Be scam aware: protect yourself and your money

Going to University should be a fun, exciting and challenging experience. But unfortunately, as a student, you can be vulnerable to fraudsters and scammers trying to steal your money and personal details. This is particularly true if you’re an international student, who may be studying in the UK for the first time. As a student, you may be targeted due to the large amounts of money in your bank account for things like tuition fees, accommodation and living costs, making you a prime target for scams.  

Scams can come in different forms, including phishing scams, where criminals try to gain your personal data; rental fraud, advance fee fraud and investment scams, where you may pay money for services that don’t exist, or you can be persuaded to act as a money mule, helping criminals move illegal money.  

It's really important that you understand how these scams are carried out and how you can protect yourself. These are common scams which are particularly targeted at students, with tips from our Student Money Advisors on how to protect yourself and your money: 

1. Investment scams 
   Investment scams such as Foreign Exchange (Forex) investments or Cryptocurrencies are a growing risk to students. Fraudsters will try to use a range of psychological tactics and tricks to manipulate their victims. They might promise get-rich-quick results, or they might try to pressure students into making an investment. It’s also worth noting that these kinds of investments are usually very high risk. The golden rule is that if your capital (what you invest initially) might be at risk, then never to invest money you cannot afford to lose. As such, even if an investment opportunity like this isn’t a scam, it still may not be a sensible option for you at this time. 

2. Advance Fee Fraud  
   This is a scam where you can be charged for opportunities that should be free, such as internships. Generally speaking, no reputable employer or employment agency will charge you money to set you up with a job. In a few specific situations fees may be payable for things like auditions. If these apply, make sure you independently verify if a fee is actually payable, and be clear about what you are paying for. Check the bank details of where money needs to go and be very wary of sending money via a money transfer service like Western Union. 

3. Rental Fraud  
   When trying to find accommodation, always try to make visits in person, and always use a reputable letting agent. Scammers will sometimes offer accommodation for a property they’ve just rented for a week themselves, or even for property that doesn’t exist. Possible options include reverse image searches & checking holiday let listings. Consult our accommodation team for advice if you’re not sure.  

4. Phishing  
   Phishing is a scam where fraudulent emails and texts can be sent to you, where the sender poses as somebody else. This could be fraudulent correspondence from the government or your bank, or even posing as UCL. Often phishing emails or text are trying to obtain your personal data, such as passwords and your bank account details, which they can then sell on. 
    
   Always check the sender email – if it’s not one you recognise, then don’t reply and don’t click on any links. If the sender is pretending to be from your bank, then contact the bank directly using their official website, rather than replying to the email or text. Consider setting up a brand-new email address independently of your personal email – for use when signing up to offers that come your way, to protect your actual email address from scams.  

5. Money Mules  
   If someone offers cash or a reward to hold money in your account for a temporary period, that’s most likely money laundering and is illegal. Money mules may not realise that they are helping to fund the drug trade, people trafficking, or even terrorism. But money mules can still be held responsible and even prosecuted.  

Remember, if you have any concerns or doubts, UCL have a range of support available to you. If you’re not sure about anything, you can contact our Crime Prevention and Personal Safety team. For other tips about avoiding Scams, please visit the UCL Staying Safe page