Credit Card Fraud and Identity Theft: Hackers and impersonators who pretend to "help" unsuspecting consumers through emails and fraudulent text messages. Phishing, Pharming, skimming common identity theft schemes. Methods of protecting identity such as RFID blockers and not revealing Social Security numbers etc.
Assignment
None
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
Colson was very engaged in today's session on identity theft because these fraudulent schemes are very prevalent for young people online today. False websites. fake/entrapment emails etc. require young adults to be very savvy and "on guard" for identity hijacking etc.
Commercial Loans and Personal Loans: Commercial/Business Loans: Purpose, term length, and Return on Investment ROI calculations. Examples of types of commercial loans and example problem for calculating ROI. Personal Loans: Education/College Loans, mortgage/home loans, automobile loans etc. Shorter term and qualifications for approval based upon Credit Rating, employment/income status etc. Review of topics for Test Thursday: Identity Theft; various fraud/scam schemes, protection of identity to minimize theft. Hackers and internet security etc.
Assignment
Review and study for Test
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session with Colson on the topic of Commercial and Personal Loans, Colson was well focused and engaged in these topics. we reviewed Identity Theft schemes and methods of protection. These loan topics will be very useful to Colson who is expected to be a "future entrepreneur"!
Personal Loans and Commercial Loans: Definitions and examples of Personal Loans and Commercial Loans. Auto loans, mortgages, student/college loans etc. Commercial loans described as larger business loans. Definitions of loan Term, Principal, and Maturity Date. Explanation of "default" on a loan contract and the negative effect it has on Credit Rating etc.
Assignment
Finish questions pp. 215-216 and Read section on loan repayments.
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session on Personal Loans and Commercial Loans, Colson was very attentive and understood several key terms and concepts presented. These included loan Term, Maturity Date, Principal and Default.
Identity Theft/Scam Protection: Reporting of Identity Theft to Credit Card companies, banks etc. Identity Theft investigations and reimbursements for verified fraud and scam schemes. Legal consequences/penalties for convicted scammers and identity theft criminals. Identity Theft "insurance protection" covering multiple credit cards and bank accounts.
Assignment
Text problems, pp. 215-216 #3, 5a&b, 9.
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's lesson, Colson was very attentive and comprehended well the modes of identity theft protection and legal consequences for criminals convicted of scam schemes. This topic is considered to be very important for potential future planning and decisions that Colson makes regarding possible entrepreneurships that he may be involved with.
Credit Ratings and Credit Card Payments: Determination of credit rating/score based upon the financial borrowing/payment reliability record (history) of a borrower. Credit Card payments : Single payment without interest (pay full balance) or monthly payments called installments with interest charges.
Assignment
None
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
Colson was very attentive and well focused during today's important lesson on credit Ratings/score and methods of credit card payments involving an interest change.
Credit Card Fraud and Identity Theft: Several identity theft schemes: Phishing, Pharming, Skimming and Pretexting. Role of credit card companies in protecting customers and minimizing identity theft/fraud schemes: Consumer fraud (insurance) protection, "secure" cards and devices such as RFID shields etc. "Secure" transactions which prevent phishers and cyberattacks.
Assignment
Read pp. 212-213 Write answers to Questions 1,2 3, and 5a on p. 215
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
Colson was very engaged in our topic today regarding identity theft and credit card fraud/cyberattacks. He has indirectly become aware of these schemes due to a few identify theft and fraud schemes which unfortunately involved his family members as victims,
Credit Bureaus, Credit Score. and Identity Theft: Role of Credit Bureaus in determining the credit rating/credit score of a company or individual. Credit reports indicate the detailed analysis leading to a specific credit score. Identity Theft: Criminal "hackers" or hijackers who illegally obtain a credit card number or credit card account from an individual or company. Skimming , phishing , and pharming schemes.
Assignment
Read Text pp.208-212
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session. Colson was well focused on our topic of credit bureaus, credit reports , and identity theft. He realizes the immense importance of theft of credit card numbers and accounts, and I explained some of the various schemes which hackers engage to illegally obtain "secure" account information.
Credit Card Usage and Payments: IPaying full balance due vs partial installment payments over several months. Effects of credit card interest charges when a consumer or business pays late in several installments. Concept of defaulting on a credit card account and loans.
Assignment
Read Text pp. 225-227
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session on Credit payments and interest charges, Colson was well focused. We discussed the definition of defaulting on credit card accounts and the damage/lowering of a consumers' Credit Rating.
Credit Cards: Fundamental purpose and use of credit cards. Approval of credit cards based upon credit scores and income/employment status. Credit card charges and payments on a monthly basis. Interest charges for credit card balances paid late. Credit cards vs Debit cards. Major banks as "owners" of credit card companies. Store/retailer credit cards.
Assignment
Read text pp. 249-253
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session on Credit Cards and borrowing, Colson was very attentive and demonstrated some prior knowledge of usage of Credit Cards. We also discussed Credit Ratings, Credit card interest, and the significant differences between Credit Cards and Debit Cards.
Completion Risk and Credit Quiz: Half Period. Introduction to Credit Cards and Interest
charges with Credit Cards. Discussion of Banks as "parent companies" of numerous credit cards. Credit Rating and borrowing risk involved with issuing new Credit Cards
Assignment
Read Text Ch. 12 pp. 243-248
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session, Colson completed his Risk and Credit Quiz. He demonstrated familiarity and a clear comprehension of the new topic of Credit Cards purpose and
related payments/charges.
