Scammers may believe students are easy targets, but recognizing student scams as they occur may help you prove them wrong and avoid becoming a victim.
- Scammers often target students with fake messages or offers designed to trick you into giving out your financial or sensitive personal information.
- To reduce risk, avoid offers that seem too good to be true and always verify requests by phone or by logging in to accounts directly rather than following links.
- If you think you've been the victim of a scam, act quickly by contacting your bank, freezing compromised cards, and reporting the incident to the Federal Trade Commission (FTC).
- To minimize damage and start recovering after a scam, review your finances, create or update your budget, and ask for help if you need it.
College life moves fast - between classes, part-time jobs, and figuring out dinner that’s not instant noodles, it’s easy to get distracted. Unfortunately, some people try to take advantage of that busyness by sending fake opportunities or tricky messages designed to get your personal or financial information.
The good news? A few simple habits may help you spot these situations early and protect your information.
Below are some of the most common misleading offers and requests aimed at students - and practical tips to help you stay one step ahead.
Fake Job or Scholarship Offers
If you come across a job listing that seems too good to be true or receive notification that you’ve been awarded a scholarship you didn’t apply for, you could be looking at a scam. The scammer may ask for personal information, such as your bank account information or Social Security number, or request an upfront “processing fee.” In reality, there is no job or scholarship.
How to protect yourself: Real jobs don’t require you to pay for training, equipment, or background checks. And real scholarships won’t ask for upfront fees. If something seems too good to be true, try an internet search with the company name plus “scam.” Check reviews and verify the organization is legitimate before sharing sensitive information.
Phishing Emails or Texts
A phishing message is designed to look like it’s from a trusted organization, such as your bank or a major retailer. It may claim there’s a problem with your account, a package waiting for you, or a problem that needs immediate attention. It includes a link that goes to a fake website, which steals your login credentials or personal information.
How to protect yourself: Don’t click on links in unexpected emails and texts. Instead, visit the company’s website by typing the company’s URL yourself. Check the sending address carefully and look for anything else that doesn’t seem right, such as spelling errors. If you’re still not sure, call the company using a verified phone number.
Online Shopping Tricks
This occurs when you find a great deal online, often from an obscure company. They may offer a deep discount, but once they get your money, the product never arrives or is nothing like what was advertised. By the time you realize it’s a scam, the website may have disappeared.
How to protect yourself: Stick to well-known retailers or sites with verified reviews. Use a credit card instead of a debit card for stronger fraud protection.
Rental Listings
Scammers may post apartments with great photos and below-market rent, then push you to send a deposit before you can visit in person. You send the money, and they disappear.
How to protect yourself: Never send money before seeing an apartment in person. Meet the landlord face-to-face and verify they actually own the property before making a deposit.
Social Media Traps
There are several types of scams on social media. Watch out for fraudulent giveaways or fake investment opportunities. These may come from the account of a friend or influencer after they’ve been hacked.
How to protect yourself: Don’t click on random links, even from someone you know. Be skeptical of posts promoting easy money, giveaways, or urgent requests to help. If a message from a friend seems out of character, reach out to them another way to confirm whether it’s really them.
Charity Scams
Charity scams are a type of imposter scam, a hoax that involves someone trying to pass themself off as someone they aren’t to gain your trust. In this case, the scammer poses as a representative of a charitable organization. They reach out, often by phone, and ask you to donate.
How to protect yourself: Tell the caller you’ll get back to them once you check your budget. Ask for their name and a callback number before you hang up. Check online to see if the charity is legitimate and if the phone numbers match.
Debt Collection Scams
Debt collection scams can induce anxiety, as scammers claim to be collecting on overdue debts. They may threaten legal action if you don’t immediately provide payment or your bank account information. In reality, no legitimate debt collection agency would ever demand you make hasty payments online or over the phone. They would submit documentation in writing.
How to protect yourself: Don’t panic. Check your records to see if you have outstanding debt with the company or financial institution that the collector is supposedly representing, and reach out to confirm any late or missed payments directly with the organization(s) involved.
Money Transfer or Mobile Payment Services Fraud
Sending and receiving money through a mobile payment app may be convenient, but it’s important to exercise caution: Scammers may try to trick you into sending them money by posing as someone you know or as a reliable party selling merchandise. You may think you’re purchasing an item, but that item never arrives. Or you think you’re sending money to a friend, but you’re actually sending it to a scammer who posed as a friend by creating a phony profile. Once you transfer funds to them, your money is gone.
How to protect yourself: Don’t buy or sell goods from companies or people you don’t know and trust using a mobile payment app. When sending money to a friend or family member, verify the person or business on the receiving end is who you think it is by confirming their username, email or phone number.
