Online fraud targeted at students has become an increasing problem but there are lots of ways you can stay safe online, protect your identity .... and your cash!
According to a recent BBC report, up to 70% of bank customers who fall victim to a scam are unable to recover a single penny!
The report states "From January to September this year almost 5,000 of the bank's customers fell victim to various scams - at a total cost of more than £25m. The bank says the average cost of falling for a scam has gone up by 40% since 2014, to more than £13,000."
This kind of loss can be devastating to students, already on a tight budget.
According to the
National Association of Student Money Advisers (NASMA):
"'Phishing' scams can happen at any time, but students are often targeted around payment dates and the start of term.
Fraudsters trying to steal your student finance often send 'phishing' emails claiming to be from the Student Loans Company, Student Finance England or Student Finance Wales asking for personal or financial information.
The Student Loans Company will never ask you to confirm your bank details or login information by email. Never post personal information, such as your customer reference number or bank details, anywhere online, including social media pages, or disclose them in an email or text.
Always ensure that you are using a secure website when submitting sensitive or personal information online.
If you have received a suspicious student finance email, forward it to SLC at phishing@slc.co.uk, who will close them down to protect other students. In the last three years SLC has closed over 500 phishing sites."
The Student Awards Agency for Scotland (SAAS) are also urging students to protect themselves against 'phishing' and state that they will never send emails asking students to log in to their online account, provide passwords or send bank details.
If you receive any unsolicited emails asking for personal information, do not reply as they may be fraudulent.
You can find out more about staying safe online, as well as lots of other tips and advice about managing your money in the NASMA magazine:
'Student Money Matters'.