topic 8 libf


How do we keep money safe

Things that help to keep our money safe:

- storing money in an account

- being careful while using an ATM

- using chip and pin when buying

- checking bank statments regularly

Lets look at some of the issues around keeping our money safe.

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What is fraud

You may have heard of 'scams' or 'cons'. These are types of fraud - being dishonest in order to steal money. Identity fraud is where someone gets hold of another person's bank details, ans uses them to spend money in the victim's name. A fraudster might also apply for a loan or credit card in a victim's name. They spend the borrowed money using the victim's identity, and the victim sent the bill.

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How do we avoid fraud

Layers of security help to protect us aginst fraud. When buying online, we might enter letters from a password to prove we are the cardholder. Online stores have security that 'encrypts' the data we send, so that fraudsters can't read it.

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Account security

If we use online banking to check account statements or make payments, security makes it hard for frauders to acess the account. A PIN and a password must be a secret. Pick things that people won't be able to guess but that you can memorise - you should not write them down where someone else could find them. You give out card details when buying online, and type digits from your PIN when logging in to your account. But be careful. If someone asks for your details, on the phone or online, be sure you know who is asking. A bank will never ask for your entire pin. This method of posing as someone that you trust in order to make you give out your details is called phishing. If you suspect that someone is using your details to commit fraud, report it to your bank straight away. If you suspect fraud, you should also report it to action fraud. If your card goes missing, ring your card provider immediatrly and cancel it. This stops anyone from using your card.

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How do we buy safely online

If you buy items online, you must be cautious. Is the website trusted and well-know, if you bid in an online auction, does the seller have good feedback? Always ask yourself, is this offer too good to be true, some people try to trick buyers.

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