Back to School Scams: Why Credit Monitoring is a Must-Have

As U.S. university and college students gear up for a new academic year, they’re often preoccupied with class schedules, new roommates, and campus life.

However, amidst the excitement and responsibilities of student life, many overlook a critical aspect of their well-being: protecting themselves from back-to-school scams and identity theft. With the increasing sophistication of cybercriminals, students are more vulnerable than ever to a variety of scams targeting their personal and financial information.

Key Takeaways:

College students are particularly vulnerable to school scams due to inexperience, frequent use of public Wi-Fi, high online activity, multiple devices, and a trusting nature.
Common school scams targeting students include fake student loan assistance, fraudulent tutoring services, phishing emails from fake school sources, false scholarship offers, and fake links to school grades.
Students should adopt strong digital security practices, such as using updated security software, monitoring credit, improving password security, and using a VPN on public Wi-Fi.
IdentityIQ offers comprehensive protection with real-time credit monitoring, real-time alerts, dark web monitoring, and identity theft insurance to help safeguard students’ personal information.

The Increase of Cybercrime Against Colleges and Universities

Truth be told cybercrimes against students continue to rise, especially against those who report to university campuses and use university resources. Malwarebytes reported 43% of all ransomware attacks against students last year targeted colleges and universities.

The same report describes a 70% increase in ransomware attacks on colleges and universities between last year and the year before.

Why Colleges and Universities are Popular Targets

Colleges and universities are a goldmine of personally identifiable information. They have large student populations with fresh credit histories, plus alumni and employee data. University and college databases often store a wide variety of valuable information, everything from loans and bank account information to Social Security numbers and passport information – even healthcare data.

Additionally, budget considerations at many colleges and universities have led to insufficient spending on cybersecurity. Investments in security come at the cost of other items and too often are put on the back burner. There is also the issue of college networks covering a huge space and providing students and staff access to many different applications and data. That can open doors for hackers.

Why College Students May Be Easy Targets for Cybercriminals

College students can make easy targets for cybercriminals due to their lack of experience with cyber-education and their tendency to fall prey more easily to common hacking techniques. This vulnerability arises from several factors:

Inexperience and Lack of Cybersecurity Awareness

Many college students are not adequately trained in recognizing cyberthreats. They might not be familiar with the latest phishing techniques, malware, or the importance of secure passwords.

Frequent Use of Public Wi-Fi

Students often rely on public Wi-Fi networks in libraries, cafes, and other campus facilities, which are less secure and more vulnerable to cyberattacks. Hackers can easily set up fake Wi-Fi networks to intercept sensitive information such as login credentials and personal data.

High Levels of Online Activity

College students typically have high levels of online activity, including social media usage, online shopping, and academic research. This extensive online presence provides numerous opportunities for cybercriminals to launch attacks.

Use of Multiple Devices

Students often use multiple devices, such as laptops, smartphones, and tablets, to access their academic and personal accounts. Managing security across multiple devices can be challenging, leading to inconsistent security practices.

Trusting Nature

Young adults are generally more trusting and less skeptical of online interactions. They may be more likely to click on suspicious links or share personal information without considering the potential risks. This trusting nature is often exploited by cybercriminals through phishing emails and social engineering attacks.

Limited Financial Resources

Finally, college students often have limited financial resources and may be less likely to invest in comprehensive cybersecurity tools or services. This financial constraint makes it difficult for them to protect their devices and data adequately.

Types of Back-to-School Scams Targeting College Students

There are a variety of back-to-school scams for students to watch out for. Including:

Student Loan Scams

Student loan scams are prevalent as scammers take advantage of the complexity and stress associated with student loans. They might promise loan forgiveness, consolidation, or lower payments for a fee, but once paid, they disappear. These scams can result in students losing money and compromising their personal information.

Common Tutoring Scams

Tutoring scams involve fake tutors offering services that require payment upfront. Once paid, they either provide subpar tutoring or disappear entirely. This not only wastes money but also deprives students of the academic help they need.

School Phishing Scams

School phishing scams involve emails or messages that appear to be from legitimate school sources. They might ask for login credentials and personal information, or direct students to fake websites to capture their information. Falling for these scams can lead to identity theft and financial loss.

School Fundraiser Scams

Scammers often pose as legitimate school fundraisers to solicit donations. They might use phone calls, emails, or even in-person approaches. It’s crucial to verify the legitimacy of any fundraising efforts before donating.

Fake Scholarship Emails

Students receive emails claiming they’ve won a scholarship but must pay a fee to claim it. Real scholarships never ask for payment upfront. These scams can steal money and personal information from unsuspecting students.

Fake Links to School Grades

Some scammers send emails with malicious links as fake grade reports to students, asking them to click on a link. Or the email could have an malicious attachment they are urged to open in order to view their grades. These links or attachments often contain malware that can infect the student’s device and steal personal information.

FAFSA Scams

FAFSA scams involve fraudulent websites or services that promise to help students fill out the Free Application for Federal Student Aid (FAFSA) for a fee. The official FAFSA is always free to submit, and using a fraudulent service can result in financial loss and compromised personal information.

Tips for Students to Protect Their Personal Information

To help safeguard your personal information and reduce the risk of falling victim to cyber scams, it’s crucial to adopt strong cybersecurity practices. Here are some essential tips to help you stay protected:

Digital Security and Online Privacy

Make sure your online security systems are up to date. Your connected devices should have updated operating software, antivirus, and apps. Additionally, using a VPN can help encrypt your data when using public Wi-Fi networks. Turn the auto-updates on. It’s important to have the latest protection against viruses, malware, and other threats.

Monitor Your Credit

Having an identity theft and credit monitoring service can alert you to major changes in your credit scores and other suspicious activity, which can be the first sign a criminal has your personal information.

Improve Your Password Security

Always follow password best practices. Do not use the same password for different services. Avoid passwords that are easy to guess, such as those that include your name, birthday, or address. A password manager can help you keep track of unique, hard-to-crack passwords.

FAQs

How Do Student Loan Scams Work?

Student loan scams often involve promises of loan forgiveness, consolidation, or reduced payments. Scammers may charge an upfront fee and then disappear without providing any services, leaving students out of money and with compromised personal information.

What Are Common Tutoring Scams?

Common tutoring scams involve fake tutors who require upfront payment but provide inadequate services or disappear entirely after being paid. Always verify the legitimacy of tutoring services before making any payments.

What Is School Phishing?

School phishing involves emails or messages that appear to be from legitimate school sources but are designed to steal personal information or login credentials. Always verify the source of any communication before providing personal information or clicking on links.

Bottom Line

As you head back to school, it’s important to stay vigilant against school scams to protect your personal and financial information. One of the best ways to defend yourself is through a comprehensive credit monitoring and identity theft protection service.

IdentityIQ protects you through robust identity theft protection and credit monitoring services. We offer: