A poll, conducted by Censuswide, has found that 78% of students reported being targeted by fraud in their first term.
Fraud Minister, Lord Hanson outlined what the typical scams are.
“Fraudsters continue to prey on freshers, using bogus job adverts, fake flats and scam investments to steal their money,” he said.
Natwest’s Student Handover Report found that university students were more susceptible to fraud because of their inexperience with managing money and recognising scams, with only 27% of students claiming to be very confident when it came to identifying a scam.
This has created major concern, with students at risk of losing an estimated £20m over the next academic year to scams, according to Natwest’s market share.
Simon Forbes, President of Mastercard UK & Ireland, spoke about the significance of students being aware of scams in light of this.
He said: “Fraudsters are constantly evolving their tactics, which is why being scam aware has never been more important.”
NatWest, Mastercard and the Home Office have come together to create a new campaign called ‘Stop! Think Fraud,’ which Lord Hanson said will “expose the scammers and protect students.”
Through posters, designed by UK artists, Luke Insect, Gavin Connell, and Samuel Tomson, they urge students to protect themselves by staying scam vigilant.
Designed to easily fit into university rooms, the free posters incorporate art and fraud prevention advice, aiming to put practical tools in front of students.
Some of the guidance includes authorising sources before investing and checking ‘too good to be true’ deals before signing agreements.
Chief Customer & Operations Officer at NatWest Group, James Holian, said:
“Fraud is a serious issue and tackling it requires collaboration across the industry.
“Through our work with Mastercard and the Home Office, we’re giving students practical tools and guidance to help them stay safe – not only as they begin university, but throughout their studies and beyond.”
Forbes said students can be reassured in the “knowledge that they’re not alone.”
He also spoke about how they are continuing to deal with the scam problem, adding:
“We’re constantly working with partners like NatWest to develop new technologies and safeguards, identifying and flagging potentially fraudulent transactions before they take place.”
Image credits: Sam Todd at Mastercard
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