Romance Scams
If you engage in online dating, be wary of romance scams, or “catfishing.” A scammer may use an online dating service to start a relationship, build trust and then ask for money to allegedly help them pay off bills or make large purchases. These scams can be tricky to spot, but a good rule of thumb is that if something feels fishy to you, it probably is!
How to protect yourself: Never share your card number, bank account information, Social Security number or other personal information with other people — no matter what kind of spark you may feel.
Cryptocurrency Scams
If you lost money investing in cryptocurrency, be wary of any website promising a refund. Illegitimate sites may claim they can recover a certain portion of your lost investment — for a price. They’ll ask for your account numbers and login information under the guise of recouping your losses. In reality, they’re simply hoping to take control of your accounts or identity.
How to protect yourself: Don’t engage with any entity making such a promise.
One-time Password (OTP) Bot Attacks
Multi-factor authentication (MFA) should always be used when you set up an online account. By requiring a two-step process for account access — entering your password and then a one-time password or passcode (OTP) sent to your smartphone, for example — you add an extra layer of protection.
Unfortunately, cybercriminals have found ways to intercept OTPs. In short, they call or text you during your login process and, posing as a financial institution or other legitimate organization, ask you to enter the OTP you just received. If you provide the code, the scammer can access your account.
How to protect yourself: Use OTPs for login only. Never share them, or any other authentication information, with anyone via call or text.
Student Loan Forgiveness Schemes
Sometimes, instead of reaching out to you, scam websites wait for you to come to them. With student loan forgiveness at the forefront of many Americans’ minds, there has been a rise in the number of websites set up to steal Social Security numbers and other personal information from students applying for aid.
How to protect yourself: Never apply for aid or provide personal information through an unverified site. Refer to the Department of Education’s website for information on student loan forgiveness, including a list of legitimate governmental resources.
Free Gift QR Code Tricks
With the use of QR codes on the rise, scammers have a new way of stealing personal information: In print materials, they tamper with the codes, usually by pasting a fake code over a real one. Electronically, they text or email you a QR code and say you’ve won a free gift (usually money or merchandise). All you have to do to claim that gift is scan the code! Spoiler alert: There is no gift. The QR code will take you to a malicious site that accesses your personal information through the financial apps on your phone.
How to protect yourself: Never scan QR codes or click on links from people or businesses you don’t know.
Bank Impersonation Attempts
Bogus bank fraud warnings were the most common form of texting scam reported to the Federal Trade Commission in 2022. This type of text would appear to come from your bank and convey a sense of urgency for you to verify a large transaction. If you reply yes or no to the charge, you get a phony call from a scammer posing as a representative of the bank’s fraud department. They try to con you into providing account information, your Social Security number, etc., to resolve the issue. Similar hoaxes can be initiated by phone or email.
How to protect yourself: If you receive a suspicious message or call, don’t engage. Contact your bank using a verified, published number and ask whether the message legitimately came from them.
What to Do if You Shared Information By Mistake
If you've been the victim of a scam, it may negatively affect your finances or credit. Taking these steps may help limit the damage and put you on a path to recovery.
- Secure your accounts: Start by changing passwords for your bank, financial institutions, and email right away. If any accounts were potentially compromised, contact the institutions directly and request a freeze on cards and transfers.
- Review your finances: Review all recent bank and credit card activity for unauthorized transactions and report anything that looks suspicious. Consider checking your credit report to ensure no accounts have been opened in your name.
- Create or revisit your budget: If you don't have a budget, now is a good time to create one. Otherwise, review your current budget and adjust spending as needed to help offset any losses.
- Seek support: Your school's financial aid office may offer short-term help, such as emergency grants, or provide access to free tools for budgeting or credit repair.
How To Report a Scam
If you accidentally fall prey to a scam, you can take action for yourself as well as to protect others.
Do this for yourself: If you suspect any of your card numbers have been compromised, immediately reach out to the bank or financial institution that issued the card to (1) report the fraud, (2) review recent purchases and inform them of any that are fraudulent, and (3) freeze the card so no further purchases can be made.
If you fear that any of your personal information, particularly your Social Security number, has been compromised, report the situation to the Federal Trade Commission at IdentityTheft.gov. After providing the necessary details, they will reach out to you with a personalized plan to protect your identity and reduce any potential damage that may result from the fraud in question.
Also, notify the three credit reporting bureaus (Experian, Equifax, and TransUnion) that they should place a fraud alert on your credit report. A fraud alert lets lenders know that you may be a fraud victim and that they should take extra steps to verify your identity before granting new credit.
Do this for others: When you report your fraud experience to the Federal Trade Commission, you can help protect others from falling victim to similar fraud. Visit ReportFraud.ftc.gov
