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Business term 1
Scams, credit cards, financial institutions, managing financial risks, debt
| Term | Definition |
|---|---|
| Supply and demand | |
| Shifters of demand: Shifters of supply: | |
| Preferences 1. Price of resources | |
| Number of buyers 2. Technology | |
| Price of related goods 3. Government involvement | |
| Income 4. Number of sellers | |
| Expectations 5. Expectations | |
| SCAMS RUN ON HOPE/GREED/TOO GOOD TO BE TRUE | |
| Scams play with emotion | |
| Impersonation scams (a type of identity theft) | |
| Definition- scammers pretend to be someone you know or a trusted corporation to steal your money or personal info. | |
| Methods: | |
| Making text messages appear in the same conversation threads as genuine messages from an organization | |
| Replicating websites of legitimate organizations | |
| Sending emails with a fake sender address | |
| Forging documents | |
| Impersonating loved ones | |
| Creating fake social media pages | |
| Signs of impersonation scams | |
| Asked to provide money or personal info | |
| Messages asking you to click on a suspicious link | |
| ANYTHING that looks too good to be true | |
| Someone claiming they are a law enforcement officer for money or info | |
| How to protect yourself | |
| Don’t click on suspicious links or attachments | |
| ALWAYS ASK FOR VERIFICATION | |
| Ask yourself ‘who’s really there’ | |
| Mr patterson identity theft | |
| Physical - pretend to be you in person, steals your identity irl | |
| Skimming (electronic scanning) | |
| Online | |
| ALWAYS ASK FOR VERIFICATION | |
| Identity theft | |
| Definition- when someone pretends to be you to commit illegal activities, fraud or gain an unfair advantage without your permission | |
| Methods: | |
| Skimming credit cards | |
| Phishing emails | |
| Stealing mail | |
| Stealing info when you connect to a unsafe network or website | |
| Signs: | |
| Unfamiliar charges to your account or bills | |
| Unexpected debt | |
| Trouble applying for credit | |
| New credit cards or loans in your name | |
| A drop in your credit score | |
| How to protect yourself: | |
| Be cautious about sharing your personal info especially online | |
| Monitor anything money related regularly | |
| Use strong passwords and two factor authorisation | |
| Threats and extortion scams | |
| Definition- when scammers pretend to be from an organization and claim you need to pay money. They may threaten you with arrest, deportation or physical harm if you don’t agree to pay them. | |
| Methods: | |
| Threats (Blackmail) | |
| Kidnapping/ hurting people (ransom) | |
| Signs | |
| Receiving forms of communication unexpectedly from a person pretending to be somebody else | |
| They will say you owe them money and might threaten you. | |
| Will tell you to pay them money (blackmail isn’t always used) | |
| May ask for personal information | |
| May lie and essay the police will come if you don’t pay up | |
| Steps to protect yourself | |
| Don't use the contact detail provided by the unknown caller, check identify by calling the company/ organization directly | |
| DO NOT respond to unfamiliar texts or emails, always check their email, grammar, pronunciation/spelling of words. They can be different and show they are fake. | |
| Don’t pay by unusual methods (bitcoin, wire transfer) | |
| Don’t be pressured by someone calling - HANG UP | |
| Investment scams | |
| Definition- when criminals impersonate legitimate investment and finance companies. They could also be a random person/ group who disappears when they take your money. They offer lots of $$$, promise big loans to persuade you of the offer. Create fake dat | |
| Methods: | |
| Makes you log into a website or set up an account to get access to personal info like bank details, date of birth, usernames | |
| Professional documents delivered by courier for stringing investors along, hoping they’ll invest more | |
| Regular fake reports | |
| Deep fakes or AI celebrity endorsements used by scammers to show them talking returns and endorsing the investment | |
| Media releases: scammers create fake social media accounts, articles etc to show progress | |
| How to protect yourself | |
| Seek independent legal advice or consult a financial advisor | |
| MAke sure the person has an Australian Financial licence | |
| Get the company’s details | |
| Mr patterson investment scams | |
| Give me $$$ - I’ll return more | |
| Private- you give someone money, usually one person who shuffles | |
| Corporate | |
| Romance scams | |
| “Pretend” people | |
| “Catfish” | |
| Too good to be true | |
| Limited contact | |
| Requests for $ - emergency/ sickness(family), travel visa | |
| Asking for US dollars (the super money of the world) | |
| EMOTION | |
| Purchasing things online | |
| Jewelry | |
| Antiques | |
| Source!! | |
| Medical scams | |
| COVID | |
| Mostly email or phone | |
| You need a medical pass/ certificate to access… | |
| Personal details | |
| A financial institution is an organisation.company that manages finances and deals with money | |
| Banks | |
| Credit unions | |
| Building societies | |
| Banks - Intermediaries between depositors and borrowers. Banks operate for financial gain. | |
| Bank functions | |
| Saving accounts and transaction accounts | |
| Debit/credit cards | |
| Loans | |
| Safety deposit boxes | |
| Insurance | |
| Work for profit | |
| Reserve banks: | |
| Government bank | |
| Controls interest rates and the economy | |
| Big four banks | |
| NAB | |
| ANZ | |
| Commonwealth | |
| Westpac | |
| Credit unions - A non-profit financial institution that provides traditional banking services to members eg. | |
| Loans | |
| Credit/debit cards | |
| Saving and transaction accounts | |
| Life and general insurance | |
| International money transfer | |
| Foreign exchange | |
| Differences from banks: | |
| Operate for the benefit of their members | |
| Owned by the people/members | |
| Profits made my credit unions are given back to the members through reduced fees, higher saving rates, lower loan rates | |
| YOUR vote counts | |
| You have to be in a charter area or group to qualify for a member | |
| Have fewer products, locations, no public shares | |
| More ATM locations | |
| Building societies/mutual banks - very similar to credit unions and supply traditional banking values | |
| Barely any difference between building societies and credit unions | |
| Owned by members rather than shareholder | |
| Saving/transaction accounts | |
| Term deposits | |
| mastercards/visa cards | |
| Loans | |
| Financial planning | |
| Bank branches allow you to transfer money, open accounts and exchange currency etc | |
| Anyone can join a building society | |
| The only difference between a credit union and building society is that anyone can join a building society, but you have to be a part of a certain group to join a credit union. Credit cards | |
| You can get into bad debt if you don’t repay the bank their money by a certain date. Get interest added | |
| You can gain benefits like frequent flyer points | |
| Interest rates for credit rates are high - 25% | |
| Buy now, pay later | |
| People overspend | |
| Banks will liquidate your assets if you’re bankrupt. | |
| If your bankrupt you won’t be able to do anything credit related for 3-8 years | |
| Credit- an agreement in which a borrower receives something of value immediately and agrees to pay it back with interest. | |
Created by:
Asteroid4
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