Scams that target college students
If you're going away to college for the first time, congratulations! This is a massive step in your life, and it can be scary at times. You will meet new people, learn lots of new things, and become even more independent. However, some responsibilities come along with this freedom.
One of those responsibilities is protecting your financial and personal information from being stolen or hacked into by scammers. Sadly, there are financial scams and fraud everywhere online, including social media.
Check out some ways to protect yourself from scams as you head into this new phase in life.
1. Verify Apartment Rentals and Roommates
Getting the chance to live on your own is another exciting part of college. But, it can be risky as well. Be careful when choosing an apartment or roommates, especially if you plan to live outside the dorms.
Avoid any listings that appear too good to be true or ask for a deposit before taking a tour. To avoid scams, you should always thoroughly vet the rental listing, meet the landlord in person, and see the property before taking additional steps.
If you are scammed, there are several actions that you can take, including:
Contact local authorities
Report the scam to the Federal Trade Commission (FTC)
File a complaint with the Internet Crime Complaint Center (IC3)
2. Check Your Credit Report for Fraudulent Activity
You'll also want to regularly check your credit report for fraudulent activity and identity theft to ensure your debit card hasn't been compromised. When you look at your report, make sure you keep an eye out for the following things:
Incorrect personal information
Inquiries from lenders you don't recognize
New accounts you never opened
Credit utilization increases
Inaccurate public records
If you find inaccurate information on your credit report, contact the credit reporting agency and initiate a dispute.
3. Be Wary of Shopping Scams Online and Through Social Media
Since shopping online is unavoidable, you'll want to protect yourself by only dealing with genuine online shopping platforms. One red flag to look for is being asked to provide your personal information like passwords, PINs, and secret words. You can also ensure that the website has "HTTPS" at the beginning of the URL.
4. Use the BBB Scam Tracker for the Latest Scam Trends
It's hard to get scammed when you're aware of the latest scams going around and what mobile apps and sites to avoid. The BBB scam tracker is a handy tool for checking the latest scam trends in your area. You'll want to use it regularly, so you're protected.
5. Purchase Your Textbooks From Authorized Bookstores
You can get scammed when you buy from unauthorized bookstores. Even if a site claims to have your textbooks for a lower price, always make sure it's a legitimate source. They might be fake, and not only will you not get the school supplies you need, but your debit card and personal information could also be in jeopardy.
6. Verify Where to Pay Your Tuition
You'll always want to double-check your school's tuition payment details before paying anything, especially when making online transactions. Some scammers create fake university sites that they use to prey on unsuspecting students and parents.
You can take precautions through the following ways:
Verify the recipient, their website, and how they accept payments.
Avoid linking your checking account.
Use additional security measures like two-factor and biometric authentication when possible.
Verify SSL encryption.
Don't reuse passwords.
7. Proceed With Caution if Someone Offers to Reduce Your Student Loan Payments or Give You Unsolicited Grant/Scholarship Money
Scams targeting college-bound students are rising, with some victims losing thousands of dollars after being targeted online. These scams usually offer a student a complimentary service or grant money in exchange for paying a processing fee. Some of these "processing" fees can be as high as $500.
If you see something that sounds too good to be true, it probably is.
For example, if you see a message on social media offering to reduce your student loan payments or increase your grant/scholarship money, and the only thing required is personal information like your email address and social security number, proceed with caution. You should delete these messages right away.
8. Report Any Suspicious Activity or Scams to Relevant Authorities
Lastly, it's important to report suspicious activity or scams to relevant authorities like the police, bank, credit card company, and the Bureau of Consumer Protection as soon as possible following a fraudulent encounter. Doing this helps protect you and other students from it happening again. Even better, they may catch the person doing the scamming.
Going to college can be both exciting and scary in ways. Stick to these tips and you'll have a better chance at protecting yourself from fraudsters.