FinCap Friday, Financial Scams
For our first FinCap Friday of the 2019-2020 school year, we highlight a viral app that led to lots of dangerous downloads! This episode focuses on why it's so important to read and understand terms before agreeing or signing on the dotted line. How many young people do you think practice the habit of reading before signing? Find out the answer to this question and more in this week's FinCap Friday: If you're short on time, try our simplified FinCap Friday with No Tech needed. This...

The Rise of the Robocall: Do Not Answer That Call!

|
Aug 11, 2019
|
NGPF Fellows, Financial Scams, Current Events
Thanks to Renee Hochanadel, who recently attended Summer Institute and is now an NGPF Fellow, for sharing this blog post which was originally shared on her blog. _______________________________________________ The phone rings, you look at the number and you go through your mental checklist before deciding to answer or not. Is this one of my contacts? Is it a local number? Have I made an outgoing call to set an appointment and it might be them? If you have a cell phone, you do this dance an...

Chart of the Week: Counterfeit Brands Are A $300 Billion Business

|
May 28, 2019
|
Chart of the Week, Financial Scams
Click below for the full infographic: Questions: Have you ever bought a product online that you later found out was a counterfeit?  Based on the data in the infographic, are counterfeit products an issue that you should worry about? Provide at least two pieces of evidence. Are some products easier to fake than others? Which products do you need to be most suspicious about based on the data?  What are steps that you can take to ensure that you don't become a victim and purchase...

QoD: What is cause of most internet fraud losses: ID theft, email compromise or romance scams?

|
May 07, 2019
|
Question of the Day, Identity Theft, Financial Scams
Questions: What steps can you take to prevent your email account from being compromised?  Why do you think that romance scams are so pervasive?  Do you know anyone who has been the victim of any of these frauds? Explain what happened.  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Priceonomics): Forty percent of online fraud losses are the result of Email Compromise, sometimes referred to as Business Email...

QoD: What percent of 18-21 year olds have considered taking out a payday loan?

|
Apr 15, 2019
|
Question of the Day, Financial Scams
Answer: 38% Questions: In your own words, what is a payday loan? If you don't know, take 3 minutes to conduct your own research. Payday loans carry some of the highest interest rates (over 300% in some cases). Why do you think that people still take out these loans?  Why do you think as people age, they are less likely to consider taking out a payday loan?  While 38% of 18-21 year olds considered taking out a payday loan, only 8% actually have over the past 2 years. Why do you think...

QoD: Which business has the most physical locations in the U.S.: McDonald's, Payday Lenders or Starbucks?

|
Apr 07, 2019
|
Question of the Day, Financial Scams, Behavioral Finance
Hat tip to Beth Tallman for the idea for this question of the day.  Answer: Payday lenders Questions: Based on this information alone, do you think that payday lending is a good business for the lenders? Explain. Payday loans carry interest rates as high as 600%. Why do you think that people continue to borrow from payday lenders despite these interest rates? What financial advice would you give to someone who finds themselves taking out payday loans on a frequent basis? Here's...

5 Cool New Videos: Savings Tips, Payday Lending and Stock Market Winners and Losers Over the Past 20 Years

|
Mar 20, 2019
|
Video Resource, Credit Cards, Financial Scams, Compound Interest, Investing, Stocks
I wanted to share some cool new videos that we have come across in our travels: Three Psychological Tricks to Help You Save Money (TED Talks; 5 minutes); hat tip to Yanely for connecting us to Wendy; hope to have her on podcast in the future.    Backgrounder on the Payday Lending industry (PBS NewsHour; 4 minutes); good opportunity to discuss the financial pitfalls of payday lending, it's fee structure and the role of regulation in consumer protection.    How...

QoD: What is the fastest growing scam reported to the FTC? a) Tax scams b) Romance scams c) Gift card scams?

|
Feb 18, 2019
|
Question of the Day, Financial Scams
Answer: Romance scams I figured now that Valentine's Day was in the rearview mirror, we could show the dark side of romance.  Here's the chart: Questions: Why do you think romance scams are so successful and growing so quickly?  Do you know anyone who has fallen for a romance scam?  What are steps that you can take to prevent falling prey to a romance scam?  Click here for the ready-to-go slides for this Question of the Day that you can use in your...

Just One Resource - INTERACTIVE: Shady Sam

|
Feb 04, 2019
|
Just One Resource, Interactive, Math, Behavioral Finance, Student Loans, Mortgages, Financial Scams
    In this weekly blog post, the Curriculum team will highlight Just One Resource from our NGPF collection that maybe doesn't get the attention it deserves. Use it this week or bookmark it for later.  [The Resource]  INTERACTIVE: Shady Sam The Gist: Students play loan shark in this engaging game where they see loans from the perspective of a lender as they try to maximize their profits.  The Best Parts: Students decide between three loan options for...

Best of 2018...NGPF FinCap Fridays

|
Jan 04, 2019
|
Budgeting, FinCap Friday, 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

|
Jan 03, 2019
|
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?

|
Dec 17, 2018
|
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...