Careless online shopping can result in lost money and identity theft. Many fake companies attempt to attract and scam online customers.
To determine the legitimacy of an online store
Examine the URL for spelling errors, strange characters, and confirm you are on the correct website.
Look over the website design for poor grammar and low-quality images.
Click the padlock icon in the address bar; the dropdown box will tell if the site is secured with a digital certificate.
Use a website checker such as UrlVoid.com to inform you of any warning signs for the site.
Keep your browser and antivirus software updated to help identify unsafe sites.
Read reviews from multiple sources to confirm the credibility of the seller.
Each day, scammers create new ways to trick browsers and shoppers. Following these suggestions can help you reduce the chance that you will be a victim of an online scam.
For additional information on fake online stores, go to:
AI, like other technological advancements, will transform the way that many of us work. It holds enormous potential both to enhance opportunity and prosperity for workers and to exacerbate inequity, bias and job displacement.
On Oct. 30, 2023 President Biden issued a landmark Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. This executive order advances the comprehensive strategy for governing the development and use of artificial intelligence safely and responsibly. A key component of that strategy is the commitment to support our nation’s workers. This commitment involves ensuring that workers not only benefit from AI’s opportunities, such as new jobs and improved job quality, but are also protected from its dangers, including job displacement, discrimination, the undermining of workers’ rights and worsening job quality.
The scope of AI use in the workplace, both now and in the future, is expansive and dynamic. AI encompasses machine-based systems capable of learning human-like tasks, such as making predictions, recommendations or decisions. It can track workers, measure and predict their output, set performance goals, and recommend performance-based rewards or sanctions. AI systems can also process job applications, assess qualifications and identify top candidates for an HR professional. Generative AI capable of creating original content can, for example, draft new emails to clients based on previous exchanges, provide enhanced support to customer service agents and write new software code. While these examples demonstrate AI’s potential to increase workers’ productivity and efficiency, this technology also poses risks of deteriorating job quality, embedding bias or replacing workers altogether.
Ask the students to make a list of risks that Artificial Intelligence AI) poses to workers.
Ask students if state and federal governments should engage with employers, AI developers, unions, worker advocates and researchers in order to develop best practices of the use of AI.
Discussion Questions
Why is the federal government concerned with the use of AI in the workplace?
What are potential benefits of AI in the workplace?
What might be implications of employers using AI to collect data on workers, including issues such as data privacy, ownership and transparency?
“Click to verify your free trial and subscription.” Dark patterns are online designs to fool a person into buying items or giving up privacy. These deceptions include disguised ads, hiding junk fees, difficult to cancel subscriptions, pre-checked boxes, hard-to-find disclosures, and tricks to get you to share personal data.
A recent Federal Trade Commission study reported that companies are using more and more sophisticated practices to trick and trap consumers. The study “examined how dark patterns can obscure, subvert, or impair consumer choice and decision-making and may violate the law.” The report highlighted four digital dark pattern tactics:
Disguised ads to mislead consumers. These deceptive ads include promotional information designed to look like independent, editorial content. Comparison shopping sites claiming to be neutral, but rank companies based on advertising fees paid. Countdown timers are used to get consumers to believe they only have a limited time to purchase an item.
Difficult to cancel subscriptions or charges. Companies attempt to trick consumers into buying items. A deceptive subscription seller may persist with ongoing charges for an item a person never intended to buy. The company will likely make it very difficult to cancel free trials and subscription plans. Consumers may be required to navigate a confusing and lengthy cancellation website path. As they click through several pages of promotions and links, they may be directed away from the cancellation path.
Hidden key terms, junk fees. Some dark patterns hide key product limitations among extensive terms of service documents, which may also conceal junk fees. Companies advertise only part of the total price to lure consumers; other mandatory charges are not mentioned until late in the buying process.
Personal data sharing trickery. Presented as a choice for privacy settings or sharing data, a website will steer consumers to an option that gives away personal information. In one situation, a company used default settings to collect and share a person’s viewing activity with third parties; consumers were only provided a brief notice that could easily be missed.
Awareness of these tricks can help consumers avoid being scammed. Victims of these deceptive tactics may file a complaint with the Federal Trade Commission at ReportFraud.ftc.gov.
For additional information on dark patterns, click here:
Car prices and availability are still being affected by the COVID-19 pandemic. Money management experts continue to recommend keeping your current vehicle. Even if repair costs are higher than what you owe on the vehicle, it may be worth getting it fixed to avoid the high prices.
