Economic Crimes Security Education Primary 6 Third Term Lesson Notes Week 10

Subject: Security Education

Class: Primary 6

Term: Third Term

Type: Lesson Notes

Week: Week 10

Topic: Economic Crimes

Previous Lesson

• Punishment for Crimes like Advanced Fee Fraud, Money Laundering, Forgery, Terrorism etc

Learning Objectives:

• To understand the meaning of economic crimes and the types of economic crimes that occur in Lagos State.
• To develop skills for identifying and reporting economic crimes.
• To learn about the consequences of economic crimes and the measures taken to prevent them

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Embedded Core Skills:

• Critical thinking skills
• Analytical skills
• Communication skills
• Research skills

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Learning Materials:

• Whiteboard and markers
• Handouts on the different types of economic crimes
• Case studies on economic crimes in Lagos State
• Videos on economic crimes in Lagos State
• Computer and projector for displaying videos

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Content

Economic Crimes

Fraud is a type of economic crime that involves deceiving people or companies for financial gain. Examples of fraud include Ponzi schemes, where people are promised high returns on their investments but the returns are paid from the investments of other investors, and phishing scams, where criminals trick people into giving them sensitive information such as bank account numbers and passwords.

Embezzlement is another type of economic crime where a person in a position of trust, such as an accountant or a company executive, steals money from the organization they work for. They might do this by manipulating financial records, creating fake invoices or receipts, or simply taking cash or checks.

Money laundering involves disguising the proceeds of illegal activities, such as drug trafficking or human trafficking, as legitimate funds. Criminals will typically set up front businesses or shell companies to help them move the money around and make it appear legitimate.

Cybercrime involves using the internet to commit economic crimes, such as hacking into computer systems to steal data or funds. Cybercriminals can also use malware or ransomware to lock up computer systems and demand payment for their release.

Corruption is a type of economic crime that involves abusing one’s position of power for financial gain. For example, a government official might demand bribes in exchange for awarding contracts or issuing permits.

It’s important to understand that economic crimes can have serious consequences for individuals and society as a whole. They can cause financial losses for victims, harm the reputation of organizations, and weaken the economy. That’s why it’s important to report any suspicious activity to the authorities and to always be cautious when dealing with financial matters.

Common Economic Crimes in Nigeria

1. Fraud: Fraud is a criminal offense that involves deceiving people or companies for financial gain. Examples of fraud in Nigeria include advance fee fraud, popularly known as “419,” where individuals or companies are promised high returns on their investments but the returns are paid from the investments of other investors.

2. Money Laundering: Money laundering involves disguising the proceeds of illegal activities, such as drug trafficking or human trafficking, as legitimate funds. Criminals will typically set up front businesses or shell companies to help them move the money around and make it appear legitimate.

3. Cybercrime: Cybercrime involves using the internet to commit economic crimes, such as hacking into computer systems to steal data or funds. Cybercriminals can also use malware or ransomware to lock up computer systems and demand payment for their release.

4. Embezzlement: Embezzlement is a type of economic crime where a person in a position of trust, such as an accountant or a company executive, steals money from the organization they work for. They might do this by manipulating financial records, creating fake invoices or receipts, or simply taking cash or checks.

5. Corruption: Corruption is a type of economic crime that involves abusing one’s position of power for financial gain. For example, a government official might demand bribes in exchange for awarding contracts or issuing permits.

6. Ponzi Schemes: Ponzi schemes are fraudulent investment schemes that promise high returns to investors, but the returns are paid from the investments of other investors rather than from actual profits. These schemes can collapse when there are no more investors to recruit or when the scheme is exposed.

7. Insider Trading: Insider trading involves using confidential information to make stock trades that will benefit the trader. This is illegal because it gives the trader an unfair advantage over other investors.

