7 Scams for College Students to Avoid
As college students gear up for a new school year with tuition payments and supply purchases, it’s also a good time to stay alert to common scams targeting students. Understanding how these schemes work can help students protect their finances and personal information.
Whether you are starting school away from home or have young students who may be vulnerable to such scams, BBB recommends watching out for these financial scams before heading into the new semester.
Impostor scamscan take on many forms. One tactic used to get a student's personal information is a phishing email that claims to be from the school's "Financial Department." Messages via text or email may appear, instructing the student to click on a link provided in the email and log in with a student username and password.
Fake credit cards. Offers to apply for your first credit card are tempting to many students. Research the offers from the credit card flyers and the banking institutions before applying. Review the BBB tip on credit card scams.
Too-good-to-be-true apartment listings. It’s hard not to jump on a convenient apartment so close to campus, especially if it advertises affordable rent. It’s tempting to hand over credit card information online to lock in a great spot, but it’s always worth seeing the apartment in person before a money transfer. Read more aboutrental scams.
Identity theft. It’s a good idea to start practicing healthy money habits, and one such habit is regularly checking your credit report for unusual activity. Read BBB's article on how to know if someone stole your identity.
Scholarship and grant scams. Be wary of phone calls from companies guaranteeing they can help reduce loan payments or offer a hefty grant. Searching the company’s name online could bring up scam alerts or negative reviews from other consumers. Read our tips on scholarship scams.
Online shopping scams. Online purchase scams can be especially effective when set up through social media platforms and apps. Impostor scams are becoming increasingly common on social media. BBB has tips for smart shopping online and a page dedicated to online shopping tips and scam alerts.
Test preparation scams. Scammers pretend to be companies that can help students pass exams, but once students correspond with the company, the scammers use the messages to blackmail the students into sending funds out of fear of being expelled for cheating.