Banking Basics
Money withdrawn from an account.
What is a debit?
The three types of income.
What are earned, passive and portfolio?
An agreement between a lender and a borrower.
What is credit?
Money deposited into a savings account is borrowed by the bank/credit union for loans. In return they pay this.
What is interest or a dividend?
This is #1 contact method used by fraudsters.
What is email?
You will pay this if you spend money that you don't have.
What is an overdraft fee?
Two types of expenses.
What are fixed and variable?
With this type of credit, you agree to the amount of your loan, the term and the amount of your monthly payments.
What is installment credit?
This type of savings account typically has higher interest rates.
What is a high-yield savings account?
This was the top fraud category in 2023, with reported losses of $2.7 billion.
What are imposter scams?
An easy, electronic way to manage an account.
What is digital banking or a mobile app?
The difference between gross and net pay.
Deductions
This type of credit allows you to borrow up to a set credit limit with a minimum payment each month.
What is revolving credit?
There are two types of high-yield savings accounts at a credit union.
What are share certificate and money market accounts?
When fraudsters manipulate their email addresses, phone numbers, or website URLs, to make it look like the communication is coming from a trusted source.
What is spoofing?
Card information can be stored here for easy payments.
What is a digital wallet?
A budget or spending plan can help avoid these two things.
Debt, Stress
This three-digit number is designed to represent your credit risk, or the likelihood you will pay your bills on time.
What is a credit score?
Saving for these is very important.
What are emergency or unexpected expenses?
This is the purpose of gift cards.
What is gift giving?
It's important to develop one with a financial institution.
What is a relationship?
Car repairs are an example of this type of expense.
Unexpected/Emergency
The amount of money a lender charges you to borrow.
What is interest?
Interest earned on the amount of savings (balance) and the interest that's added to the balance over time.
What is compound interest?
This is the most common red flag spotted in fraud attempts.
What is a sense of urgency?