This month, many students—including my own kids—are heading back to school. Most of them have a cell phone (or wearable device) on at all times. While it’s a great way for students to keep track of their busy schedules (and check in with Mom and Dad), it also makes them a target for scams.
According to a recent study by the Federal Trade Commission, more than half of those who reported losing money to scams or fraud in 2024 were age 19 or younger, with $55 million in losses. A smaller percentage of younger adults (44%) reported being a victim of a scam or fraud, but the overall amount of losses was higher—those individuals aged 20 to 29 reported losses of $430 million.
(Overall, younger people report losing money to fraud more often than older people, but the median amount of loss for seniors is much higher.)
What makes younger people vulnerable? Technology plays a big part. Today’s kids are more digitally active than ever, which makes them more vulnerable to online scams. And for students just starting college, it’s often the first time they’re dipping their toes into the real world and managing their own money. Those looking for a good deal on textbooks or an apartment to rent can easily fall into a scammer’s trap.
Darius Kingsley, the Head of Consumer Banking Practices at Chase, leads efforts to protect customers from fraud and scams. He notes that scams aren’t limited to a certain age group—they can happen to anyone.
One way to protect students is through awareness, including understanding the types of scams that are circulating and recognizing the red flags. Kingsley highlighted a few of these scams currently making the rounds.
Textbook and Tech Scams
One scam targets students with a textbook rental and school supplies scheme. As part of the scam, fraudsters create fake online stores that purport to offer discounted school supplies and textbook rentals. However, once you pony up the money or payment information, the scammers deliver substandard products or nothing at all.
In another variation, scammers pose as a school computer technician, claiming they need to install educational software. Then, the fraudsters will attempt to trick you into clicking on a pop-up window, which will grant them remote access to fix the problem. They will subsequently use that access to steal your personally identifiable information, such as bank account details.
To protect yourself: Purchase textbooks and other merchandise directly from official retailers. Avoid replying to unsolicited emails or texts offering discounted textbooks, as they may contain malware or viruses that can infect your device. And of course, only use official payment platforms for businesses. Some scammers may attempt to persuade you to use alternative payment methods, such as gift cards or person-to-person payments like Venmo or Zelle, which can be difficult to track or recover. Legitimate sellers will never ask for sensitive information such as your Social Security number, banking passwords, or PIN.
Rental Scams
First-time renters may be quick to respond to dicey listings—especially those that are cheap. Scammers may post fake room rental listings and even meet potential tenants to collect deposits and first month’s rent under false pretenses. Additional scams (including one that recently circulated on social media) ask for fees to help match you to an apartment, only they have no intention of putting in the work. In these scams, on move-in day, you find that the room has been rented to someone else and you are left without a place to live—and without your money.
To protect yourself: Try to verify that listings are accurate and don’t trust unsolicited rental listings that may show up in your inbox or as a text message. Whenever possible, work through an established apartment rental company or real estate professional. And don’t forget to ask at school—some colleges will also provide a list of trusted partners in the area, which can be a great place to start when looking for a new apartment.
Scholarship And Financial Aid Scams
As college becomes more expensive (the average cost of college tuition and fees at public four-year institutions has risen 141.0% over the last 20 years), students may be looking for ways to cut costs. That can make students targets for scholarship and financial aid scams. These scams often begin with a social media post, email, or letter in the mail claiming the student has been chosen for a scholarship or financial aid package. These calls and associated events are often high-pressure sales pitches designed to sell services.
To protect yourself: Never pay to apply for a scholarship—if a company promises you a scholarship or grant in exchange for money, consider it a red flag. There are legitimate companies that might charge you a fee to compare your profile with a database of scholarship opportunities or similar—the difference is that legitimate companies will not guarantee scholarships or grants in exchange for money.
Student Identity Theft
In an increasingly online world, fraudsters may use personal information (often obtained through data breaches) to create fake enrollment forms. They may also send phishing emails posing as high schools or colleges to trick victims into sharing personal information or login credentials.
To protect yourself: If you receive a message that you believe to be a scam, do not engage. That means don’t click on any links or provide personal information to unknown sources. If you’re not sure whether the correspondence that you receive is a scam, go to the original source. For example, if you think that your school might actually be trying to reach you, call them directly.
