FDIC Consumer News - Winter 2018
A Final Exam: Test Your Money Management IQ
A quiz based on tips and information in this issue
- As a security precaution if the mobile phone with your banking app is lost or stolen, experts recommend setting the screen on the phone to lock after a certain amount of time.
- The terms “phishing” and “smishing” refer to fraudulent emails and text messages, respectively, that are intended to trick consumers into divulging information such as usernames and passwords that can enable identity thieves to access bank accounts.
- The term “skimming” refers to when criminals attach high-tech recording devices and tiny cameras on or around automated teller machines (ATMs) and store checkout registers in order to steal consumers’ credit or debit card account numbers and personal identification numbers (PINs).
- Money that you put into your safe deposit box at a bank is insured by the FDIC.
- Your “credit report” and your “credit score” are two names for the same thing.
- Recent changes have given consumers more time to resolve billing issues with medical providers and insurers before the debt owed appears as negative information in their credit reports.
- If you apply for a mortgage loan to buy or refinance a home you are generally required by the lender to pay for an appraisal, which is an independent estimate of the “fair market” value of the property.