Minecraft
Preparation
Lesson Narrative
Students analyze the mechanics of digital scams and the irreversible nature of peer-to-peer (P2P) payment networks like Venmo and Zelle. They will calculate FDIC insurance limits and formulate digital defense strategies utilizing two-factor authentication (2FA).
Learning Goals
• Evaluate the financial risks of using P2P payment platforms.
• Define the coverage limits of FDIC insurance.
• Implement 2FA and recognize common phishing tactics.
Student Facing Learning Goals
Let's figure out how to lock down our digital wallets and avoid getting scammed online.
Student Facing Learning Targets
• I can explain why Zelle and Venmo are dangerous for buying things from strangers.
• I can calculate if my money is fully protected by the FDIC.
• I can define Two-Factor Authentication.
Required Academic Standards
National Jump$tart Standards:
• Financial Responsibility and Decision Making (Standard 1): Take responsibility for personal financial decisions.
Glossary Entries
P2P Network: Peer-to-peer payment applications that transfer cash instantly with no buyer protection.
FDIC: Federal Deposit Insurance Corporation; a government agency that insures bank deposits up to $250,000.
2FA: Two-Factor Authentication; a security process requiring two different forms of identification.
Phishing: Fraudulent communication designed to trick a person into revealing sensitive data.
Lesson
Warm Up
6.10.1: The Venmo Mistake
Launch: Have students stand in randomized groups of 3 at vertical whiteboards. Present the prompt verbally. Give them 4 minutes.
Synthesis: Select two groups to share. Establish the baseline: P2P networks act exactly like handing someone physical cash. Once it is sent, it is gone forever.
Student Facing Task
Student-Facing Task: You see a concert ticket on social media for $150. The seller asks you to Venmo them the money first. You send the $150, but they block you and never send the ticket.
1. Can you call your bank to cancel the Venmo transfer and get your money back?
2. Why do scammers always ask for payment via Zelle, CashApp, or Venmo instead of a credit card?
Activity 1
6.10.2: The Bank Run
Launch: Keep students at whiteboards. Project the FDIC scenario. Give groups 8 minutes.
Synthesis: Have the class observe the boards. (Teacher Key: The FDIC insures up to $250k per depositor, per institution. The first $250k is safe. The remaining $50k is gone). Emphasize that you never keep more than $250k in one single bank.
Student Facing Task
Student-Facing Task: You sell a piece of real estate and deposit $300,000 cash into a single checking account. The next morning, the bank goes bankrupt and closes its doors forever.
1. Under federal FDIC limits, exactly how much of your money will the U.S. government refund you?
2. Exactly how much of your money is lost forever?
3. How could you have mathematically prevented this loss using two different banks?
Activity 2
6.10.3: 2FA Security
Launch: Present the security layer scenario. Give groups 8 minutes to analyze.
Synthesis: Facilitate a class debate. (Key: Without 2FA, the hacker only needs the password. With 2FA, they also need physical possession of the user's phone). Discuss why SMS 2FA is good, but authenticator apps are better.
Student Facing Task
A hacker correctly guesses your bank password because you used the same password for a gaming website that was breached.
1. If you have Two-Factor Authentication (2FA) turned on, what happens when the hacker types in your correct password?
2. Why does 2FA make a stolen password mathematically useless to a hacker located in another country?
Lesson Synthesis
Narrative: Bring the class back to their seats. Review the student-facing learning targets. Summarize: "Convenience is the enemy of security. P2P apps are incredibly convenient but offer zero consumer protection. Use credit cards for purchases, keep your bank balances under FDIC limits, and lock every account with 2FA."
Cool Down
6.10.4: P2P Liability
Narrative: This exit ticket serves as a formative assessment on payment liability. Teacher Rubric: A successful response must articulate that credit cards have federal fraud protection and allow chargebacks, whereas Venmo/Zelle operate like physical cash transfers with no legal recourse for scams.
Student Facing Task
You are buying a $500 laptop from a stranger on the internet. Mathematically and legally, why is it much safer to pay with a credit card via a secure merchant link rather than sending $500 through Zelle?