However, if you plan to buy a car, to get the best deal consider the following:
Try to purchase a vehicle early in the week. Sunday has been the best day for a purchase, with an average savings of 10 percent off the manufacturers suggested retail price. In states that restrict auto sales on Sunday, Tuesday is the best day. Research indicates that Thursday is the worst day to buy a car.
Buying a vehicle closer to the end of the month may have advantages. Salespeople may be trying to make their monthly quota. View potential purchases between the 16th and the 20th of the month, and then negotiate your purchase the last two or three days of the month.
Some holidays that occur earlier in the month (President’s Day, Independence Day, and Labor Day) may result in better deals.
Some of the best car deals may be obtained at the end of each quarter of the year (March, June, September, December), especially at year end. Discounts are traditionally highest in December. The last quarter of the year can be the best time to buy a car, both new and used. December 31 can be the day to get the best deals.
Be aware that the calendar will only get you so far when obtaining the best deal. Doing online and in-person research is vital. Seek out incentives for vehicles in which you are interested. Also important, if buying on credit, is being pre-approved for a loan.
For additional information on the best time to buy a car, click here.
Teaching Suggestions
Have students talk to others about actions they have taken when buying a car.
Have students create and role play a car buying negotiation situation based on their experiences and research.
Discussion Questions
How might a person reduce the automobile and transportation costs in their budget?
Describe actions a person might take before meeting with a car salesperson?
The Consumer Financial Protection Bureau (CFPB) issued a report in December 2023 highlighting that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products. The CFPB report identifies college-sponsored deposit accounts with fees above prevailing market rates, which institutions are required to consider under Department of Education rules designed to protect students’ interests.
Many colleges offer sponsored and co-branded financial products to students and alumni, such as deposit accounts, credit cards, and prepaid cards. Students may be likely to accept their school’s recommendation of a bank account or credit card when they arrive on campus, meaning that colleges and their financial institution partners may not face competitive pressure to lower fees or provide low-cost products. These arrangements can be lucrative for schools, as financial institutions pay tens of millions of dollars every year to colleges and universities, including flat-fee marketing deals and per-signup kickbacks.
In 2022, the CFPB’s College Banking and Credit Card Agreements report described the high fees charged on student banking products endorsed by colleges. The report made clear that financial institutions and colleges may be steering students into expensive financial products. Today’s report found that many colleges continue to employ marketing strategies that may mislead students into accepting products that may not be the best choice for them. Among the student risks identified in today’s report:
Colleges’ financial product partners may charge students high or atypical fees: Although most of the largest banks have moved away from charging overdraft and non-sufficient funds (NSF) fees in recent years, some of the sponsored deposit accounts in the report do charge students those fees. Thus, students who follow their school’s advice may be steered into accounts that cost them much more than what they would pay in the open market.
Fees paid by students often vary by institution type: The average fee burden varies by the type of institution. The report finds that accountholders at Historically Black Colleges and Universities (HBCUs), for-profit colleges, and Hispanic-servicing institutions (HSIs) all pay higher-than-average fees per account.
Students face unexpected fees at graduation: Some financial institutions impose additional fees when a student graduates or reaches a certain age, relying on “sunset” clauses in the products’ terms and conditions. Students who sign up for a product marketed as free may thus end up being charged monthly maintenance fees, or overdraft and NSF fees they did not anticipate.
The report notes that the CFPB will continue to examine these practices and identify possible violations of federal consumer financial protection laws.
Several CEOs were asked “If you could only ask one question of a prospective employee, what would that be?” Here are some examples designed to quickly assess the important skills and personality traits desired in a new hire:
How would you describe yourself in one word? The best candidates know who they are, and take time to reflect before answering this question.
What is the last thing you’ve learned? This question provides insight into a candidate’s curiosity and passion for learning – two highly desired skills for many work situations.
What didn’t you get a chance to include on your resume? This question allows the interviewer to dig deeper than what is on a person’s resume.
How long are you willing to fail at this job before you succeed? While this question might disorient a person, a good candidate will express perseverance for success as well as seeking guidance to guide their path.
What’s in the news today? A person’s awareness of current events can reveal how interesting someone is as a person, and how effective they might be at work.
What percentage of your life do you control? This question can determine if a person can force change to happen or allows change to happen to them.
Tell me something that’s true, that almost nobody agrees with you on. This question can reveal people who aren’t afraid to speak their minds and possess originality of thinking.
So, what’s your story? This question has no correct answer, but requires a creative response related to their character, imagination, and ability to communicate a feeling.
Being prepared for these and other questions requires knowing yourself, communicating your competencies and experiences, and researching the company and job position. One other question you might consider: How did you prepare for this interview?