Video Game Scams
In 2024, the Consumer Financial Protection Bureau (CFPB) warned about an increase in scams related to in-game transactions. Popular video games that rely on in-game purchases of digital currency and virtual assets may be vulnerable to scammers. There’s big money to be had—in 2023, American consumers spent nearly $57 billion on gaming, including on hardware, software, and in-game transactions such as converting dollars to virtual currencies or other gaming assets. These assets are often bought, sold, or traded in virtual markets that allow gaming companies to replicate everyday activities online, including financial payments. Scammers may use various tactics to gain access to accounts, steal game currency and other assets for resale, and collect personal information.
To protect yourself: Never give anyone access to your computer, or your accounts. Use strong passwords and keep all login credentials secure.
Social Media Scams
Finally, just because students have grown up in a digital world doesn’t mean they’re immune to social engineering, including on social media. College is a time for meeting new people, which makes it easy for fraudsters to target victims with unsolicited friend requests or messages on social media. Scammers may also look to duplicate existing profiles, like your friends or professors, to trick you.
How popular are social media scams? Kingsley reports that nearly 50% of scams reported to Chase originate from social media, with many scammers requesting money through Zelle or wire transfers. Some of the most commonly scammed items on social media marketplaces include rental properties, home services, pets, and event tickets.
To protect yourself: If you receive a request from a new profile claiming to be someone you know, verify it’s actually them before engaging.
How Else Can Students Protect Themselves From Scams?
Kingsley says the key to protecting yourself from scams is to educate yourself (reading this article is a great first step). Then, slow down—don’t be fooled into a false sense of urgency. Scammers will try to manipulate you emotionally and financially to access your information and money. If it sounds scary, urgent, or imminent, take a moment to think, pause before you respond, and delete or ignore if you’re unsure. You can research whether it’s legitimate.
Kingsley also suggests being on the lookout for messages from fake senders or accounts. This advice should be in tandem with his earlier advice—don’t rush to click or respond. Double-check the sender’s information to verify it’s accurate, meaning that it’s not from a fake or misspelled email address or spoofed number. Hesitate before clicking any links, report suspicious messages or emails, and on social media, be cautious of unsolicited connection requests and report any messages that may be attempting to scam users. Ignore and block calls and messages from numbers you don’t recognize and don’t automatically trust Caller ID (scammers can spoof numbers to make it look like someone official is calling). When in doubt, hang up and call the organization (such as your bank, your school, or the IRS) at its main number.
Follow common-sense rules as well, such as keeping your personal information secure, using unique passwords to protect your online identity, and regularly monitoring your financial and bank accounts—investigate and report any suspicious activity. Never send cash or divulge personal information like Social Security numbers, account numbers, or passwords to strangers, even if they claim to be from a legitimate organization (the IRS, for example, will never call you for this information).
Finally, remember that if it seems too good to be true, it probably is. We all love a deal, especially students on a budget, but be cautious of merchandise or services being offered online at significantly discounted prices. Best practices include searching the retailer or seller’s name and “scam” online to uncover potential risks and going straight to a retailer’s website rather than following links from an email or text.
Parents Can Play A Part, Too
Kids start forming money habits at a young age. Regular conversations about online safety can help them understand the risks and develop good habits. Talk with your kids about online safety and the risks of sharing personal information. Explain that they should never send money to strangers, whether through online games, social media, or text messages, as they may never get it back.
Kids may also be the target of online and social media quizzes or games. I get it, we all desperately want to know which Taylor Swift album describes us best—but while it may seem harmless, the questions can be used to gather personal data for scams (you don’t really need to know the street I grew up on to know that the answer is Midnights). Stress that clicking on unfamiliar links can lead to scams, and they should never enter personal information if they do click on a link.
When it comes to online shopping, warn your kids that deals that seem too good to be true, like discounted concert tickets, are likely scams. But give them some room to make decisions independently with a safety net. For example, some online platforms send alerts to parents when their children make a purchase, or may ask for parental approval after a click (Amazon’s family plan includes this option). That opens up opportunities to discuss financial responsibility and learn how to spot imposter scams together.
Encourage children to use recognized financial institutions, including those with safeguards and fraud alerts, and those that support educational efforts. Kingsley notes that Chase hosts over 1,000 fraud and scam prevention workshops annually, averaging nearly three workshops per day, across more than 5,000 branches—those sessions are open to the public and free of charge.
The Bottom Line
Kids of all ages—including college students—are more digitally active than ever. Whether they’re playing video games or seeking out deals in college, children and young adults may be vulnerable and susceptible to online scams. Give them the tools now to protect themselves from fraud and scams so that they don’t become a fraud statistic later.
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