4 Ways College Students Can Help Prevent Financial Scams

As college students, we’re all familiar with the dark spiral of procrastination. One moment we’re just taking a “quick break,” and the next it’s 11:30 p.m. and the essay assignment is due in half an hour.

Digital scams can be exactly the same. One moment you’re simply accepting a LinkedIn connection request, and the next your bank account may have been emptied and your identity stolen.

Online scams can be especially deceptive and dangerous, and college students are vulnerable targets. If you are a college student, here are 4 ways to help prevent financial fraud.

Financial fraud prevention tip #1: Learn to recognize phishing emails and text messages

Scammers will try to steal your personal financial information in many ways, but emails and text messages are one of the most common. These scammers may pose as your university or bank.

To help protect yourself from phishing, carefully examine emails or messages you receive asking for any kind of personal or financial information. When a sender you recognize asks for personal information, verify the request is legitimate via an official phone number. Look at the sender’s email address and URL carefully to identify anything suspicious. For example, there may be a very subtle misspelling in the name of the company in the email address. Never click on links or attachments from senders you do not recognize.

Financial fraud prevention tip #2: Safeguard bank account information when buying online

Double-check you are making a secure purchase when ordering a pizza online or taking advantage of a good deal on textbooks. Do not enter bank account information or personal information such as a Social Security number into a shopping website. Be particularly wary of unfamiliar websites found through unsolicited emails or advertisements. Sometimes the deals really are too good to be true. Carefully check emails after you have made your purchase, because fake shipping alerts are a common scam.

When buying online, use a private Wi-Fi network rather than a public one because your information could be compromised when using public Wi-Fi. If you must connect to public Wi-Fi, use a VPN.

Use a credit card instead of a debit card to make online purchases. Because of the Fair Credit Billing Act, credit card issuers are legally responsible for covering unauthorized purchases over $50, but many issuers offer “zero-liability policies,” meaning the card issuer covers all unauthorized purchases.

Financial fraud prevention tip #3: Monitor bank accounts for suspicious activity

A frequent mistake college students make is not monitoring their bank accounts for suspicious activity, particularly after making an online purchase. Make sure to regularly check your accounts and track your spending. Often fraudsters will make a small purchase or two before making a large one to verify the account works. Or they might make small, hard-to-notice purchases, or even disguise the charge so it looks similar to a reputable company.

One way to monitor your accounts is to make an electronic list of the items you've paid for and are expecting to receive. If you don't receive something you're expecting within a reasonable timeframe, call the merchant. As a last resort, file a dispute with your credit card company.

If you feel that a charge might be fraudulent, don’t be afraid to reach out to your credit card provider. It is better to be safe than sorry.

Financial fraud prevention tip #4: Use an automated fraud alert service

Busy college students may find it hard to squeeze in account monitoring to their schedules. Many banks offer automated fraud alert services, such as Zions Bank’s Mobile Fraud Alert Service¹. If the bank suspects a fraudulent purchase has been made, it will alert you via text. You can confirm via text whether a purchase is fraudulent or not. 

Additional resources are available in the Zions Bank Online Security Center or by visiting with an experienced banker at a Zions Bank branch near you.  

1. The Bank does not charge for Mobile Card Fraud Alerts. However, standard text message and data charges from your mobile phone carrier may apply. Available services are subject to change without notice.