Neither Bank of America nor its affiliates provide information security or information technology (IT) consulting services. This material is provided “as is,” with no guarantee of completeness, accuracy, or timeliness or of the results obtained from the use of this material, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, quality and fitness for a particular purpose. This material should be regarded as general information on information security and IT considerations and is not intended to provide specific information security or IT advice nor is it any substitute for your own independent investigations. If you have questions regarding your particular IT system or information security concerns, please contact your IT or information security advisor.
Stay ahead of student scams
Students can avoid falling for these commons scams and their variations by taking a few deliberate steps
Imagine that a student receives a call from someone claiming to be a representative of their college, who explains that the financial office hasn’t received the student’s tuition payment. This person knows the student’s full name, age, specific school within the university and the department in which they’re working toward their major. The person says that the student will be dropped from their classes unless they provide payment information immediately, over the phone.
This is just one example of how scammers may target students who are learning how to manage their money and other new responsibilities. Due to the scale of change that many students go through while attending college, criminal actors often see an opportunity to exploit them by using “social engineering” methods, which combine publicly available information and psychological manipulation to coerce people into providing money, information or both.
Scammers may use the phone, online or print ads, or social media to reach out to students with attractive deals on goods or services, or to make fake demands for payment. Sometimes many people will receive the same phony offer. But as people post more details of their personal lives online, criminals are increasingly able to focus on specific individuals using highly targeted social engineering tactics.
Students can protect themselves from scams by staying vigilant about what they share about themselves and people they know online. Here are a few scams to keep watch for, and ways to avoid falling for them.
Common social engineering scams targeting students
Scammers are always on the lookout for new opportunities to steal your personal and financial information. The following scams are commonly reported, and criminals are continuously creating new variations:
- Fake listings for apartments, used books, movers or other services. These scams start with an ad that offers housing, supplies or services students often need — at an attractively low price. Once a target sends a partial or full payment, what was initially promised either doesn’t arrive or is unavailable or nonexistent.
- Student loan debt relief scams. Representatives from private debt relief companies may contact students with promises to reduce or eliminate their student debt for a fee. While some of these companies are legitimate, many are scams, and most will use pressure tactics — such as limited-time offers — to get students to sign up.
- Fake employment offers. An online or print ad may describe a job that is a great fit for students’ schedules and pays well. But when students contact the “employer,” they may be asked to pay a fee or to provide personal or financial information to complete the application process.
- Unsolicited scholarships and grants. Students might receive a phone call or email from an organization they don’t know. The representative tells the person they’ve received a grant or scholarship and asks them to supply information — such as their Social Security number or bank account — to confirm they are the correct recipient.
- Social media scams. Social media platforms are often filled with details about where people live, who they know and what groups they’ve joined. Criminals can collect this information and reach out to students, pretending to be people with similar backgrounds and interests. Once they’ve established trust, they may ask for money or personal information.
In most of these scams, criminals are counting on people to act quickly, before they’ve thought through all the details of the offer or request.
Students can avoid falling for these commons scams and their variations by taking a few deliberate steps:
- Watch what they post online, especially personally identifiable information such as an address or cellphone number.
- Monitor their privacy settings on any online account.
- Verify any unsolicited phone call or email. If they want more information, they should try to find another means of contacting the person or organization, such as a website or alternate phone number.
- Never share information with people they don’t know, especially if the initial contact was unsolicited.
- Trust their instincts. If an offer appears too good to be true, it probably is.
- Remember that anyone can become a target for a scam. Some criminals can even use personally identifiable information to forge fake identities they can then use to commit other crimes.
It’s never too early to become cyber aware
As students transition from life on campuses to the professional sphere, these skills will remain critical to safeguarding their identities, finances, family and employers. By staying alert and up to date with how scammers operate, they can help protect the people and organizations that matter most to them — and help others do the same.
- Scammers are always looking for new opportunities, and some of them directly target students.
- Many scams depend on social engineering, in which criminals use publicly available information and coercion to gain people’s trust.
- The first line of defense is to be careful about sharing personally identifiable information online.
- Do not provide personal information or money to people who cannot be verified as legitimate representatives of a real company or service.
Stay connected, stay protected
To help keep your Merrill account information safe and secure, make sure your contact information is up to date and set up security and account alerts so we can stay in touch. Remember, if we need to reach out to you, we’ll NEVER ask for personal or financial information or an access code through email, text or unsolicited calls. Visit our Security Center for tips on how to recognize potential scams and learn more about how to keep your accounts safe.
How we can help
Explore what it’s like to work with a Merrill Financial Advisor