consumer protection – Flashcards
Unlock all answers in this set
Unlock answersquestion
Which document puts you at the LEAST risk of identity theft?
A. Cash receipts
B. Pre-approved credit card offers
C. Old tax records
D. Paycheck stubs
answer
A. Cash receipts
question
Consumer protection laws are meant to:
A. Protect businesses from consumers.
B. Prevent unfair or deceptive business practices.
C. Protect consumers from spending too much money.
D. Prevent consumers from buying unnecessary items.
answer
B. Prevent unfair or deceptive business practices.
question
Which action will be least helpful if you've been the victim of identity theft?
A. Report the fraud to each credit bureau.
B. Contact your bank and credit card companies.
C. Withdraw your money from all accounts.
D. Ordering your latest credit report.
answer
D. Ordering your latest credit report.
question
It is generally safe to provide your Social Security Number to:
A. Anyone who asks you for it.
B. Verified trusted sources that need it.
C. School personnel who want to have it on record.
D. Close friends and relatives who do not know it.
answer
C. School personnel who want to have it on record.
question
Identity thieves can use your personal information to:
A. Open a credit card
B. Sign up for electricity service
C. Get a cell phone contract
D. All of the above
answer
D. All of the above
question
When a product or service is illegally used to deceive you into sending money or signing up for a phony service. Almost always for money.
answer
Consumer fraud
question
When someone illegally obtains your personal information and then impersonates you. Uses identity for different things.
answer
Identity Theft
question
preventing identity theft:
answer
don't throw credit card bills directly away (shred)
make a password for your phone
don't click on suspicious links or anti virus emails
don't give sensitive info over the phone especially if you don't call
winning a contest mail
don't buy stuff on public wifi
don't send money to emails
question
Which of the following describes an effective strategy for protecting yourself against identity theft?
A. Shredding all important mail and documents
B. Only use trusted organizations to wire money
C. Avoid using unsecured wireless networks
D. Only communicate with your bank representative over the phone
answer
C. Avoid using unsecured wireless networks
question
creating a strong password
answer
make a long sentence
use an acronym 1st letter of each word
capitalize letters N-Z
add numbers not bday or address
add symbol or punctuation to front and end
change every few months
question
nine digit number given to US citizens, permanent US residents, and temporary working residents.
answer
social security number (SSN)
question
share your social security number when:
answer
job appliations
tax returns
medical benefits
school lunch
cell phone contract
signing up with federal student aid
question
what should u not share your social security number
answer
credit card number
getting a student id
signing up for store card
question
if its safe they usually only ask for...
answer
last 4 digits
question
what documents should you keep for on year and three years?
answer
one: pay stubs, medical records, credit cards, and banking statements
Three; Tax records
question
In which of the following situations should you expect to provide your Social Security number?
A. Signing up for an after-school club
B. Registering for a store rewards card
C. Paying your cell phone bill
D. Applying for federal student aid
answer
D. Applying for federal student aid
question
if you think that you are a victim of identity theft whats the things you do in order?
answer
1. contact the company that reported the suspicious charge
2.call a credit bureau and place an annitial fraud alert
3. order your credit report
4.report the identity theft to the federal trade commission
5. continue to monitor your accounts and credit report
question
You may have been a victim of identity theft if...
A. You look at your credit report and notice accounts you didn't open
B. You notice charges on your bank account that you don't recognize
C. Your favorite store e-mails you to let you know their data was stolen
D. All of the above
answer
D. All of the above
question
what does the FTC do
answer
protect consumers from false advertising and unfair buisness practices
question
what does the cfpb do
answer
helps protect consumers by regulating financial products and services, especially mortgages, credit cards, and student loans.
question
what does the The Fair Debt Collection Practices Act do
answer
Aims at doing away with abusive and deceptive practices by those who collect debt. For example, it regulates the hours that collectors may call a consumer and prohibits collectors from publishing a consumer's name or address on a "bad debt" list.
question
What does the The Credit Card Accountability Act of 2009 do?
answer
law that makes credit card companies adopt fairer practices. It puts restrictions on when credit card companies must provide your credit card bill, accept payments, and notify you of changes to your fees or rates. It also requires credit card companies to put information on interest payments and the number of years it will take to pay off any debt on your monthly statements.
question
what does The Fair Credit Reporting Act do
answer
Mandates that the information in your credit report is accurate, complete, and private. This act also gives you the right to view your credit report and dispute incorrect information.
question
The best way to investigate fraudulent transactions on your credit card is to:
AReview your recent credit card statements.
BReview all old bank statements.
CKeep a copy of your bank statements in a safe place.
DKeep track of your monthly budget.
answer
AReview your recent credit card statements.
question
Consumer protection laws are meant to:
AProtect businesses from consumers.
BPrevent unfair or deceptive business practices.
CProtect consumers from spending too much money.
DPrevent consumers from buying unnecessary items.
answer
BPrevent unfair or deceptive business practices.
question
Identity thieves can use your personal information to:
AOpen a credit card
BSign up for electricity service
CGet a cell phone contract
DAll of the above
answer
All of the above
question
It is generally safe to provide your Social Security Number to:
AAnyone who asks you for it.
BVerified trusted sources that need it.
CSchool personnel who want to have it on record.
DClose friends and relatives who do not know it.
answer
School personnel who want to have it on record.
question
Which of the following is the BEST way to protect against identity theft?
ADiscard old account statements weekly.
BUse only local public access Wi-Fi.
CChange online account passwords frequently.
DAvoid emails from people who do not like you.
answer
Change online account passwords frequently.
question
What is the safest way to dispose of old bank account statements?
AThrow them out in a neighbor's trash.
BShred them in a paper shredder.
CKeep them bundled together in a folder.
DPut them in the trash unopened.
answer
BShred them in a paper shredder.
question
Which action will be least helpful if you've been the victim of identity theft?
AReport the fraud to each credit bureau.
BContact your bank and credit card companies.
CWithdraw your money from all accounts.
DOrdering your latest credit report.
answer
CWithdraw your money from all accounts.
question
Which document puts you at the LEAST risk of identity theft?
ACash receipts
BPre-approved credit card offers
COld tax records
D
answer
ACash receipts
question
The safest action to take if someone claiming to be from your bank calls you to ask for account information is to:
APull up the bank website and compare information.
BHang up and call back using the bank's official phone number.
CAsk the caller to explain the account information they need in more detail.
DProvide only your name and account number.
answer
BHang up and call back using the bank's official phone number.
question
What is the FIRST action you should take if you suspect there has been a fraudulent charge on your credit card?
AOrder your credit report to look for other fraudulent activity.
BCall the store where the purchase was made and ask them to remove the charge.
CClose all bank accounts associated with that credit card.
DContact the credit card company to report the fraudulent charge.
answer
DContact the credit card company to report the fraudulent charge.
