The online world can be a dangerous place for anyone. It seems like no one is exempt from falling prey to scams these days, no matter how prepared they are. From seniors to adults and teenagers, scammers target everyone.
However, there’s one particular group that is especially vulnerable to online scams — and that is college students. This is not to say that students necessarily fall for every fraudulent scheme out there, but there are definitely a few they need to be aware of.
Lack of financial experience, high online activity, financial pressure (especially combined with loan debt), and desire for quick solutions are the most common reasons why students don’t think twice about clicking a link or transferring money to, let’s say, a potential employer.
But what scams do college students frequently become victims of, and how can they protect themselves?
4 Most Common Scams Targeted at College Students
Fake Apartment Listings
Not all college students automatically qualify for or are eligible to live in on-campus dormitories. For this reason, fake apartment listings are a prevalent issue that some students fall for. This scam starts with an ad or email that advertises housing at a suspiciously low price. Some students, especially those actively looking for a place to live during their studies, usually find this an incredible opportunity to cut down costs.
Little do they know, however, that this is a scam. Con artists typically ask for an upfront payment to “book” an apartment or house, only for a student to later realize that they’ve been tricked.
How to protect yourself from fake apartment listings
- Carefully examine the offer. It’s a good idea to reverse search the address of the property you’re being offered to see who actually owns the place and find their contact information.
- Beware of suspicious signs, such as too-good-to-be-true prices, high pressure to make a decision quickly, and requests for upfront payments.
- Never rent without viewing and always see the property first before making any payments.
Loan Forgiveness Scams
Loan forgiveness scams are a growing concern, especially for those struggling with loan debt. In this case, scammers prey on borrowers’ desire to eliminate or reduce their student debt. Understandably, this is a prevalent issue in the U.S., as more and more individuals have a hard time paying off their student loans even years after graduating.
This year, in 2024, the Federal Trade Commission refunded more than $4.1 million to people who lost money to scammers luring them with fake loan forgiveness claims. But is it possible to effectively protect yourself?
How to protect yourself from loan forgiveness scams
- Whenever you’re contacted by someone, do a background check on them. Don’t trust just anyone, and always verify the details they provide.
- Beware of red flags, such as upfront fees, guaranteed forgiveness, requests for sensitive information, or pressure tactics.
- Verify the program directly on the Department of Education’s website (studentaid.gov) to avoid scammers.
- Learn more about legitimate loan forgiveness programs. If something feels even slightly off, proceed with caution.
Fake Employment Offers
Some job seekers face fake employment offers at some point during their job-hunting process. Students, however, are especially susceptible to them, as they need to pay for books and supplies, housing, and other expenses, which aren’t always covered by parents.
But how do fake employment offers even happen? As a student, you may receive an email or just stumble upon a job offer that pays well and has enticing requirements. Everything seems great until you contact the employer and they require a payment in advance to complete the application process. Understandably, an individual who pays upfront never hears from that “employer” ever again.
How to protect yourself from fake job offers
- Stay away from jobs with too-good-to-be-true requirements, such as minimal or no experience required for high-paying roles, promises of huge earnings, generic job descriptions, or unprofessional communication.
- Carefully research the company that is offering you employment. Read their reviews from previous employees, and look for their official website and clear information about what they offer.
- Never make any payments in advance. A legitimate employer simply won’t ask you to do this.
Phishing
Phishing is one of the most common and well-known types of cybercrime that involves scammers sending malicious emails with links on behalf of legitimate individuals or organizations.
According to a Scamming higher ed: An analysis of phishing content and trends study by Ethan Morrow, 90% of students opened at least one of three phishing emails, and over half clicked on a link. First-year students have been shown to fall for phishing more compared to senior students, likely due to their lack of experience with online security threats.
But what makes phishing so dangerous? One of the reasons is that phishing attacks aim to collect individuals’ personal information, such as SSNs, credit card numbers, login credentials, or bank account details. Con artists can also install malware on the user’s device once the link is clicked on. All this may lead to financial losses, identity theft, and reputational damage in some cases.
How to protect yourself from phishing
- Examine the email for any red flags. Those usually include high-pressure tactics, poor grammar and spelling, impersonal tone, or generic greetings.
- Don’t click on links or attachments unless you’re one hundred percent sure the email came from a trusted individual.
- If after careful observation you’re still unsure whether you should interact with the email you received or not, contact the individual directly and ask them about the content of the email in question.
- Don’t provide any sensitive information, even if the email seems legitimate. Go the extra mile to avoid becoming a victim of identity theft or losing your hard-earned money.
Summing Up
Students can fall for many different scams, including fake apartment listings, loan forgiveness scams, fake employment offers, and phishing emails.
It’s important to be vigilant in order to avoid falling prey to any fraudulent scheme, whether big or small. The repercussions vary, from identity theft to losing money. To prevent this, it’s important to learn how to spot a scam.