Consumer Protection: Identifying Scams and Fraud

The video discusses financial literacy, focusing on consumer challenges with businesses and financial institutions. It highlights the roles of the Better Business Bureau and the Consumer Financial Protection Board in protecting consumers from misinformation and unfair practices. The video also touches on the regulation of securities and insurance to ensure consumer protection.

What is the primary role of the Better Business Bureau?

• To provide loans to consumers

• To invest in stocks

• To log complaints against businesses

• To sell insurance

What might you do if a purchased product under warranty is not repaired?

• Contact the Better Business Bureau

• Ignore the issue

• Sell the product

• Repair it yourself

How does the BBB rate businesses?

• Based on their profit margins

• According to their stock value

• By their number of employees

• Through consumer complaints and legitimacy

What can lead to a business receiving a low rating from the BBB?

• Not responding to complaints effectively

• Lack of a physical storefront

• High employee turnover

• Poor customer service

What led to the creation of the Consumer Financial Protection Board?

• New laws in consumer technology

• The banking crisis of 2011

• International financial regulations

• The stock market crash

What historical issues have led to financial exploitation?

• Technological advancements

• Global warming

• Over-regulation of businesses

• Lack of consumer education

What does the Consumer Financial Protection Board aim to prevent?

• Misinformation in financial products

• Export tariffs

• Corporate mergers

• Tax evasion

What type of loans are known for having high interest rates?

• Business loans

• Student loans

• Payday loans

• Mortgage loans

Which type of financial product is heavily regulated to ensure consumer protection?

• Cryptocurrencies

• Insurance

• Commodities

• Real estate properties

What is a major function of state-level regulatory bodies?

• To provide business loans

• To ensure insurance companies pay out claims

• To manage public education

• To oversee healthcare