Staying safe · Module 4 of 4
Locking it down
Two-step sign-in, safer payments, protecting your identity, and what you share online.
Key terms in Locking it down
- Multi-factor authentication
Multi-factor authentication is a login method that requires two or more separate proofs of identity before an account opens, instead of a password alone. The proofs usually come from different categories, such as something known (a password), something held (a phone, app, or security key), or something physical (a fingerprint). It limits the damage when a password is stolen. Passcodes sent by text are generally considered the weakest form.
Source: Federal Trade Commission, Creating Strong Passwords and Other Ways To Protect Your Accounts
- Credit freeze
A credit freeze, also called a security freeze, is a free tool that restricts access to a person's credit report so that new credit accounts generally cannot be opened in that name. It is placed with each of the credit reporting agencies and does not affect the credit score. The owner can lift it temporarily, for example when applying for a loan, and place it again afterward.
Source: Federal Trade Commission, Credit Freezes and Fraud Alerts
- Wire transfer
A wire transfer is an electronic movement of money from one person or business to another, sent through a bank or a money transfer service such as Western Union or MoneyGram. Wires are usually fast and are treated much like cash, so once the money is picked up or deposited, it generally cannot be recovered. Scammers favor them for that reason, which is why consumer agencies flag them in fraud warnings.
Source: Federal Trade Commission, What To Know Before You Wire Money
- Identity theft
Identity theft occurs when someone uses another person's personal or financial information without permission. The information involved can include a name, Social Security number, bank or card account number, or insurance details. Thieves may use it to make purchases, open new accounts, file a tax return, or obtain services in the victim's name. In the United States, victims can report it to the Federal Trade Commission at IdentityTheft.gov.
Source: Federal Trade Commission, What To Know About Identity Theft
Every term on Lever is in the money glossary.
About this module
Locking it down is part of Staying safe, one of 15 subjects in Lever. It’s a short run of 6 lessons, about 15 minutes in all, so you can finish it in one sitting.
Every lesson takes one idea at a time. You read it with the math worked out step by step, answer a question that puts it to use, then see why the right answer is right and why the others aren’t.
It’s for anyone who was never taught this, and you don’t need to know anything first. Every lesson is free. Lever works out what you already know, so you can start here or let your path bring you to it.
More in Staying safe
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1
Before you hand anything over
How to spot a scam, phishing messages, fake friends and “pay to get paid” offers, and what to do right after you’ve paid.
7 lessons -
2
When something smells wrong
Ponzi and pyramid schemes, misleading numbers, fake investing apps, and services built to be hard to cancel.
6 lessons -
3
When the deal is the trap
Legal deals designed to work against you, like rent-to-own and loans that hide their real cost.
5 lessons
Try this module
It’s part of Staying safe. Lever will bring it to you when you’re ready, or you can go straight there.