Question of the Day: What’s the #1 way scammers receive money from unsuspecting consumers: Credit Card, Wire Transfer, or Bank Account Debit?
Answer: Wire Transfer
- Why do you think this is the easiest method for scammers to receive money?
- How can you avoid getting caught up in this kind of situation?
- Can you get your money back once you have wired it to someone who you later discover is a fraud?
- Go to Bank Wire Transfer Safety to get your answer
- Do you generally feel safe sending money via Paypal/Venmo? Explain your answer.
Behind the numbers (Consumer Sentinel Network Data Book 2018):
Looking to teach more about Financial Pitfalls and how to avoid them? Check out our Financial Pitfalls resource page, which is chock-full of ideas to engage your students!
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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