As students head back to university this September, Action Fraud has issued a warning about prevalent scams targeting young people. Recent data reveals that nearly 69,000 individuals aged 11 to 29 reported losing a combined total of £143.7 million to fraud in 2023.
To help parents and students avoid falling victim to scams, Marc Porcar, CEO of QR Code Generator, has outlined key fraud types to be aware of and preventative measures to take.
Investment Fraud: £29,509,631 in Losses
Action Fraud highlights investment fraud as a major concern. Scammers often target students with offers of high-return investments in cryptocurrencies or other schemes. These fraudsters commonly use social media and online platforms.
Students should educate themselves about investment basics and recognize that legitimate investments carry some level of risk. Be cautious of any offers promising high returns with little risk, and always do thorough research before investing.
Fake Job Fraud: £149,719 in Losses
Fraudulent job advertisements can deceive students into paying for fake consultations or services. To avoid job scams, verify the legitimacy of job offers by checking employer reviews and contacting potential employers directly. Be skeptical of offers that seem too good to be true and avoid paying upfront for job-related services.
Rental Fraud: £4,270,255 in Losses
Students searching for university accommodation are often targeted by rental fraudsters who ask for advance payments without providing a view of the property. To prevent rental scams, research the property and landlord, visit the property in person if possible, and use secure payment methods. Be wary of upfront payments and deals that appear unusually cheap.
Online Shopping Fraud: £9,199,951 in Losses
Fraudsters may create fake websites or replicate legitimate stores to steal personal and financial information. Students should shop from well-known retailers and verify unfamiliar websites by checking reviews and contact details.
Ticket Fraud: £1,053,493 in Losses
Scammers exploit high-demand events by selling fake tickets. To avoid ticket fraud, purchase tickets from reputable sources and use secure payment methods. Be cautious of deals that seem too good to be true and avoid paying with cash or unverified payment methods.
Marc Porcar advises, “Young people might be tech-savvy but can still fall victim to scams, especially when dealing with seemingly authoritative sources like universities or letting agents. Parents and students should stay vigilant and be cautious about sharing personal information.”
He also suggests using separate email addresses and phone numbers for sign-ups and temporary interactions to reduce exposure to scams. If uncertain about a request’s legitimacy, contact the institution directly using official contact details.
By staying informed and cautious, both parents and students can better protect themselves from fraud during the back-to-school season.
