Watch Out for Scams!
Learning Goals/Objectives:
Identify potential credit, internet and marketing scams.
Explain how consumers can spot, stop and avoid scams.
Overview:
Predators are coming out of the woodwork: scam artists follow the headlines, and news about tight credit, foreclosures, and layoffs has given them a new lease on life. Through ads in the newspapers, on the Internet and on TV and radio, they’re preying on people’s anxiety and working hard to get them to part with their money.
These crooks are really good liars: Their claims are just good enough to be believable; their services and products just practical enough to seem legitimate. Some even try to look like a government agency to enhance their credibility.
So how is someone supposed to know whether a product, service, or offer is legitimate? Count on the fact that the FTC is working the law enforcement front to stop them. At the same time, the agency is counting on consumers to know how to spot, stop and avoid them.
Grouping of Students:
Class discussion
Methods:
Presentation of online resources.
Activities:
Use the Federal Trade Commission's "Scam Watch" website to introduce consumer scams and fraud.
Go to: http://www.ftc.gov/bcp/edu/microsites/moneymatters/scam-watch.shtml
Select topics appropriate for your class:
- Secured Credit Card Marketing Scams
- Money Wiring Scams
- Seeing Through Stimulus Scams
- Bank Failures, Mergers and Takeovers: A “Phish-erman’s Special”
- Scammers Exploit the FTC's Good Name, Promise Phony Sweepstakes Prizes
- Credit Repair: How to Help Yourself
- Advance-Fee Loan Scams: ‘Easy’ Cash Offers Teach Hard Lessons
- Recovery Act Energy Home Improvement Loan Scam Alert
- Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress
- Rental Listings May Be Red Herrings
- Work-at-Home Schemes
- Could 'Biz Opp' Offers Be Out For Your Coffers?
Show the "Fraud: An Inside Look" video: http://www.ftc.gov/multimedia/video/scam-watch/fraud-inside-look.shtm
NOTE: The FTC's "Money Matters" resources are also available in Spanish: http://www.ftc.gov/bcp/edu/microsites/moneymatters/espanol/index.html
Use this information to introduce consumer scams and fraud.
Students can identify the types of scams they have heard of or seen.
Close with the old saying, "If it seems too good to be true, it probably is."
Materials:
Federal Trade Commission: Money Matters “Scam Watch”
Online: http://www.ftc.gov/bcp/edu/microsites/moneymatters/scam-watch.shtml
Federal Trade Commission: "Fraud: An Inside Look"
http://www.ftc.gov/multimedia/video/scam-watch/fraud-inside-look.shtm
FTC consumer complaint information: https://www.ftccomplaintassistant.gov/
Ohio Consumer Protection Agencies: http://www.consumeraction.gov/ohio.shtml
Assessment:
Studnets identify the commion types of scams.
Students identify where to find information about scams.
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