Latest fraud issues make students victims

Student loans are being targeted by criminals as a way to make easy money.

07:23 10 August 2013

When we think of fraud, we may think of credit cards or debit cards. We rarely consider student loans to be at risk of suffering from fraud. In a recent article, however, it is apparent that millions have been lost to that type of fraud.

 

Based on reports, in some cases the money was stolen directly from students, while other cases involved fake exam certificates in order to obtain funding. If you know someone who will be attending university, or if you have a student loan already, here are a few general things to remember: 

 

• Know your company’s information—if you receive an email requesting more information from you once you’ve already been paid, be wary. Don’t click links in emails telling you to update information. Go directly to the site that you already have on file to make any changes if necessary. 

 

• Communicate when in doubt—if you aren’t sure about the validity of an email you received that appears to be from your student loan company it is better to call the company. They’ll be alerted to potential fraudulent activity that puts you at risk, or they can make sure you have their correct website information. 

 

• Repayment information—regardless of whether or not you are currently repaying a student loan, you should check the information periodically to ensure that you have the funds you should, and that payments have been properly credited if you made any. Immediately reporting anything suspicious can help protect your account from being compromised and your funds from being used without your permission or knowledge. 

 

• Security features—if a student loan company offers special security features such as questions designed to protect your account login, or texts and emails to alert you to any activity on your account, be sure to take advantage of those features.