In the coming weeks, the Student Loans Company will pay almost £2 billion to 2 million students and is encouraging everyone to be alert. Since funds are sent to students, the business warns Freshmen and returning students not to divulge personal information or open on links in emails or text messages, as doing so could result in the installation of malware.
In the last three years alone, SLC’s Customer Compliance teams have prevented fraudsters from stealing £1.2 million from student bank accounts. The expert teams use a variety of techniques and fraud analytics to stop con artists in their tracks, but students must be aware that they are the greatest and first line of defense.
It’s not always easy to identify a phishing email or SMS, but the Student Loans Company provides some fraud facts to help:
Check the quality of the correspondence; misspellings, poor punctuation, and grammatical errors are commonly phishing giveaways.
Keep an eye out for any unusual emails, phone calls, or SMS messages, especially around the time you expect to receive payment.
Scam emails and SMS messages are frequently sent to a large number of recipients simultaneously and are unlikely to include both your first and last name. These frequently begin with “Dear Student,” so be cautious if you receive one of these.
“Your account will be closed if you do not react within 24 hours” – these types of notifications are designed to generate a sense of urgency to elicit a rapid response.
Consider before clicking. If you receive an email or text message with a questionable link, mouse over it to verify that it leads to the correct location. Instead of clicking on potentially dangerous links, always go directly to the source if you have any lingering doubts.
Scammers may employ bogus phone calls, social media posts, and direct messaging on digital platforms to attempt to trick students into paying money or revealing their personal information. Always utilize legitimate phone numbers, your online account, and official communication channels to confirm the authenticity of any contact you suspect is fraudulent.
To prevent identity theft, students should be aware of the information they disclose about themselves on social media and elsewhere online. Identification theft occurs when criminals obtain sufficient information about a person’s identity, such as their name, date of birth, customer reference number, course details, or current or past addresses, to impersonate them online and over the phone.
Visit www.gov.uk/guidance/phishing-scams-how-to-avoid-them to read our information on how to spot phishing scams.
Bernice McNaught, Executive Director, Repayments and Customer Compliance at the Student Loans Company, stated, “It’s no surprise that at this time of year, students, especially Freshmen, have a lot on their thoughts – acclimating to classes and schools, making new friends, and visiting the university. ”
With so many distractions, it is easy for students to lose vigilance regarding online scams and phishing attacks. Unfortunately, digital scams, phishing, and identity theft have become commonplace in today’s society, and con artists are well aware that the three student finance payment periods in September, January, and April each year are perfect times for them to attempt to con students.
Keeping money in the pockets of students is a top objective for SLC. Our Counter Fraud specialists seek to stay abreast of the continuously emerging digital scams in order to assist students who may be at risk of losing money to fraudsters. Students themselves are always the initial line of defense against fraudsters.
Customers in England should be advised that if their bank information are changed, Student Finance England (SFE) will send them a text message to confirm the change. If a customer hasn’t altered their details but still receives a notification, they should check into their online account to review their information and contact the company using an official phone number, as they may be a victim of identity theft and future payments may be banned if they don’t.
Take Five, a national anti-fraud program, also offers a variety of helpful tips and resources for recognizing and avoiding scams: Take Five to Prevent Fraud