7 Scams Targeting College Students in 2024

College students are losing more money to scams than any other age group in 2024. Here are the 7 biggest scams and how to spot them:

Key Facts:

• 18-24 year olds lost more money than any age group
• Average loss: $3,800 to investment scams
• 43% of people in their 20s lost money to fraud
• Employment scams are the #1 threat

If You Get Scammed:

1. Call your bank immediately
2. File a police report
3. Report to FTC at reportfraud.ftc.gov
4. Contact your school’s IT department

Remember: If someone wants gift cards, wire transfers, or payment apps – it’s a scam. Real organizations don’t ask for these.

Related video from YouTube

Scholarship and Financial Aid Scams: What to Watch For

Students lose money to scholarship scams every year. In fact, over 175,000 U.S. students get tricked by these schemes, especially during the stressful college prep period.

Here’s what these scams look like in 2024:

"If a scholarship catches your eye, play it safe: Google the name and organization to see what others say." – Scholarship America

The FTC says watch out when someone:

• Says you’ll WIN money (no questions asked)
• Needs your bank info to "check if you qualify"
• Claims the offer ends soon
• Wants money for "handling" or "taxes"
• Offers to do your FAFSA (for a price)

Stay Safe With These Steps:

• Use trusted sites like Fastweb and Appily
• Skip ANY scholarship with fees
• Do your own FAFSA (it costs nothing)
• Look up scholarship providers
• Double-check offers with your school’s aid office

Found a Scam? Tell the FTC at Reportfraud.ftc.gov and contact your state’s attorney general.

Need help? Young Finances (youngfinances.com) has free guides to help you find real scholarships and dodge scams.

2. False Student Loan Forgiveness Programs

With Biden’s administration canceling $153 billion in student loan debt for 4.3 million people, scammers are jumping on the opportunity. Here’s what you need to know about these fake programs.

These scams pop up everywhere. You might see:

• Texts saying "Your loan qualifies for forgiveness – verify now"
• Phone calls about "urgent Biden loan relief"
• Emails asking for "processing fees"
• Companies wanting power of attorney

"Any company that wants money upfront before helping with your loans is running a scam." – Consumer Financial Protection Bureau

Want to Find Real Programs?

• Go straight to StudentAid.gov
• Talk to your loan servicer
• Don’t pay anything upfront
• Ignore random companies that contact you
• Use only Department of Education approved servicers

The Numbers Tell the Story:

• $1.63 trillion in U.S. student loan debt
• $4 million given back to scam victims by FTC
• $7.4 billion in new forgiveness (April 2024)

See a Scam? Tell These People:

• FTC
• Consumer Financial Protection Bureau
• Your state’s Attorney General

Here’s the truth: Real loan forgiveness takes time. Anyone promising quick fixes isn’t telling you the truth.

3. Fake Job Offers

Students lose millions to job scams every year. The Better Business Bureau reports that scammers steal $2 billion from 14 million people through fake jobs.

How Scammers Operate:

• Send fake checks for "buying equipment"
• Offer remote work without video calls
• Promise big money for assistant roles
• Push mystery shopping gigs
• Ask you to forward packages

Here’s what happened in July 2024: A student got two checks ($1,650 total) for a "data analyst" job. The scammer wanted Bitcoin purchases after check deposits. The checks bounced, and the student’s account went negative.

"Got a paycheck before starting work? STOP. That’s 100% a scam." – Federal Trade Commission

Money Mule Problem: Teen money mule cases shot up 73% in two years. Scammers target 18-24 year olds through social media jobs WAY more than people over 35.

Stay Safe:

• Don’t send money to "employers"
• Avoid jobs asking for upfront cash
• Demand real interviews
• Report scams: reportfraud.ftc.gov
• Double-check campus jobs directly

Need help finding real jobs? Young Finances has a guide for spotting legit opportunities and researching companies before you say yes.

4. Apartment and Housing Scams

Housing scams targeting college students jumped 300% since May 2022, according to First Orion. Here’s what you need to know.

The most common scams? Fake listings, copied ads with bogus contact info, check fraud schemes, and deposit theft for already-rented units.

"They’ll push you to decide NOW. They want your money or personal info FAST." – Kent Welch, Chief Data Officer at First Orion

"When they demand quick payment… that’s your biggest warning sign." – Tom Stephens, President and CEO, BBB Northeast Florida

Protect Yourself:

• See it before you pay
• No crypto or wire transfers
• Meet the landlord in person
• Get signed documents
• Check BBB ratings
• Stick to Realtor.com® and other major sites

Got Scammed? Act Fast:

1. Contact your bank
2. File a police report
3. Submit to reportfraud.ftc.gov
4. Add fraud alerts to credit reports

Need help finding safe student housing? Check out Young Finances’ guides on rental scam prevention and property management verification.

