Econ test 2 chpt7

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Econ test 2 chpt7
2012-02-27 10:28:29

chapter 7
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  1. credit
    funds provided by a creditor to a borrower that will be repaid by the borrower in the future with interest
  2. non-installment credit
    credit provided for a short period, such as department store credit
  3. installment credit
    credit provided for specific purchases with interest charged on the amount borrowed
  4. revolving open-end credit
    credit provided up to a specific maximum amount based on income and credit history. interest is chagred each month on the remaining balance
  5. credit reports
    reports provided by credit bureaus to document a persons credit payment history
  6. identity theft
    theft that occurs when an individual, without permission, uses your identifying information for his or her personal gain
  7. shoulder surfing
    tactic used when an identity theif stands close to you in a public place and reads the number of your credit card as you conduct business
  8. dumpster diving
    tactic used when an identity theif goes through your trash for discarded items that reveal personal information that can be used for fraudulent purposes
  9. skimming
    tactic used when a store employee steals your credit card number by copying the information contained in the magnetic strip on the back
  10. pretexting
    tactic used when an identity theif poses as an employee of a company with which you conduct business, to solicit your personal information
  11. phishing
    tactic used when pretexting happens online
  12. pharming
    similar to phishing but targeted to larger audiences; tactic that directs users to bogus web sites to collect their personal information