Feb 28, 2017
Identity Theft, Current Events, Article
Some great advice from WSJ (subscription) as identity thieves continue to develop more sophisticated strategies to steal your identity. Moral of the story: You are your own worst enemy when it comes to giving up information when you should not be.
A few highlights and some strategies to protect oneself:
Phishing is the most common online scam:
Online cons are called phishing. If you’re sure you already know all about them, think again. Those grammatically challenged emails from overseas...
Jan 31, 2017
Identity Theft, Activity, Credit Cards, WebQuest, Debit Cards, Current Events, Financial Scams, Activities
I am always amazed when I am searching Google for interesting news stories about credit cards how frequently the articles detail how the “bad guys” manage to steal credit card information. Identity theft can seem like an adult problem to many teens (unless their parents or they have been personally victimized), so I thought this quick WebQuest might bring the topic home to them. I thought it would be interesting to provide an update to my earlier 2015 post titled (apologies to Paul...
Jan 19, 2017
Identity Theft, Question of the Day, Research, Current Events
Before I answer, please let your students know if their password shows up below on this list, they better change it NOW!
Answer (from Consumerist):
Here is the full list, and again — if your password is anywhere on this list, change it immediately to something more secure:
Want to help your students develop those skills to protect their...
Jan 11, 2017
Article, Question of the Day, Research, Identity Theft, Current Events, Chart of the Week
From Federal Reserve Payment Study 2016:
Questions for your students:
Based on Figure 4, does more fraud occur with in-person or remote card transactions?
How does the distribution of fraud vary between the U.S. and other countries? Which fraud types occur more frequently in the US? Which occur less frequently?
The U.S. recently implemented higher security “chip” cards which these other countries implemented years ago. What would you forecast this distribution of fraud data for...
Dec 08, 2016
Identity Theft, Research, Debit Cards, Payment Types, Current Events, Video Resource, Credit Reports
Answer (from Newcastle University research): About 6 seconds (yikes!) [This should grab your students attention!]
According to new a paper authored by Newcastle University researchers, hackers can mine your financial information using simple guesswork, spread out across multiple websites. When the process, known as a Distributed Guessing Attack, is coupled with a specifically designed toolkit, it isn’t very hard to exploit the security systems of major e-commerce sites…...
Nov 22, 2016
Debit Cards, Credit Scores, Question of the Day, Credit Cards, Identity Theft, Payment Types, Current Events, Article
Students are often confused about this distinction between debit and credit cards. Here are some resources that help show the ways in which they differ:
Video: When You Should Use Credit Over Debit Cards (WKRG.com)
See if your students pick up on the inaccuracy in the video. The reporter says “If you lose money using your debit card, you’ll likely never get that money back.”
Video: How To Choose Between Debit and Credit (CNBC):
Article: Credit, Debit Cards not...
Nov 02, 2016
Article, Question of the Day, Research, Credit Cards, Identity Theft, Current Events, Chart of the Week
Hint: Crooks have figured out ways to circumvent the chip cards.
Answer (from WSJ): “Card-not-present” fraud.
So, what exactly is “card not present” fraud?
From Wall Street Journal:
“The rate of online card fraud is rising sharply as a growing number of purchases take place on the internet while brick-and-mortar merchants race to lock down vulnerabilities in the checkout line. That is prompting new steps to try to curb the threat: The credit-card industry on...
Sep 25, 2016
Identity Theft, Question of the Day, Research, Current Events, Credit Reports, Interactive
Answer: Yes, your personal information has likely been compromised.
With the recent news of the massive Yahoo breach (500 million people), NYTimes created this interactive so an individual can see how often they are likely to have been hacked and their personal information that is out there on the dark web. Your students will select the websites that they have accounts on and discover what personal information has been exposed to hackers.
Good reminder for students about the importance of 1)...
Sep 12, 2016
Activity, Budgeting, Identity Theft, Savings, Checking Accounts, Debit Cards, Financial Scams
One trap I am constantly trying to avoid in my work is what I would call the “specialist’s mindset.” It comes from studying a subject for a long period of time and manifests itself in several ways, including heavy use of jargon and terminology. Oh, and it also comes with a belief that everyone somehow has a similar level of knowledge about your specialized topic. This leaves the specialist wondering why you might get a quizzical look when discussing the merits of index...
Aug 30, 2016
Audio Resource, Career, Budgeting, Identity Theft, Payment Types, New Products, Current Events, Employment, Podcasts
Thanks to Colleen Poynton and Alex Davidov of Core Innovation Capital for recently appearing on the NGPF podcast. As venture capitalists, Colleen and Alex invest in promising early-stage companies in the financial services sector. As such, they have a front row seat to the innovative companies disrupting the status quo and changing the way we pay, we borrow and we invest (to name just a few). Colleen and Alex also provided insights into the changing nature of work (aka “the gig economy)...
Jul 25, 2016
Credit Cards, Credit Scores, Behavioral Finance, Identity Theft, Debit Cards, Current Events, Credit Reports, Audio Resource, Podcasts
Credit cards reign as one of the most ubiquitous financial products for consumers. Yet, they are often still not well understand by cardholders and non-cardholders alike. To bring some clarity to the credit card world, I was fortunate to have Nerd Wallet’s credit card guru, Sean McQuay, join me on this NGPF podcast to help answer such questions as:
Why are those 0% APR offers so prevalent?
Why can’t you find out the interest rate on your new credit card until it arrives in the...
Jul 12, 2016
Credit Cards, Credit Scores, Identity Theft, Debit Cards, Payment Types, Video Resource, Credit Reports
Under 2 minute video that can be a good lead-in to your credit card lesson to start a discussion about protecting your credit card information as well as what happens when someone steals your card information.
A multi-cultural opportunity here: A talk show focused on Indian consumers describes the basics of credit cards and credit scores in an entertaining way:
Credit Cards in three minutes from Virgin Money comes from Britain and is a fast-paced video focused on how to use credit...
May 16, 2016
Cartoons, Identity Theft, Checking Accounts, Current Events
One of the teachers at the recent New Hampshire workshop mentioned how much she liked using cartoons with her personal finance classes. Well, I haven’t done a post for a long time on the topic so here is how cartoonists find humor in checking accounts:
Ask your students to research how you deposit money into an online bank.
Discuss how students can protect themselves from people hacking their bank account.
What are the most common fees associated with checking...
May 09, 2016
Activities, Credit Scores, Question of the Day, Budgeting, Identity Theft, Purchase Decisions, Current Events, Video Resource, Credit Reports, Interactive
In looking at the top 10 posts from April, it is interesting to see both the type of content as well as the subject areas that are most popular. A smattering of video, activities, interactives and questions of the day. Without further adieu…
#10: Interactive: Is it Better To Rent Or Own?
#9: A Good Reminder of Why We Call It Personal Finance
#8: Video Montage: 50 Ways To Swipe Your Debit/Credit Card Numbers
#7: Challenge Your Seniors With This NGPF College Budget Activity
May 08, 2016
Identity Theft, Credit Cards, Debit Cards, Current Events, Video Resource
From Nightline (1:10 – 8:57):
“Even though they’re criminals, you’ve got to marvel at their ingenuity. You are about to see the extraordinary lengths to which identity thieves will go to steal your credit card information. So will those new chips on all of our cards make any difference? ABC’s Nick Watt tonight on what you can do to protect your money. Reporter: A gas station in Miami beach, Florida. Watch the chatty guy in the tight aquamarine polo. He points. The...