Heading off to college means more independence, including managing money, bank accounts, payment apps, online purchases, and job searches. It can also make students targets for financial scams and identity theft.
Common college student scams include fake financial aid messages, employment scams, fraudulent housing listings, and online shopping scams. The Better Business Bureau (BBB) recommends families talk with college students about protecting their money and personal information before they head to campus.
Here are some of the biggest scams to watch for, along with simple ways your student can stay safer.
What Are the Most Common Scams Targeting College Students?
- Fake Financial Aid and Tuition Messages: Students may receive urgent emails or texts that appear to come from their college about tuition, financial aid, or their student account. The message may direct them to a fake website designed to steal login credentials or financial information.
💡 Tip: Go directly to the school’s official website or app to sign in. Don’t click links in unexpected messages or if something seems suspicious.
- Fake Housing or Rental Deals: Fraudulent apartment listings and social media ads may feature attractive prices to pressure students into acting quickly. Scammers capitalize on this by creating fake apartment listings with remarkably low rent prices on social media or Craigslist.
💡 Tip: Independently verify the landlord and property before sending money. Whenever possible, tour the property before paying a deposit. Never wire money or send a deposit via a payment app until you have toured the property in person.
- College Student Fake Jobs: Students seeking part-time jobs, internships, or remote work may encounter fraudulent job offers. The BBB identifies employment scams as a particular concern for people ages 18–24.
💡 Tip: Research the employer before applying or sharing personal information. Be suspicious of unsolicited job offers and never pay money to get a job.
How Can College Students Protect Their Identity?
Identity theft can have financial consequences that follow students long after college. A few simple habits can help protect their personal and financial information:
- Secure important documents: keep Social Security cards, passports, and financial documents in a safe place.
- Protect phones and laptops: keep devices and browsers updated, and use strong, unique passwords for important accounts.
- Monitor financial accounts: review transactions regularly and enable account and fraud alerts.
- Protect debit and credit cards: never lend cards to others, and keep your PIN secure when making transactions.
- Be cautious about payments: be especially careful when someone asks for payment through a payment app, prepaid gift card, or wire transfer.
Navigating a new school year involves plenty of moving pieces, but protecting your money shouldn't feel like an extra chore. Our team lives where you live and shares your values, and we are dedicated to providing the tools you need to keep your funds secure.