DENVER — College students in the Denver Metro area are facing a new wave of financial scams just as classes are set to begin next week.
Students opening bank accounts, signing leases and searching for scholarships and school supplies are increasingly turning to social media for help — and scammers are taking notice.
Anthony Cerrone, a community manager at Chase, said college students are especially vulnerable because many are making financial decisions on their own for the first time.
"This is their first time away from home, and so they are making decisions on the fly, and so many times they're engaging in social media platforms, and they're buying items online," Cerrone said.
According to the FTC, consumers under the age of 29 lost $493 million to fraud last year. For young people on a tight budget, these scams can have lasting financial consequences.
What to watch out for
There are several common scams targeting college students:
- Fake scholarship scams that fish for personal information
- Textbook and computer scams offering items at unbelievably low prices
- Housing scams that ask for down payments before a student sees the property
Cerrone said if something looks too good to be true, it probably is a scam.
When asked about red flags students and parents should watch for, Cerrone pointed to a specific textbook scam as an example.
"A red flag could be on textbooks where they're offering a digital textbook. If you send a person-to-person payment, they give you the digital code, but it's already been activated, and the money's gone. On top of that, if you're getting pressure to take action- that we need you to respond immediately, that this offer's going away," Cerrone said.
What to do if you're targeted
Cerrone said students should report scams to their financial institution right away.
Chase offers free services, including Credit Journey, to protect against fraud regardless of whether someone is a member. The bank has also taught 1 million people through its financial literacy classes, which include information about fraud and scams.
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