You are here: Home - Credit Cards & Loans - News -

Students warned to watch out for scams

0
Written by: Emma Lunn
08/09/2020
The Student Loans Company (SLC) is encouraging students to be on their guard for phishing scams ahead of maintenance loans being paid into students’ bank accounts.

The loan payments will be made to about 1.1 million students throughout September.

Fraudsters typically target students with bogus emails and text messages around the three loan payment dates in September, January and April each year.

So, SLC is warning freshers and returning students to not be tricked into disclosing personal details or clicking on links in emails or text messages, as they could be installing malware.

In the past two academic years alone, SLC’s customer compliance teams have prevented more than half a million pounds from being phished from students’ loans.

The teams have a range of methods and fraud analytics to stop scammers in their tracks, but students need to know what to look out for.

How students can spot a phishing email or text message:

  • Be suspicious of any requests for your personal information. SLC or Student Finance England (SFE) will never ask you to confirm your login information or personal information by email or text message.
  • Be on your guard if you receive an email starting “Dear Student”. Phishing emails are often sent in bulk and are unlikely to contain both your first and last name.
  • Check the quality of the communication – misspelling, poor punctuation and bad grammar are often tell-tale signs of phishing.
  • Be especially wary of “Failure to respond in 24 hours will result in your account being closed” type messages. These are designed to convey a sense of urgency to prompt a quick response.
  • Think before you click. If you receive an email or SMS that contains a link that you’re not sure of then try hovering over the link to check that it goes where it’s supposed to. If you’re still in any doubt, don’t risk it.

Steven Darling, SLC director for repayment and customer compliance, said: “We work hard to help our customers stay safe, but fraudsters are persistent and will try to target them and their parents with emails and texts requesting personal details to access their accounts.

“We’re reminding all students to be vigilant for online scams and phishing attempts as the new academic year gets underway this September. Although things may be a bit different for some freshers this year, we want them to know that scammers are still working full time to steal their funding.”

Any student who receives a suspicious email or SMS should send it to phishing@slc.co.uk.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
TSB launches ‘Spend & Save’ current account

The account has features including savings pots, automatic spending round-ups, and text alerts to help customers with their day-to-day finances.

Close