Evaluation

1. What is economic crime?
a) Crimes that are committed for financial gain
b) Crimes that are committed for personal gain
c) Crimes that are committed for political gain
d) Crimes that are committed for revenge

Answer: a

2. What is fraud?
a) A type of economic crime that involves stealing money from an organization
b) A type of economic crime that involves disguising the proceeds of illegal activities as legitimate funds
c) A type of economic crime that involves deceiving people or companies for financial gain
d) A type of economic crime that involves using confidential information to make stock trades

Answer: c

3. What is money laundering?
a) A type of economic crime that involves stealing money from an organization
b) A type of economic crime that involves disguising the proceeds of illegal activities as legitimate funds
c) A type of economic crime that involves deceiving people or companies for financial gain
d) A type of economic crime that involves using confidential information to make stock trades

Answer: b

4. What is cybercrime?
a) A type of economic crime that involves stealing money from an organization
b) A type of economic crime that involves disguising the proceeds of illegal activities as legitimate funds
c) A type of economic crime that involves using the internet to commit crimes
d) A type of economic crime that involves using confidential information to make stock trades

Answer: c

5. What is embezzlement?
a) A type of economic crime that involves stealing money from an organization
b) A type of economic crime that involves disguising the proceeds of illegal activities as legitimate funds
c) A type of economic crime that involves using the internet to commit crimes
d) A type of economic crime that involves using confidential information to make stock trades

Answer: a

6. What is corruption?
a) A type of economic crime that involves stealing money from an organization
b) A type of economic crime that involves disguising the proceeds of illegal activities as legitimate funds
c) A type of economic crime that involves using the internet to commit crimes
d) A type of economic crime that involves abusing one’s position of power for financial gain

Answer: d

7. What are Ponzi schemes?
a) A type of economic crime that involves stealing money from an organization
b) A type of economic crime that involves disguising the proceeds of illegal activities as legitimate funds
c) A fraudulent investment scheme that promises high returns to investors
d) A type of economic crime that involves using confidential information to make stock trades

Answer: c

8. What is insider trading?
a) A type of economic crime that involves stealing money from an organization
b) A type of economic crime that involves disguising the proceeds of illegal activities as legitimate funds
c) A type of economic crime that involves using the internet to commit crimes
d) A type of economic crime that involves using confidential information to make stock trades

Answer: d

9. Why is it important to report economic crimes?
a) To prevent financial losses for victims
b) To help organizations maintain their reputation
c) To protect the economy
d) All of the above

Answer: d

10. Which of the following is not a common economic crime in Nigeria?
a) Fraud
b) Money laundering
c) Terrorism
d) Corruption

Answer: c

Lesson Plan Presentation

Title: Economic Crimes in Nigeria

Objective:
To educate students on the various types of economic crimes in Nigeria and their consequences, and to equip them with the knowledge and skills to identify and report any suspicious activities.

Materials Needed:
– Whiteboard and markers
– Handouts on the different types of economic crimes
– Case studies on economic crimes in Nigeria
– Videos on economic crimes in Nigeria
– Computer and projector for displaying videos

Introduction:
– Begin by asking the students if they have ever heard of the term “economic crime.”
– Discuss with them what they think it means, and if they can provide any examples of economic crimes.
– Explain to the students that economic crimes are criminal activities that are committed for financial gain, and that they can include fraud, embezzlement, money laundering, cybercrime, and corruption.

Body:
1. Types of Economic Crimes:
– Explain the different types of economic crimes and provide examples for each one.
– Use case studies and videos to illustrate the different types of economic crimes in Nigeria.
– Highlight the consequences of these crimes for individuals, organizations, and the society at large.

2. Prevention and Reporting:
– Discuss ways in which economic crimes can be prevented, such as creating a culture of transparency and accountability in organizations, and educating people on how to identify and avoid fraudulent activities.
– Emphasize the importance of reporting any suspicious activities to the appropriate authorities and provide information on how to do so.

Conclusion:
– Summarize the key points discussed during the lesson.
– Encourage students to ask questions and clarify any doubts they may have.
– Provide handouts on the different types of economic crimes for the students to take home and review.

Assessment:
– Ask the students to complete a short quiz or worksheet on the different types of economic crimes and their consequences.
– Monitor students’ participation during the class discussion and group activities.

Homework:
– Ask the students to research and report on a case of economic crime in Nigeria.
– Ask them to identify the different types of economic crimes committed, the consequences for the victims and society, and the measures taken to prevent and prosecute such crimes.

Possible follow-up activities:
– Invite a guest speaker from a law enforcement agency to speak to the class about economic crimes and their prevention.
– Organize a field trip to a court or law enforcement agency to observe how economic crimes are prosecuted and investigated.
– Encourage the students to share their findings on the economic crime case study they researched with the class.