Mind your money. Keeping Your Money Safe

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Doris Gabriella Logan
8 years ago
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1 Mind your money Keeping Your Money Safe

2 Keeping Your Money Safe What we want you to take out of this lesson: Be aware be careful with your money Understand a little more about keeping your money safe online and electronically (e.g. debit cards, pin numbers) We don t want you to become paranoid or freak out. But we do want you to know what financial abuse is so that you can recognise it if you need to, for yourself or for your friends or family. Abuse Financial abuse is like being bullied. It can be someone you trust like... a family member, partner, support worker, friend Fraud The crime of getting money by deceiving people, in other words using tricks and deceit to get money from people. You can talk confidentially to us if these issues affect you or someone you know. What is financial abuse? Taking advantage of your money Misuse of your money Example Someone calling you on the phone and pretending to be your bank in order to get your account details Bad money management/ Making bad decisions Keeping Your Money Safe can be split into three areas: Abuse Fraud Bad Money Management/ Making Bad decisions The other 2 categories in Keeping your Money Safe involve other people being dishonest. However individuals are responsible for making bad decisions and no one else. 2

3 Some Dos and Donts of Keeping your Money Safe DO S Check your receipt Pay with PayPal security Look for padlock when looking at financial stuff online Phone your bank if you are concerned DON TS Don t let your debit card out of your sight Don t give your card details out (unless you are totally sure) Don t let people know your PIN no Check your bank statements Don t give your password or username out, for or online banking your bank will never ask for it Don t worry alone ask for help 3

4 When we talk about keeping your money safe we also have to talk about internet safety Internet Security Scams The following examples are real s that were sent to people in order to try and get their personal information and trick them out of money... this is financial abuse. Subject: Charity Project Greetings to you and sorry if this message came to you as a surprise. My name is Mrs.Rebecca Lemonde widow, I found your address in my late husband Mr. Lemonde s address book. I am presently admitted at the hospital suffering from a blood cancer. I have some money that I inherited from my late husband in the amount of 5, I wish to know if I can trust you to use the funds for a charity project and 10% will go to you as compensation. If you could send me your bank details I will transfer the money to you directly. Yours in Christ, Mrs. Rebecca Lemonde 4

5 Subject: Inheritance Payment Cardiff Magistrates Court - section 4 Notice of heir. The magistrate of the district of Cardiff invites you to be the sole beneficiary of Ms. Dorothy Height. You are due an inheritance in the region of 1 million pounds. You are required to respond to this notice with your telephone information and banking details so that the money may be transferred. Your immediate response is required. Sincerely, Jim L. Remember Be very wary of any s requesting your personal information, or any payment. Be wary of anyone saying that you have won the lottery, are due inheritance, or wish to transfer you money for any reason. If it sounds too good to be true, it probably is! 5

6 Subject: Account Review Notification Due to recent upgrade of our database in a bid to enhance our online services and customer satisfaction for the new banking season you are required to verify your online banking account to ensure you have access and enjoy the new features of our online banking. Please note that failure to do so may mean that you will be unable to use internet banking, you may not be able to use any cash machine, and will not be able to access your funds. It may also lead to the permanent closure of your bank account. You are required to click on the link below for immediate verification. Please have to bank details to hand as you will be asked for them in the next section. This example is known as a Phishing scam This is when an claims to be from an organisation, like a bank and they ask you to click on a link which takes you to a website that looks real but actually is not. When you log in with your account details and password on the fake site, the bad guy gains access to your private information. Remember If you are not sure, check with your bank first before sending any information or clicking on any links. There are many different types of scams if you are not sure about an , ask for help. 6

7 Internet Safety Shopping Safely Online Ensure you have effective and updated antivirus software and firewall running before you go online. If you don t know- ask! Know who you are buying from. If you haven't shopped with that company before, research it online to see what other customers say. Before entering payment details on a website, ensure that the link is secure, in 2 ways: 1. There should be a padlock symbol in the browser window frame, which appears when you attempt to log in or register. Be sure that the padlock is not on the page itself... this will probably indicate a fraudulent site. 2. The web address should begin with The s stands for secure. When making a payment to an individual use a secure payment site such as PayPal never transfer the money directly into their bank account. Check the website s privacy policy to see how your private information will be used. If you are not sure about this, ask for help from someone you trust. Always log out of sites into which you have logged in or registered details. Simply closing your browser is not enough to ensure privacy. Keep receipts electronic or otherwise. Check your bank statements carefully after payment to ensure that the correct amount has been debited. Be suspicious of any or instant message that asks (or sends you to a web page that asks) for your password, account number, or credit card information and never give them this information. 7

8 The Red, Amber and Green Quiz Look at each of the examples below and decide whether or not you think they are examples of financial abuse? Think about whether you would rate them Red, Amber or Green? And what we could do to make the situation better? Steven gets a phone call from HSBC asking to confirm his account number and password. Should Steven give out this information? John s friends always asks to borrow money from him, but he never gets it back. Someone has embarrassing photos of you and says that they will post them on Facebook unless you give them money. Totally out of order Remember Kinda shadey Not bad Not everyone is out to scam you but that it is important to be careful with your money and keep it safe. Every Thursday Ashley gets her benefits, every Thursday Steven and Michael come round for drinks and food. Ashley never gets invited round to theirs they don t bring any food or drink round themselves. Never give out your details to anyone you are unsure of and if in doubt always check with someone you trust. Tracey always comes out every week for lunch with the girls. When it comes to paying she always has an excuse like she has forgotten her purse and asks them to pay. Dr Ongoli sends Ashley an asking for her bank details, sort code, account number and address so that he can transfer money left by a dead relative. 8

BUT. Before you start shopping on the Internet, there are a number of questions you need to ask yourself.

BUT. Before you start shopping on the Internet, there are a number of questions you need to ask yourself. We've all heard how great Internet Shopping can be; some say you can find goods at prices far cheaper than at traditional stores, as online platforms don t have to manage expensive overheads. Online shoppers