Over half of students face scams - how to stay safe

Leaving home for university is an exciting time. But in between moving in, last minute IKEA trips and Freshers’ parties, students also face managing their money, sometimes for the very first time. This task is only made harder by scammers who see freshers as easy pickings and often target them as a result.

In fact, over half of students (57%) have encountered scammers or had their money stolen by criminals. On average, young adults aged 18 to 24 had £300 stolen by scammers in the last year alone.

This is why the government is urging students to follow its Stop! Think Fraud campaign advice to keep safe from scams.

Joe Woodcock, head of community and safeguarding at The Student Room, said: “Students should take a moment to pause before acting on unexpected messages or requests for money. If something feels rushed or too good to be true, it probably is.”

What are the most common student scams?

Bank impersonation is the most common scams affecting students, with one in four students targeted. This scam involves criminals posing as bank staff and contacting students through texts, calls, or emails. Students, thinking they’re speaking to a genuine staff member, give away personal information which allows scammers to steal money and commit identity theft.

Other scams include fake tax rebates where students are told they’ll get a tax refund if they tap a link. The link might lead to what looks like a genuine site, but it’s often just a front used to get your personal details.

Investment scams are also popular; they promise massive returns in exchange for a small investment, but after the scammers get hold of the victim’s money, they disappear.

How to stay safe – Stop! Think Fraud

The government’s got lots of advice on how you can stay safe as a student. Their Stop! Think Fraud campaign offers a few tips you can use to stay safe:

• take a moment before you act – if someone contacts you claiming to be from your bank or HMRC, always take time to stop and think if they’re genuine before providing personal information
• call your bank back to check if the call is genuine – contact them on the app or the phone number printed on your bank card to see if they were actually trying to contact you
• check an HMRC request is genuine – you’ll need to visit HMRC phishing and scams where there are lots of examples of common scams, a list of genuine HMRC contacts and tips on identifying scam phone calls and texts
• don't let people use your bank account to move money – people asking to move money through your account could be criminals and you could be helping them launder their money; this is known as money muling and it’s illegal
• get 2-step verification set up for your bank accounts – this is good practice in general; it makes it harder for scammers to get to your money as you’ll normally need to approve logins through a second device, like your phone

Your bank will never ask you to share personal information like your PIN or password. The best thing to do if you’re unsure about a phone call is to hang up and call back later after looking up the contact details yourself.

You won’t get in trouble if you hang up and call back later. If someone tries to keep you on the line by threatening you, that’s a pretty big red flag in and of itself.

What to do if you've been scammed

Here’s what to do if you’ve been scammed and had money stolen from your account:

• contact your bank immediately to report it
• report the scam to Action Fraud
• if you’re in Scotland, contact the police on 101 instead of Action Fraud

If you want to report a suspected HMRC scam that you didn’t fall for, you can forward texts to 60599 or via email to [email protected]. If you’re reporting a suspicious phone call, you can log a report through the HMRC website.

There are lots of ways to keep yourself safe if you’re concerned about scams. Check out the government’s Stop! Think Fraud website for lots more information on what you can do to protect yourself.