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5. Bank and Credit Card Fraud

In 2024, bank and credit card scams hit 127 million Americans – and college students are prime targets. Here’s what’s happening:

The numbers tell the story:

• 174 million Americans swipe credit cards each year
• Zelle scams hit 3% of users
• Payment app scams cost $171 million in early 2024
• Over 41,000 people reported payment app scams

"Do not pay something (you didn’t initiate) over the phone." – Michael Foguth, President and Founder of Foguth Financial Group

Here’s how to protect yourself:

"You are responsible for any deposits made to your account", – Liz Cackowski, certified financial crimes investigator

Got scammed? Act fast:

• Call your bank ASAP
• Report within 60 days
• File with FTC
• Add credit freezes
• Change all passwords

"You shouldn’t use these kinds of [payment services] unless you fully trust the person." – Iskander Sanchez-Rola, Director of Innovation at a cybersecurity company

Keep your bank account safe:

• Make strong, unique passwords
• Set up online banking first
• Use security keys/passkeys
• Run malware scans
• Check statements weekly

Pro tip: Credit cards beat debit cards for fraud protection. Report fast, and you’ll only pay $50 max for fraud charges.

6. Streaming and Online Service Scams

Scammers know college students want cheap entertainment. Here’s how they’re targeting students in 2024:

Here’s what Netflix scammers are doing:

"Amazon will never ask you to provide payment information, including gift cards (or ‘verification cards,’ as some scammers call them) for products or services over the phone." – Amazon

Spot fake streaming offers FAST:

• Look at the email address (real ones end in @netflix.com, @spotify.com)
• Go straight to the service’s website
• Only pay through official apps
• Skip any "today only!" deals
• Stay away from random discount sites

Keep your student discounts safe:

Got scammed? Do these things NOW:

• Call your bank to cancel cards
• Tell the streaming service
• Make new passwords
• Look at your bank statements
• Let your bank know

REAL streaming services NEVER ask for:

• Full card numbers in emails
• Gift card payments
• Social Security numbers
• Multiple ID photos
• Emergency payment updates

7. Email and Social Media Tricks

Here’s what’s happening with social media scams in 2024:

The numbers are scary. In 2023:

"Most businesses and companies will never request this information via email or text." – Samantha Poutre, TechTarget

Here’s how to spot real vs fake emails:

Before you click anything:

• Move your mouse over links to see the actual URL
• Check for misspelled words
• Look at the full email address
• Be suspicious of "act now" messages
• Watch out for requests for private info

If you spot a scam, do this NOW:

• Take a screenshot
• Tell the platform
• Block them
• Change your passwords
• Let your IT team know

"Security awareness training is crucial for preventing Instagram scams by educating users on how to recognise and avoid common fraudulent activities." – Luke Noonan, Cyber Security Expert

Protect your accounts:

If you get scammed:

• Contact your bank ASAP
• Update ALL passwords
• File an FTC report
• Save everything
• Tell campus security

How to Stay Safe from Scams

Here’s a fact that’ll grab your attention: The University of Arizona cut their compromised accounts from hundreds to just THREE after making 2-factor authentication mandatory.

"Colleges are target-rich environments for identity thieves, because they have many databases containing the motherlode of sensitive information." – Adam Levin, author of Swiped

Got Scammed? Do This:

Tools That Won’t Cost You:

Here’s a wake-up call: The FTC saw identity theft DOUBLE from 2019 to 2020, hitting 1.4 million cases.

Campus Help:

Bottom line: If someone wants gift cards, wire transfers, or payment apps – it’s a scam. Real organizations DON’T ask for these.

Next Steps

Here’s what you need to watch out for – and what to do about it:

The Only Official Ways You’ll Hear From Us:

Email addresses you can trust:

• [email protected]
• [email protected]
• [email protected]

Text messages? Only from 227722 or 51592

Free Tools That Work:

Double-Check It’s Real:

• Talk to your school’s aid office
• Look it up in FTC’s Scam Alert list
• Use the Ed Department’s loan tool
• Ask your loan servicer

Found a Scam? Here’s What to Do:

The Facts:

• FTC got 2.6M fraud reports in 2023
• $4M went back to scam victims
• Most forgiveness plans need years of payments

Here’s the bottom line: If anyone asks for your FSA ID or password, it’s NOT the Department of Education. It’s a scam.

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