How Can You Protect Financial Resources - Financial Literacy - أول ثانوي

lessen الايال Link to www.lem.edu.sa How could you be affected if another person new your social media and bark passwords? وزارة التعليم 132 Financial Literacy 4.4 How Can You Protect Financial Resources? Learning Objective Once you have completed this lesson, you should be able to: ■ identify ways you can protect your financial resources ⚫ explain the key points of the "Be Careful Campaign". Key Terms Two-factor authentication (2FA) Hacker Phishing Phisher Identity theft Fraud Do you leave your front door wide open when you go on vacation? Do your parents leave the keys in their car when they are at work? It is important to make sure that you keep your assets safe to protect them from theft or misuse.

Protecting Financial Wealth In the same manner, you must also protect your financial wealth. There are a number of steps you can take to avoid losing your money. ⚫Deal only with financial advisers and financial institutions that you know and trust. Before working with a new financial adviser, research his or her background. Research can be done by: • asking friends, colleagues, and families for recommendations asking for recommendations from trusted organizations such as the Tadawul using online review forums. Be aware of the economy and how it affects your personal finances. It is your responsibility to know when to ask questions and make decisions about your investments. You can do this by: reading and watching news from reliable sources reading trade and business journals related to your investments understanding the wider global economy and how it affects investments. Keep good records and verify account balances regularly. This can be done by: ⚫using electronic record-keeping methods downloading apps from your bank and trading accounts setting aside a regular weekly time slot to review your finances. Keep your monthly statements in a safe place: if your statements are paper based, keep them in a locked drawer or filing cabinet if your statements are online, make sure your computer and any files have strong passwords. Guard your passwords for online banking and investment accounts. Ensure: + they are not easy passwords to guess, such as "1234" or your name the same password is not used for your online social media and recreation accounts the password is not written down and accessible to others you never share your password or login with others you use Two-factor authentication (2FA) where available Two-factor authenucation FA an extra layer of security which requires another form of identification to a password, such as a fingerprint or security app on your mobile phone وزارة التعليم 20175-1445 CHAPTER 4 Investing 133

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Methods of Fraud There are a number of ways in which people try to deceive others into giving them money. Fraud is a crime, and it can sometimes be extremely difficult to retrieve money that has been illegally taken by fraud. The best way of protecting your money is being aware of the most common methods of fraud. Phishing You should also be aware of phishing scams. Phishers and hackers send email messages posing as your friends, family members, bank, or other legitimate businesses. The messages may ask you to verify private information, such as: ⚫ bank account numbers ⚫ bank card numbers ⚫ security details like passwords or secret answers. Do not respond to such an attempt to get personal information. Banks and legitimate companies do not ask for this information via email or even by telephone. Identity Theft If you give your financial information to these phishers, you may become a victim of identity theft. Those who get your personal infor- mation may be able to apply for new financial products in your name, or withdraw money from your accounts. There are both short- and long-term problems which can be caused by identity theft. Some common short-term issues are: Pushing a common Internet scam that uses email messages to deceive you into disclosing personal Information Phish an attacker pretending to be a reputable business or person un email messages or other forms of communication Hackar someone who uses a computer system to gain unauthorized access to another system for data Identity hall the use of your personal Information by someone else without permission to commit fraud or other crimes loss of money from your accounts • inability to pay for short-term costs (e.g. food and rent) loss of time contacting banks and other financial institutions to stop the identity theft changing bank and financial details to prevent further misuse. وزارة التعليم 2071-1445 CHAPTER 4 Investing 135

Freud the crime of deceiving people In order to get money from them وزارة التعليم 136 Financial Literacy Some common long-term issues are: ⚫ financial: Victims may face difficulty in applying for future bank loans and mortgages. emotional: .There may be blame within the family for not being careful enough, or due to the impacts of the identity theft. social: ⚫ Hackers who gain access to your social media can damage your reputation by posting fraudulent comments online. Staying careful Staying careful online can be difficult even for people who are wary of technology and do not trust it. For young people who have grown up with mobile technology and are comfortable with its use, it can be even easier to be caught unawares by fraudulent activity. Social Engineering How confident are you that a message is genuine when you are con- tacted by email or social media? Criminals are very good at manip- ulating people into sharing sensitive information such as their bank account details. The "Be Careful Campaign" aims to raise awareness of how fraud is carried out in order to help all Saudi citizens to protect themselves from these dangers. Five Tricks That Fraudsters Use Research carried out by Saudi financial institutions has created a five- point guide which shows how a fraudster can use social engineering to commit fraud. The five tricks that fraudsters use are: ⚫ impersonation: Criminals may pretend to be a professional such as a lawyer, doctor, or bank employee in order to impress you with a title. ⚫ study of behavior: They may study your behavior in order to gain insight into your personality and find ways to deceive you taking advantage: Customers need services and commodities, and these needs can be taken advantage of by criminals.

use of emotion: Criminals may use emotional tactics to persuade you. requesting personal information: They may request sensitive data such as personal information or bank details. How to Identify a Potential Fraud When an unknown caller or an unknown email address tries to make you open links by promising things which are too good to be true, it is likely to be a scam. Things to look out for are: Unasked for and free advice Completion of a service that you did not request Promises of unbelievably Indicators high profits of fraud Fake or poorly laid out web links Unknown callers asking for security information Expensive Items for sale at very low prices Letters from unknown people If an email message has many spelling mistakes, you must be careful. Professional organizations make sure spelling, grammar, and the layout is perfect before any messages are sent. A poorly worded message is an indication a message is fraudulent. وزارة التعليم 1071-1445 CHAPTER 4 Investing 137

وزارة التعليم 138 Financial Literacy LOOKING AHEAD 宁 It is very important to think about security when dealing with finances. What steps can you take to develop your financial security? Think about: What steps can you currently take? 2. What areas of your financial and online security could be strong- er? 3. What are the best methods of securing your finances and online security? Review Questions Choose the correct answer. 1. It is important to have different passwords for social media and financial services. a. true b. false 2. Phishers may use your stolen data to: a. open new bank accounts b. steal your money c. go on vacation with your friends d. post false messages on your social media accounts. 3. Which of the following is NOT a type of long-term issue that may be caused by identity theft? a. hnancial b. emotional c. social d. spatial 4. You should choose a password that is simple and easy to remember. a. true b. false 5. 2FA requires a fingerprint or security app in addition to a password. a. true b. false