AUSTIN (KXAN) — With class back in session for many local universities, the Better Business Bureau said it is on high alert for scams targeted at college-aged students.
According to the BBB’s 2023 Scam Tracker Risk Report, 18 to 24-year-olds reported the highest median losses to scams across all age groups for the second year in a row.
The report said young adults are most susceptible to the following scams:
- Employment
- Online purchase
- Investment/cryptocurrency
“This is kind of the first generation that has really grown up with all the devices, and so they are very comfortable being on the phone, being on the laptop, and conducting everyday business there. So scammers, of course, are going to take advantage of them in that way too,” said BBB Director of Education and Community Engagement Katie Galan.
Galan said it’s important to take a minute to look through any messages and offers. She said search for things that stick out like bad grammar, misspellings and wrong punctuation. Those things might indicate it is a scam or a junk email.
Also, if a proposal seems too good to be true, Galan said it probably is.
Employment scams
When it comes to employment scams, the BBB said college students are a prime target because it fits with their needs. Typically it will be a remote work opportunity with flexible hours and high pay, according to the BBB.
“They want your full name, your birth date, your social security number.”
Katie Galan, Better Business Bureau
Along with the financial cost, there’s a risk of providing sensitive personal information to a fraudulent employer. That can open someone up to the risk of identity theft.
“Typically framed as a requirement to begin work, fraudulent employers collect tax or banking information, which can lead to various identity-related issues, such as Stolen Identity Return Fraud,” a release from the BBB said.
According to the BBB, some of the most common positions for employment scams include:
- Package reshipment
- Data entry
- Secretarial work
Online purchase scams
In an online purchase scam, someone could purchase items that are never received, counterfeit or are unusable.
“They know you’re on social media, so they’re going to start sending you those targeted ads, emails, even text messages,” Galan said.
Some of the most popular products in an online purchase scam are:
- Clothing
- Pet products
- Travel mugs
- Electronics
“In nearly all cases, victims do not realize they’ve encountered a scam until attempts to contact the company regarding the status of an order go unanswered, the received product does not reflect the advertisement, or they discover multiple additional charges on the provided payment method,” the BBB’s release said.
Investment/cryptocurrency scams
The BBB said investment and cryptocurrency scams are now the riskiest. It reported that last year, there was a median loss of $3,800 with this type of scam.
The organization said con artists will take to social media and create engaging content to make themselves seem like an expert source of information. They’ll then capitalize on confusing financial terms and unclear processes, according to the BBB.
“Cryptocurrency is fairly new, so it’s kind of difficult,” Galan said. “A lot of people don’t know as much about it, and so it kind of makes it a little bit easier for scammers to entice people with making a lot of money or big returns.”