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Personal Finance Courses: Consumer Protection against Fraud

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1.
It is a felony to use another person's identity to commit an unlawful act.
Choose wisely. There is only one correct answer.
True. The Identity Theft and Assumption Deterrence Act was established by Congress in 1998 to address this.
2.
If someone is looking over your shoulder at an ATM, what might he or she be hoping to see?
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Either your PIN number or your credit card number. A thief might be looking for either of those, or maybe both.
3.
Posting your birth date online is harmless.
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False. Thieves can sometimes use birth dates in conjunction with names to commit fraud against you.
4.
What is an identity theft affidavit?
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It is a form provided by the Federal Trade Commission that creditors may accept when you claim you are not responsible for new transactions. The information you provide will help creditors investigate your claim.
5.
Under the Fair Credit Reporting Act, anyone inquiring about your credit report must first get _______ permission.
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Written. Written permission is required.
6.
Creating artificial demand for a stock and then selling it to make a quick profit is known as _______.
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Pump and dump. Pumping and dumping means creating artificial demand and then selling in order to gain from it.
7.
If a salesman is promoting an investment opportunity as being limited to just a few people, that means it is likely legitimate.
Choose wisely. There is only one correct answer.
False. Generally, describing such an opportunity as limited to just a few people is a sign of a scam. It is designed to make you feel special and therefore willing to give up your money.