Watch out for scammers at university

We’re just a few weeks into the new university year and many students are still getting used to managing their finances for the first time. And that makes them attractive targets for scammers.

New research from Mastercard and NatWest has found that more than two-thirds of uni students (69%) have encountered a scam.

That compares with just over one-third (36%) of the wider population.

And of those students who’ve encountered a scam, nearly four in five (78%) say it happened within three months of arriving at uni.

What tactics are scammers using?

New uni students will be dealing with all sorts of new financial responsibilities, like paying rent, budgeting, earning a part-time wage and managing student finance payments.

So it’s perhaps unsurprising that scammers are keen to take advantage of these people and try to catch them out.

Among the most common scams are fake job adverts and money-making schemes through apparently legitimate or recommended investment platforms.

Many criminals are also targeting students with bogus online marketplace listings and banking and crypto scams.

How can young adults stay safe?

The Home Office has launched a joint campaign with NatWest and Mastercard to help students stay vigilant, and they have four main recommendations.

1. Don’t rush into investing money

If you see an ad for an attractive investment opportunity, stop for a moment and use the Financial Conduct Authority Firm Checker to see if the investment firm is authorised.

2. Check seller reviews before buying online

If you’re tempted to buy something online, check seller reviews on trusted websites before parting with any money and see if the deal is genuine.

3. View a property before moving into it

Before committing to moving in somewhere, view the property in person with the letting agency.

4. Don’t blindly accept job offers

If you’re asked to pay money before you’re paid yourself, offered cash to let someone use your account or promised easy money for a job, be prepared to walk away.

“Fraudsters often target students with many scams beginning on social media,” said James Holian of NatWest.

“Understanding the warning signs and taking a moment to pause before acting can make a real difference.”

We’ve put together more tips on how to protect yourself from scammers here.