By C. Perera, JadeTimes News
As students prepare to return to school or college, the focus should be on the excitement of a new academic year, but scammers don't take a break. According to Dan Cusick, a fraud and claims executive at Wells Fargo, college students are especially vulnerable to scams. However, parents and students from elementary through high school are also at risk, as noted by Darius Kingsley, managing director at Chase Bank. He emphasizes the importance of discussing scam prevention with children and young adults, particularly around the back to school shopping season when they're highly engaged online.
Cusick points out that scammers often target major life transitions, with young adults aged 18 to 24 being prime targets, especially through social media. A study by the Better Business Bureau revealed that in 2022, this age group experienced a higher median loss from scams than others. Employment scams were the most common, often facilitated through text messages, online payment systems, and bank account debits.
College is a significant milestone for young adults, and scammers exploit their inexperience in handling tasks like signing rental agreements or purchasing textbooks. Cusick highlights that new college students are particularly susceptible due to their lack of "life seasoning" and unfamiliarity with common scams. He also explains that scammers exploit students' anxiousness around textbook purchases and job offers, preying on their need for quick decisions.
Wells Fargo outlines several scams that target college students, including
1. Textbook Scams: Scammers take advantage of online marketplaces and social media to sell fake or overpriced textbooks. Cusick advises verifying the authenticity of websites and suggests purchasing directly from the college bookstore or trusted sources.
2.Scholarship Scams: Scammers offer fake scholarships through unsolicited messages, requesting an application fee. Students should be cautious of unexpected offers and verify their legitimacy.
3. Job Scams: Students seeking part-time work may encounter fake job offers promising high pay and short hours. Cusick warns against accepting upfront bonuses that require sending money back, advising students to rely on reputable recruiters.
4. Housing Scams: Scammers often post fake rental listings with enticingly low prices, pressuring students to pay deposits quickly. Cusick recommends viewing properties in person before making any payments.
Young children and families are also targeted, particularly through video game scams and fraudulent merchandise sales. Kingsley points out that children who are active on social media or play video games are at risk of falling victim to fraud. He emphasizes the need for conversations about online safety and the dangers of sharing personal information. Additionally, families should be cautious when shopping for back to school supplies, as scammers often post fake merchandise for sale online.
Scams involving video games, such as fraudulent in game transactions, and fake merchandise sold on social media or online marketplaces, have been on the rise. Kingsley urges families to stay vigilant, particularly when buying tickets for sold out events or making online purchases, as scammers frequently deliver fake goods or nothing at all.
Consumer reporter Betty Lin Fisher encourages readers to stay informed about these risks and to adopt proactive strategies to protect themselves during the back to school season.
