To coincide with a new year of students entering university, the Home Office and NatWest have urged students to Stop! Think Fraud. According to data from NatWest’s Student Living Index, more than half of students (57pc) have encountered or had money stolen by criminals Young adults aged 18 to 24 are now having an average of £300 stolen by scammers in the past year, showing the crucial need for action.
Hence appeals to students to follow the UK Government’s official Stop! Think Fraud advice about scams. The Home Office minister responsible for countering fraud is Lord Hanson. He said: “Fraudsters prey on students finding their feet at university, and the risks have never been higher. We’re acting decisively to crack down on these criminals and protect young people, with our new expanding Fraud Strategy leading the way. I urge students to stay alert; anyone can be a victim. A little vigilance now could save you from a financial nightmare. For help and advice, search Stop! Think Fraud.”
Picture of scams
The top scam hitting students is bank impersonation, with one in four targeted. In bank impersonation scams, criminals pose as genuine bank staff and contact victims via text messages, phone calls, or emails. If fraudsters succeed, they can steal funds and commit identity theft, causing victims not only financial loss but also disruption to their studies, wellbeing, and plans, according to the authorities. Other common scams may include fake tax rebates, whereby fraudsters send fake messages claiming an HM Revenue & Customs (HMRC) tax refund is a click away. Or, investment scams promise returns but don’t deliver. Recently, the City of London Police, as the national lead force for fraud, with public and private sector partners marked World Romance Scam Prevention Day.
Nick Perkins, Director of Fraud Prevention at NatWest said: “We want students to have a positive and confident experience throughout their time in higher education. Our role is to support them by building their awareness of scams and helping them feel secure in managing their finances. Our advice to students before acting on any request, is to take a moment to think: does it feel rushed or too good to be true? Pause before spending your hard-earned money. If you’re unsure, speak to someone you trust. And if you believe you’ve been scammed, please don’t feel ashamed – criminals are highly skilled at deception. What matters most is reporting it to your bank and accessing the support available to you.”
What to do
- If you receive a call or message claiming to be someone from your bank or HMRC, take time to stop and think if the request is genuine before handing over personal information
- check a request from your bank is genuine by contacting them via their official website or app, or calling them using the number on your bank card or 159
- banks will never ask you to reveal personal information such as your PIN or passwords for online accounts – if in doubt, hang up the phone and call your bank directly
- check a request from HMRC is genuine by visiting HMRC phishing and scams: detailed information – GOV.UK
- if you’re unsure about a text claiming to be from HMRC, forward it to 60599 – or if it’s an email, to [email protected] – report a tax scam phone call at Report suspicious HMRC emails, texts, social media accounts and phone calls – GOV.UK
- contact your bank at once if you’ve had money stolen, and report it to Action Fraud – in Scotland, contact the police on 101, the non-emergency phone line.
- be wary of letting someone use your bank account to move money, whatever you’re told – it’s called money muling and it’s illegal.
