Starting college is a big step. Your student will make more choices on their own, including how to pay bills, apply for jobs and manage everyday spending. That also means they may face more scams.
Before their first day, talk with your student about one simple rule: pause and verify before sharing personal information or sending money.
Why Freshmen Can Be Vulnerable to Scams
Freshmen are often making money decisions for the first time. They may be looking for housing, part-time work, scholarships or ways to split costs with roommates. Scammers know this.
Most scams have one thing in common: pressure. If a message, offer or listing tells your college student to act fast, teach them to slow down and check the details first.
Talk Through Common Scams Before They Happen
You don’t need to use scare tactics. Just talk through real-life examples and ask what they should do before sending money or sharing financial information.
Be Careful With Roommates and Shared expenses
This is one of the most important things you can emphasize with your student.
Students may split rent, utilities, groceries or other costs with roommates. Payment apps can help, but students should only use them with people they know and trust.
- Be careful if a new roommate asks for money before move-in. If they’re asking for a direct deposit, make sure your student uses a check for proof they paid their roommate.
- Check details with the landlord, property manager or school housing office.
- Keep records of shared costs and payments.
- Advise your student that covering their roommates’ expenses can often result in never seeing that money returned.
Talk with your student about common payment requests from roommates, landlords or housing offices so they can more easily spot requests that seem unusual or rushed.
Housing Listings
Fake housing listings can be easy to fall for. Some scammers advertise properties that are unavailable, don't exist or aren't theirs to rent. Before your student sends money, encourage them to verify the property and the person offering it.
- Research the address and property manager independently.
- Ask for a tour or video walkthrough before signing anything.
- Read the lease carefully and review all fees.
- Keep records of conversations and payments.
Job Offers, Scholarships and Financial Aid
Students may receive job, scholarship or financial aid offers by email, text or social media. Remind your student to be cautious of opportunities that seem too good to be true, especially those promising high pay for little work or unexpected financial awards.
Before sharing personal information or accepting an offer, verify the organization through its official website or contact the school's financial aid office directly.
Pause Before Sending Money Electronically
A request to send money quickly through gift cards, wire transfers, cryptocurrency or a payment app is a red flag. Scammers want students to act before they think.
Payment app transfers can work like cash. Once money is sent, it may be hard to get back. A good rule is to only send money to people you know and trust.
Help Your Student Build Safer Money Habits
Staying safe also means building good money habits. These habits can help your student spot problems sooner and protect their accounts.
Remind your student to use strong passwords, turn on two-step verification and set alerts for low balances, purchases and unusual activity. Adding their debit or credit card to a digital wallet can also help protect card information when they shop.
Know What To Do if Something Goes Wrong
If your student thinks they’ve been scammed, they need to act quickly. They should contact their financial institution using the number on the official website or the back of their card. They should also lock or report the card, change passwords and keep checking the account.