In 2023 alone, almost 69,000 incidents of fraud were reported by people aged between 11 and 29, totalling a loss of £143.7 million. As students settle into the new academic term, many are managing their finances independently for the first time, making them more susceptible to scams. Action Fraud has warned of a surge in fraud targeting young people, urging them to stay vigilant against the common tactics used by scammers.
Investment Scams (£29,509,631 lost)
Scammers often target students eager to make quick cash through cryptocurrency or high-return investment schemes. Using social media and online platforms, these fraudsters lure students into schemes that promise large profits but ultimately result in significant financial loss.
Purchase Scams (£9,19,951 lost)
Fraudsters frequently create fake websites or replicate legitimate ones to trick shoppers into providing their personal information and banking details. Students fall victim to these scams when they make purchases that never arrive, leading to financial losses and compromised information.
Rental Scams (£4,270,255 lost)
Students seeking university accommodation are prime targets for rental fraudsters. In these scenarios, scammers will often request upfront fees before students have had a chance to view the property. As a result, victims lose their money and their accommodation.
Ticket Scams (£1,053,493 lost)
Scammers exploit high-demand events by selling fake tickets to students. Concerts, freshers’ week events, and other popular activities are common targets, leaving victims out of pocket and without entry to the event.
Job Scams (£149,719 lost)
Students searching for job opportunities online can fall for fake advertisements that attempt to steal their information or money. In these scams, victims may be asked to pay upfront fees for consultations, and equipment, or to complete certain “tasks” while falsely promising legitimate employment.
Jessica Hampson, CEO of CEL Solicitors, advises:
“With scammers increasingly targeting young people, it’s more important than ever for students to stay informed and vigilant.
“Criminals prey on those who may be navigating financial independence for the first time, making it crucial for students to recognise the warning signs of fraud.
“Simple steps like thoroughly researching job offers, verifying accommodation details before sending payments, and being cautious of unsolicited investment opportunities can go a long way in protecting yourself from scams.”
If you or someone you know has lost money to a scam, speak with our dedicated fraud recovery team today for help. We work on a no-win, no-fee basis which means you have nothing to pay up-front. Call 0330 127 9784 or start your recovery online.
