Unit 9 Test - Consumer Fraud and Identity Theft
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1. Which is a consumer right?
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1 point
2. Which is one of the largest consumer protection government agencies?
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1 point

3. Michelle is upset that a local business has misled her and made claims that are false, causing her to lose money. Which state agency in Oklahoma is most likely to be involved in Michelle’s case?

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1 point
4. Darrin is considering purchasing a used car and wants to find out if other consumers have had problems with a dealership. What private agency could Darrin contact?
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1 point
5. Identity theft happens when someone steals personal information — name, social security number, credit card information or bank account number — and uses the stolen information to impersonate the victim in order to commit fraud, theft or other crimes.
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1 point
6. The definition for consumer fraud is any instance in which an individual suffers a financial or personal loss because of unfair, deceptive, false, illegitimate or misleading business practices.
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1 point
7. Kay receives a call stating that there may be problems with her bank account and the caller asks Kay for personal information. What should Kay do?
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1 point
8. Jillian sees a great price on a television she has been wanting but when she goes into the store they are sold out and attempt to persuade her to purchase a higher priced television. What type of advertising attempted to get Jillian to purchase a higher priced television?
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1 point
9. Sebastian sees an advertisement for jeans that he has wanted that are a very low price. Sebastian goes to the store with the intent of buying the jeans, but also spends a lot more than he anticipated on other clothing items. What type of advertising persuaded Sebastian to go to the store?
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1 point
10. Cameron purchases a new washer and dryer partially because she will receive a six-month supply of detergent. What type of advertising helped persuade Cameron to purchase the washer and dryer?
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1 point
11. Who should be contacted first if a product or service does not meet your expectations?
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1 point

12. The Identity Theft Penalty Enhancement Act mandates a minimum sentence of _____ for identity theft.

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1 point
13. The use of a special device to read credit cards or debit cards when you use them is referred to as _____.
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1 point

14. Tricking someone to reveal personal information through email or websites is referred to as _____.

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1 point
15. Misrepresenting self or using false documents to gain customer information from financial institutions is known as _____.
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1 point

16. You are entitled to a free credit report from each of the three primary credit bureaus _____.

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1 point

17. Which is the first step to take if you are a victim of identity theft?

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1 point
18. Which agency would you file a complaint with if you are a victim of identity theft? *
1 point
19.  In this illegal activity, people are promised high returns on their investment by recruiting others. This is known as a _________ scheme. *
1 point

20. Focuses on making certain that only correct information is on credit records

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1 point

21. Limits liability for unauthorized electronic fund transfers.

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1 point

22. Corrects billing errors and limits consumer liability for fraudulent credit card charges.

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1 point

23. Makes it illegal to use false verbal or written information to get a customer’s personal information from a financial institution.

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1 point

24. Makes identity theft a felony and a federal crime.

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1 point
25. In 1962, President Kennedy initiated the Consumer Bill of Rights as the fundamental rights of consumers.
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1 point
26.  The Oklahoma Department of Agriculture protects consumers by enforcing quality standards for agricultural products, and by regulating pesticide use.
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1 point
27.   Consumer fraud is basically limited to young adults and elderly persons.
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1 point
28. Federal Trade Commission data shows that consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70 percent over the previous year. *
1 point
29.The Federal Trade Commission received fraud reports from more than 2.8 million consumers in 2021. *
1 point
30.  The Internet Crime Complaint Center was created to receive and investigate complaints of fraud and crimes committed through the Internet. *
1 point
31.   Obtaining a copy of your credit report can help identify whether or not you have been a victim of identity theft. *
1 point
32.    Identify theft occurs when someone steals personal information such as a Social Security number, bank account number, or credit card numbers. *
1 point
33.     Protect personal information on the Internet by using firewall protection software on your computer and making passwords difficult. *
1 point
34.   Credit card thieves must always have your credit card to commit fraud. *
1 point
35. If a lost or stolen debit card is reported within 48 hours, the consumer’s liability for any fraudulent transactions is limited to $50. *
1 point
36. If a lost or stolen debit card is reported after 48 hours but within 60 days, the consumer’s liability is limited to $500. *
1 point
37. If a lost or stolen debit card isn’t reported within 60 days, the consumer is liable for any and all fraudulent charges incurred. This includes all money drained from the debit card account, any overdraft fees, and money taken from any accounts that are linked to the debit card account. *
1 point
38. If a debit card was not lost or stolen, but its number was stolen and used for a fraudulent transaction, the consumer has 60 days to report the charge with no liability. The 60 days begins on the date the consumer receives their statement with the fraudulent transaction. *
1 point
39. In the event that your credit card is stolen in the United States, federal law limits the liability of cardholders to $50, regardless of the amount charged on the card by the unauthorized user. *
1 point
40. According to the Fair Credit Billing Act, consumers have 60 days from the time they receive their credit card bill to dispute a charge with a card issuer. Charges must be over $50 to be eligible for dispute. They may be unauthorized, display an incorrect date or amount, or contain calculation errors. If a good or service was not delivered, that charge can be disputed. *
1 point
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