Recognize scams aimed at young adults

You are part of a unique group: You are young and have friends you trust. You make your own decisions; you’re computer savvy and you occasionally run low on funds. But everyone has these characteristics, right? So, you band together with your friends to help each other out, especially when there is an opportunity to earn easy side cash.

Unfortunately, that is exactly what makes you a prime target for fraudsters. They might offer you employment, investment or scholarship opportunities as a cover to steal your money and identity. Some fraud schemes aimed at college-age students include:

  • Mystery shopper — You pay a fee to become a “secret shopper.” Often these opportunities are a scheme to collect your fee and there is no real job. To check out legitimate jobs in this profession, visit the Mystery Shopping Professionals Association. Links to an external site.
  • Work-at-home schemes — Usually this is a multilevel marketing scam claiming to be an easy way for you to earn income in your spare time. In truth, the products are inferior or you are encouraged to make ongoing investments to keep large quantities of supplies on hand.
  • Address farming — Social organizations, such as fraternities and sororities, are tricked into providing the personal information of their members in exchange for promised credit, discounts or other rewards.
  • Textbook scams — You purchase discounted textbooks online, but the books never show up or they require a code for access (and the code has expired). Not all discounted booksellers are scammers. Shop only through secured sites (https://) and research consumer reviews of the retailer. Search for complaints.
  • Scholarship and student loan fraud — You pay an upfront fee to secure your loan or process the application. Once you pay, the money is gone. Read more about avoiding scholarship scams.

It is up to you to sift through the offers and promotions that come your way and separate out the legitimate proposals. Keep in mind that, if it sounds too good to be true, it probably is. As you learn to make your own decisions, it never hurts to seek help from advisors and trusted individuals.

 

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