Wherever and whenever large sums of money are moved you can be sure that scammers will be waiting with as many tricks as they can think of to part their targets from their money. This academic year is no different with warnings about phishing emails and money muling adverts on social media to the fore.
This story covers all the usual advice for UK citizens, but is unusual in that all the language and timelines are changed so that they work in an educational setting.
Fraudsters know that large sums of money are moved in September, January and April each year to match term dates. Naturally, they are using reminders in their ‘Scams To Do List’ calendar and start bombarding student email and social media accounts as soon as the money hits their bank. The SLC has a dedicated anti-Fraud team that claims to have stopped £850k of losses in the last 2 years, but they know that the problem is likely much bigger and need to help educate students on the tell-tale signs of a scam before it is too late.
An overview of the problem is neatly captured in the video below.