Because of their omnipresence in our society, you’ve probably read about financial scams over the years. It’s important to keep in mind, though, that criminals put a lot of effort into developing fresh ways to defraud victims.
When it comes to the security of your financial transactions, most of the focus these days is on online scams and theft—and rightly so. But it’s important not to let down your guard at a physical location where your money or information could be vulnerable: ATMs.
dentity theft is the crime of obtaining another person’s personal or financial information with the intention of assuming that person’s identity to make purchases or borrow money. If you become a victim of identity theft, you may feel upset and overwhelmed knowing someone has access to your private information. However, remember that recovering from identity theft is possible.
In the modern world, almost everyone holds a credit card. Reportedly, almost 8 in 10 American’s have at least one credit card and there were 365 million open credit card accounts in the U.S. as of end of year 2020 according to the American Bankers Association.
The instances of online fraud only seem to grow every year. However, that doesn’t mean you need to swear off the Internet forever. Surfing the web can be safe and worry-free as long as careful steps are taken. Knowing how to spot a scam is crucial.
When you think of things that make your life easier, what comes to mind? Smart phones? Other electronic devices? Household appliances? If you think about it, one of the biggest productivity boosts in the last ten years has been immediate access to your cash, i.e. online banking. It’s easy. It’s convenient. And it has a lot to offer.
When teaching children about money, the important thing to remember is that there are no rules or best way. All parents will approach financial education differently, and no one should feel pressure to cover all the “right” lessons.