Before students head to campus, help them spot common scams and protect their money.
Back-to-school season means shopping for dorm essentials, finalizing schedules, and preparing for a new chapter. Unfortunately, it also marks a busy season for scammers who target college students, managing money independently for the first time. Here are some of the most common scams college students face, and how to avoid them.
Fake Scholarship Scams
Scholarships can help reduce the cost of education, which makes them a popular tool for scammers.
Be cautious of:
🚩 Organizations that guarantee scholarship money
🚩 Requests for upfront fees to apply
🚩 Offers that seem too good to be true
🚩 Messages claiming you've won a scholarship you never applied for
🟢 Legitimate scholarships don't require payment to access or receive funds.
Student Loan & Financial Aid Scams
Scammers often pose as government agencies, loan servicers, or financial aid offices.
Red flags include:
🚩 Requests for your Federal Student Aid (FSA) ID or password
🚩 Promises of immediate loan forgiveness
🚩 Demands for payment to access financial aid benefits
🚩 Urgent messages requiring immediate action
🟢 Always work directly with your school's financial aid office or your official loan servicer.
Fake Job & Internship Opportunities
Students looking for part-time jobs, internships, or work-study opportunities are frequently targeted by employment scams.
Watch for:
🚩 Employers who send a check and ask you to send money elsewhere
🚩 Job offers without interviews
🚩 Positions promising unusually high pay for little work
🚩 Requests for personal banking information before hiring paperwork is completed
🟢 Take time to verify the company before sharing personal information.
Phishing Emails & Text Messages
Scammers often impersonate colleges, banks, delivery services, streaming platforms, and even professors with the goal of tricking students into clicking links and sharing personal information.
Never share:
🚩 Online banking credentials
🚩 Passwords
🚩 Debit card information
🚩 Social Security numbers
🟢 Before clicking a link, verify the sender and navigate directly to the organization's website or app whenever possible.
Online Marketplace and Housing Scams
Students frequently use online marketplaces and social media to buy textbooks, furniture, tickets, and housing.
Be cautious if:
🚩 A seller demands payment before providing proof of ownership
🚩 Rental listings seem unusually inexpensive
🚩 The landlord refuses to meet virtually or in person
🚩 Payment is requested through gift cards, cryptocurrency, or wire transfers
🟢 When possible, inspect items and properties before sending money.
Back-to-School Fraud Prevention Checklist:
✅ Monitor account activity regularly
✅ Use strong, unique passwords
✅ Turn on multi-factor authentication
✅ Verify scholarship and job offers
✅ Never share security codes or passwords
✅ Think before clicking links in emails or texts
✅ Avoid using public Wi-Fi when accessing sensitive information like Digital Banking
✅ Contact your bank if something doesn't seem right
We're Here to Help
College brings plenty of new experiences and managing money shouldn't be a stressful one. Taking a few precautions can help students focus on classes, friendships, and new opportunities instead of fraud and scams.
If you ever receive a suspicious message claiming to be from First Bank & Trust or notice unusual account activity, contact us right away at 800.843.1552.
*Available only for consumer accounts.