For additional information on interview questions, click here.
Teaching Suggestions
Have students practice their interview skills using some of these questions.
Have students talk to others to obtain suggestions for preparing for an interview and tips for effective interviewing.
Discussion Questions
What mistakes might a person make when answering interview questions?
What actions would you recommend for a person to improve their interview skills?
According to the Center for Financial Security, nearly every domestic violence Bottom of Formsurvivor also experienced financial abuse. Also referred to as financial exploitation, this domestic mistreatment can result in victims losing access to their financial resources along with having their credit ruined.
A financially abusive relationship may be characterized by:
the abuser refusing to share financial information and taking control of the family finances.
the abuser uses an intimidation tactic of quickly getting angry when asked about family finances or major purchases.
the abuser puts the victim on a very low allowance, which may not even be enough to cover basic needs.
the abuser discourages the victim to have a job or harasses the victim at work, which can result in losing their job.
the abuser makes late payments or no payments to ruin the victim’s credit.
the abuser forces a power-of-attorney agreement to legally steal money or property from the victim.
Financial abusers attempt to control the relationship by making victims feel powerless and unable to support themselves and their children. To avoid or escape financial abuse while building self-esteem and dignity, take the following actions:
Obtain increased financial knowledge, which can allow a person to escape the abusive relationship.
Monitor your credit report to determine your current situation and to plan actions to repair your credit.
Find a safe place to stay with family, friends, or a shelter to connect to a support network.
Clear your browser history, which would not allow the abuser to view your search activity when seeking help.
Financial abuse can occur in marriage and other relationships. Family members and caregivers may steal or misuse the funds of aging relatives.
For additional information on financial abuse, click here.
Teaching Suggestions
Have students talk to others to learn about difficult financial relationships they may have encountered.
Have students create a visual proposal (poster or slide presentation) with suggestions to avoid becoming a victim of financial abuse.
Discussion Questions
How might a person become better aware of the signs of a financially abusive situation?
Describe actions you would recommend to a person who faces a difficult financial situation.
There is no such thing as a risk-free trade or investment. Generally, bigger expected returns come with a greater risk of loss. The more you understand the risks of your investment, the more effectively you can minimize their potential effects. Here are some common risks associated with digital assets:
1. Unsupervised trading. Over-the-counter cash-market trading platforms—where you can buy or sell digital assets for dollars—are not supervised by regulators like other exchanges, banks, or brokers.
2. Inconsistent customer protections. Some virtual currency platforms may be missing critical system safeguards and customer protections, such as protection against hacks or segregating customer assets. Without adequate safeguards, you may lose some or all of your digital assets.
3. Commingled customer assets. Over-the-counter trading platforms are commonly custodians of your assets. When you trade, you trade against the platform and your funds are held and recorded by the platform on its centralized system—not the blockchain. In these situations, your assets may be mixed with other customers’ assets, or could be used by the platform for operational purposes. If the platform is hacked, goes bankrupt, or disappears, you may not be able to get your money back.
4. Most new projects fail. And, others could be frauds. Take time to research and understand the project, the technology, use-case, demand, competing projects, governance, who’s behind the effort, the developers’ track records, how your money will be used, and when or if you can get it back. Was the code audited by a reliable third party and security tested? Closely review white papers and other documents. If they don’t make sense, or don’t exist, walk away.
5. Hacker attacks. In a digital environment hacking is always a threat. Hackers generally seek out the greatest amount of money and the least resistance. Only keep funds you are ready to spend or trade in wallets connected to the internet. Keep the rest in a cold (offline) wallet.
6. Phishing attacks. If you receive an email or text about your trading account; a transaction; a new product, wallet, or service; or receive an urgent request to contact customer support, do not click any links, open attachments or use QR codes. Phishing attacks often pose as popular brands or companies and the links provided in the emails go to imposter sites that steal your account.
7. Lost or stolen private keys. Your private key is your digital signature. If it is lost or stolen you will no longer have access to your assets. You can recreate a private key, with your digital wallet’s seed phrase—a string of words that when encrypted create the private key. Never give your private key or seed phrase to anyone.
8. New and novel. Compared to other forms of investing, digital assets are relatively new. They don’t have long, historical track records, which makes it harder to predict how they will react in different market conditions.
9. High volatility. Many digital assets are difficult to value. Uncertainty, changes in sentiment, economic conditions, or even a social media comment, can send market values rising or falling sharply.
10. Liquidity risk. It may be hard to sell digital assets that aren’t commonly traded. Lightly traded assets are also easier to manipulate.
