Answer: Wire Transfer

Questions:

• Why do you think this is the easiest method for scammers to receive money?
  • How can you avoid getting caught up in this kind of situation?
• Can you get your money back once you have wired it to someone who you later discover is a fraud? 
  • Go to Bank Wire Transfer Safety to get your answer
• Do you generally feel safe sending money via Paypal/Venmo? Explain your answer. 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Consumer Sentinel Network Data Book 2018):

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.