They say back-to-school shopping builds character—mostly because you need nerves of steel to survive the checkout line at Target. But while students are gearing up with backpacks and planners, scammers are sharpening their tricks too.
In this publication, we’re shining a light on the scams hitting students the hardest this season—and why every parent, student, and even recent grad should pay attention.
More than half of reported scam losses in 2024 came from those under 19, costing families $55 million. And young adults aged 20–29? They lost a staggering $430 million. From fake textbook sites to bogus scholarships, students are prime targets.
Here’s how the schemes unfold:
How It Works:
- Textbook & Tech Scams: Fake websites lure students with steep discounts on supplies. Others pose as school IT staff, pushing pop-ups that hand over control of your device (and your bank details).
- Rental Scams: Too-good-to-be-true listings trick first-time renters into paying deposits on apartments they’ll never see.
- Scholarship & Aid Scams: “Guaranteed” scholarships that require an upfront fee—spoiler: the only thing guaranteed is losing your money.
- Student Identity Theft: Fraudsters pose as schools via phishing emails to steal personal info.
- Video Game Scams: With billions flowing through in-game purchases, scammers hijack accounts to resell digital assets.
- Social Media Scams: Nearly half of scams reported to Chase start here—cloned profiles, fake sellers, and urgent payment requests.
Who’s Targeted:
Kids, teens, and college students—especially those new to handling money, managing independence, or looking for deals online.
A Real-Life Example:
A Kansas freshman wired $1,200 for what he thought was a legitimate apartment near campus. On move-in day, the landlord—and the apartment—didn’t exist. “I thought I’d done everything right,” he said later. “Turns out the listing photos were stolen from Zillow.”
Why You Should Care:
It’s not just about losing money. Scammers can steal your identity, wreck your credit before it even begins, and create stress during a time that should be exciting. And since younger victims report scams at higher rates, families everywhere should take note.
How to Protect Yourself:
- Buy smart. Get textbooks directly from your school bookstore or verified retailers.
- Check rentals in person. Never wire money sight unseen, and verify landlords through official platforms.
- Be suspicious of “fees.” Scholarships are free to apply for—never pay upfront.
- Secure your accounts. Use unique, strong passwords and enable two-factor authentication.
- Pause before you pay. If a deal seems urgent or too good, it probably is.
Quick Tips:
- Did you know? Nearly 50% of student scams reported to Chase start on social media platforms.
- Pro Tip: Before sending money online, do a quick search: “[Seller name] + scam.” If red flags pop up, walk away.
Stay safe, stay informed, and remember: textbooks may cost a fortune, but avoiding scams is free.
Key Terms Defined:
- Phishing: A scam where fraudsters impersonate trusted institutions to trick people into sharing personal data.
- Spoofing: When scammers disguise their phone number or email to look legitimate.
- Upfront Fee Scam: A fraud tactic where you’re asked to pay before receiving goods or services that never materialize.
- Two-Factor Authentication (2FA): An added security step requiring both a password and a second form of verification.
- Digital Assets: Items like in-game currency or skins that hold real-world value in online gaming markets.
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