11. Run risk. Stablecoins are not insured, and may not actually be supported by all the stabilizing assets they claim. If stablecoin owners lose confidence and rush for the exits, the panic could lock out some customers and leave them with worthless coins. Runs on one stablecoin can also cause ripple effects in other coins or other parts of the digital economy.
12. Counterparty risk. Blockchain transactions were designed to be unchangeable. Once your digital asset is sent to another wallet you cannot get it back. This makes knowing exactly who is on the other side of a transaction critically important. There are no do-overs or charge-backs.
13. Watch out on social media. Most digital asset scams begin on social media or messaging apps. Never make digital asset payments to people you meet online. And don’t rely solely on tips or claims you see on social media platforms.
14. Data can be manipulated. Criminals can hack social media profiles or easily create new aliases. Fraudulent platforms can also control what you see on their websites or trading apps, and can manipulate you to trade or invest more.
Debit cards do not provide the same protection as credit cards when lost or stolen. As a result, money experts recommend not using a debit card in these situations:
When buying airline tickets; if the airline goes out of business, you may have no recourse for a refund.
Non-bank ATMs are more likely to have skimmers that steal debit card information.
When making a gas station purchase a hold may be put on funds in your bank account, which could result in Bottom of Forman overdrawn balance when trying to make other purchases.
Use a credit card for online buying for stronger legal protection to dispute a charge.
In restaurants with high turnover, a dishonest employee may get access to your card number; again, a credit card provides more protection.
When buying appliances a credit card may give you an extra warranty, which would not be
available with a debit card.
With a debit card you can be responsible for up to $50 of unauthorized transactions if you report a lost or stolen card within two business days. Then, your liability can be as high as $500 for fraudulent charges if you don’t report the situation within 60 days after receiving your statement. After that, you have the potential of unlimited losses for unauthorized use of your debit card. In contrast, with a credit card, you are not responsible for unauthorized charges of more than $50.
Consider only using your debit card to withdraw cash to make purchases. Since not everyone will take a cash-only approach to control spending, there is another action to protect yourself. Use a second checking account for your debit card. Fund this second account only with money that you plan to use for debit card activity. Then, in case of a lost card or fraud, you would only lose the smaller amount kept in that second account with your main checking account not at risk.
For additional information on debit cards, click here.
Teaching Suggestions
Have students survey several people to determine common uses of debit cards.
Have students create a podcast to warn others of the dangers associated with debit cards.
Discussion Questions
Why should consumers become more aware of the potential dangers of debit cards?
What actions do you take to protect your debit and credit cards?
Every purchase experience is enhanced by strong customer service. When unsatisfactory service is encountered, the following actions are suggested:
Be brief, clear, and concise about the problem and be reasonable about what actions you would like.
Consider posting your concern on the company’s social media site. Many companies monitor social media for customer dissatisfaction.
If your complaint involves a bank, credit card company or other financial service provider, file a complaint with the Consumer Financial Protection Bureau at ConsumerFinance.gov/complaints. For other complaints, especially from local companies, the Better Business Bureau might be of assistance.
Elliott Advocacy, a nonprofit organization, provides resources and suggests actions to resolve issues. Their website (www.elliott.org/company-contacts) has the names and contact information for customer service managers of most major companies.
Another nonprofit advocacy organization is the Consumer Action Center (https://clark.com/about-consumer-action-center/), which helps with consumer problems for free. Phone number is 636-492-5275.
For more extensive problems, especially those related to real estate or motor vehicles, Karens for Hire (www.karensforhire.com) is a paid service usually costing less than $100.
When seeking action, be sure to avoid these behaviors to obtain better customer service:
Do not communicate anger or hostility, which can result in you being viewed as the problem rather than your legitimate concern.
Do not contact the CEO; instead, consider a manager or vice president at the operational level.
Do not threaten with not doing business with the company in the future. Saying that could remove the incentive for the organization to address your complaint.
You may need to use an array of tactics to obtain the satisfaction you desire. Remember, not every action will be effective in every situation. Most important, to improve your chances of success, be kind even when you are frustrated. “Polite persistence” is the key.
For additional information on obtaining better customer service, click here.
Teaching Suggestions
Have students talk to others to learn about actions they have taken to resolve consumer problems.
Have students create a video, poster, or slide presentation with recommendations for wise shopping and to avoid consumer problems.
Discussion Questions
What actions do you believe are most effective for obtaining strong customer service when encountering a consumer problem?
Describe a potential consumer problem situation. What actions would you suggest to resolve this concern?
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