Scams targeting college students: How to keep yourself safe

College is a time to further your education and dive into new experiences. For many students, living away from home also means taking on added responsibilities and learning how to stay safe. Protecting personal and financial data is especially important for college students who may be targeted by identity thieves. Learn the top scams college students and their parents should watch out for, how to keep yourself safe and how to contact your bank and report the crime if you do become a victim.

Common scams targeting college students

As you manage tuition, housing and other expenses, you may be increasingly targeted by sophisticated scams. Understanding the most common schemes can help you protect your finances and personal information.

Student loan scams

You may receive solicitations for student loans with interest rates or payback terms that appear "too good to be true." Scammers send these letters, texts and emails looking to steal personal information from unsuspecting applicants. Another common scheme involves fraudsters offering debt relief for current student loans, but only after an upfront payment is made.

Scholarship and financial aid scams

Imposters may contact college students to inform them that they've received a financial award or scholarship. They will then attempt to steal bank account information from the student by promising to send money directly to the student's account.

Unpaid tuition claims

College students may receive letters or texts stating that they have an outstanding tuition balance due. In this situation, scammers are attempting to take advantage of students or parents who want to avoid negatively impacting their credit score due to late payments. Hackers will ask students to provide credit card or bank account data to satisfy the unpaid balance and then use this information to commit fraud.

Housing scams

Fake landlords may post ads for student housing. This scheme targets students who are not able to view the property prior to the start of the semester. The so-called landlords will pressure the student to send a payment to secure an apartment that does not exist.

Test prep services scams

College admissions are competitive, and every student wants to make their best effort to get into the right school. Bogus companies attempt to take advantage of students and their parents with false claims of successful test prep services. These companies ask for a credit card prior to sending out test prep materials. After a payment is made, the materials are never received.

Selling scams

College students may fall prey to the promise of cheap concert tickets, textbooks or dorm furnishings. Money will change hands, but the fraudster fails to provide the goods. The tickets turn out to be fakes, the dorm room is empty when you arrive or the campus bookstore has no record of your order.

How to keep yourself safe from student scams

Parents and students should take precautions to identify scammers before you hand over money or personal information. Taking a few simple precautions can go a long way in keeping your personal and financial information safe.

Protect your privacy:

• Don't post your home address, birthdate or phone number online, especially on social media.
• Keep digital information safe by staying vigilant. Don't share an ATM password or write it down and leave it where someone strolling into your dorm room might find it. Know where your laptop is at all times (and who has access to it).
• Refrain from transmitting sensitive information when using public Wi-Fi networks.
• Learn how to avoid debit and credit card fraud. Never provide a credit card number, information about checking accounts or a Social Security number to an unsolicited caller or texter.

Watch out for unsolicited offers and phishing scams:

• Get in touch with the issuing foundation directly to confirm the details if you receive a scholarship offer.
• Call your school's bursar or registrar's office directly to confirm if you receive a late tuition notice.
• Contact your federal student loan servicer or the bank that gave you the loan for letters claiming you have unpaid student debt.
• Research property management companies and landlords prior to signing a lease.
• Verify independent sellers and shipping companies when shopping online.

Properly dispose of personal information:

• Shred any personalized credit card offers that come in the mail.
• Don't leave personal documents like your birth certificate, Social Security card or passport lying around in your dorm room. Find a way to secure the documents or leave them at home until needed.

Trust your instincts:

• Be cautious of time-sensitive requests. Don't fall prey to the sense of urgency that scammers try to create to get you to act on impulse or not think things through. Most reputable organizations need to provide adequate notice and time for recipients to respond.
• Ask callers to identify their company. If you're unsure about the legitimacy of an offer, request additional information to help you research the scholarship, student loan offer or test prep service.
• Remind yourself that if an offer seems too good to be true, it probably is.

Act immediately if you've fallen victim

If you suspect you've fallen victim to a scam, it's important to act quickly to limit the damage and increase the chances of recovering any lost funds. Here are the steps to take:

1. Contact your bank or credit card company: If you provided your banking details, made a payment or shared your credit card information with a scammer, reach out to your bank or card issuer right away. They may be able to stop a pending transaction, reverse fraudulent charges or freeze your account to prevent further unauthorized activity.
2. Report the scam to the authorities: File a report at ReportFraud.ftc.gov. This helps authorities track and shut down widespread scams. If the scam was tied to your school, notify your university's financial aid office or student affairs department. For significant financial losses or identity theft, filing a police report may be required for bank reimbursement or to support fraud investigations.
3. Alert credit bureaus and set up a fraud alert
   If your personal information (like your Social Security number) was compromised, contact one of the three major credit bureaus (Experian, Equifax, or TransUnion) to place a fraud alert on your credit file. This makes it harder for scammers to open new accounts in your name.
4. Document everything: Save all emails, texts, receipts, screenshots or records of transactions related to the scam. These may be useful when filing claims or reports.
5. Warn others: Scammers often target students through social media or campus networks. Let your peers know what happened so they don't fall for the same trap.

Protect yourself from scams and fraud

Don't let scammers put a damper on the excitement of your college years. Protect your money while you live and study away from home. If you notice anything odd, contact Citizens Customer Service for assistance.