Truth Behind Numbers

Common Financial Scams Targeting College Students

Common Financial Scams Targeting College Students

A growing number of students are taking out cash loans as a way of funding their education and as a result, a new kind of identity theft is on the rise – student loan fraud. Financial scams targeting college students aren’t just causing a hindrance to the students but also to the government, with the government being approximately $187 million out of pocket, according to a survey conducted by the U.S. Department of Education.

Be Aware of Scams

So, what exactly are the top scams one should be aware of and how can you avoid becoming a victim? Below are some financial scams targeting college students as part of the scammer surge:

  • Fake Credit Cards – Students who are offered a credit card will usually jump at the chance. Many of the credit cards circulating will be fake and the sole aim of the people supplying them is to get personal information.
  • Tuition Scams – Everybody wants to get a good education if it means it leads them in the direction of a prosperous career, but a large portion of emails and calls from people who claim to be from the college admissions department will actually be fake. Students who are demanded to make payments for tuition or they will get dropped from the class should not panic and instead, check how legitimate the person on the other side of the phone/computer screen really is.
  • Advance Fees – Jobs, scholarships and student loans shouldn’t come with a service fee. Be wary if a suspicious person is requesting credit card details to confirm your scholarship place, because it is probably a scam.
  • Apartment Costs – Having an apartment is almost essential for students who don’t want to travel far to attend class. This gives scammers the perfect opportunity to pose as a landlord for a non-existent apartment and demand a deposit over the phone.
  • Stolen Social Security Numbers – Giving out your social security number could be disastrous. When stolen, a scammer can call the shots for the rest of your life. Remember – you may be able to cancel a stolen bank card, but not a social security card.

Tips for Avoiding Scholarship Scams

Now that you’re aware of the main financial scams targeting college students, you can take preventative measures to stop it from happening to you. Should you have doubts about scholarship offers, get in contact with government and consumer-protection organizations or investigation services, such as the general office of your state attorney. Scholarship scams can also be avoided if you perform free scholarship searches and recognize familiar rip-offs, such as services that claim to be “exclusive” or “guaranteed”.

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Call Veriti Consulting now to speak with a professional and trusted forensic accounting firm. Reach out and contact us today at (855) 232-4410.

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