Students are often prime targets for scammers, especially during the busy period of settling into a new academic year. With numerous financial tasks to manage, such as setting up bank accounts, new technology, payments, and loans, scammers may take advantage of students’ overloaded schedules and heightened expectations around financial communications.
According to a recent 2024 Student Living Index by NatWest, nearly a quarter of students have encountered delivery service scams, while one in 11 students have fallen victim to bank scams. Issues like social media account hacking, fake goods being advertised, and fake HM Revenue and Customs (HMRC) tax rebate scams are also on the rise.
The Student Loans Company (SLC) has issued a warning to students to be cautious, particularly during the autumn term when maintenance loan payments are received. Scammers often use phishing attacks to obtain personal or financial information, with fake online shops and emails offering exclusive deals being common tactics.
To help students detect and avoid scams, Tulsi Narayan, Mastercard’s senior vice president of cyber and intelligence in Europe, offers key tips. These include being wary of phishing attacks, avoiding imposters posing as legitimate entities, double-checking online session links, being cautious about sharing personal information on social media, segmenting home Wi-Fi networks, securing all devices, setting up account alerts for transactions, and monitoring bank statements regularly.
By following these guidelines, students can better protect themselves from falling victim to scams and safeguard their financial information during their academic journeys.