Financial Scams And What YOU Should Be Aware Of
Around the three loan payment dates in September, January and April, fraudsters target students in an attempt to trick them into disclosing personal information - with the aim of accessing their online accounts and to potentially steal their money.
There is often an increase in scam phone calls around this time of year, where students receive a call from someone claiming to be from the HMRC, stating that the individual owes tax on their student loan. These scammers try to use pressure tactics in an attempt to panic students into transferring their money. If you are being asked for personal or financial information, hang up and call the loan provider back on an official number.
It is also important to be on the lookout for official looking, bogus emails and text messages around this time of year, claiming to be from Student Finance England or the HMRC.
All students, particularly first year students, who may not have had previous experience managing their finances can easily fall for these scams - so it’s important to be vigilant.
How Can I Protect Myself From Scams?
- Correspondence from Student Finance England will not be over the telephone – update alerts will be sent to your registered email address, asking you to log in to your account for more details.
- Due to fake emails in circulation, it is crucial that you don't click on any links within texts or emails and only log on to your Student Finance account via a trusted device and through a web browser, over a secure Wi-Fi.
- Click on any links in emails or text messages.
- Provide or confirm bank details over the telephone or by email or text message.
- Verify your account details or personal information over the phone or by email or text message.
- Provide your email address or password.
- Transfer money via a phone call or through a link.
How To Report A Student Loan Scam:
You can report any suspicious emails to email@example.com and suspicious text messages can be reported to 7726.
If you receive a phone call you think is part of a student loan scam, contact Action Fraud on 0300 123 2040 or visit their website. If you have been a victim of a financial scam, please report it to Action Fraud as soon as possible.
Further information on student finance can be found on the government website.
How Can Your Advice Service Help?
If you have been victim of a financial scam and are struggling financially as a result, please contact us as soon as possible by completing our online enquiry form.
If you require advice or support and would like to speak to an Advisor, please contact us by completing our online enquiry form. Make sure to include as many details about the scam and your situation as possible.