With student finance maintenance payments set to arrive in January, the Student Loans Company (SLC) has issued a warning to anyone expecting an upcoming payment in a fresh update.
January represents the second maintenance loan instalment for numerous students whose courses began in autumn – and the initial payment for those commencing courses in January. Annually, SLC transfers billions of pounds directly into students’ bank accounts.
With January payments approaching, SLC is urging students to stay alert to scams designed to steal personal and financial information.
Fraudsters exploit these payment periods by distributing convincing text messages, emails and phone calls that appear to originate from trusted organisations, reports the Mirror. They frequently claim there is a problem with a payment requiring immediate action.
Alan Balanowski, Risk Director at SLC, said: “Whether this is your second maintenance instalment or your very first, scammers know that students will be expecting money in January and may be more likely to engage with messages that appear urgent or official.
“SLC will never ask you to confirm your personal or bank details by text or email. If something doesn’t feel right, pause, don’t click, and check your information through your secure online account.”
Lord Hanson, Fraud Minister, said: “Scammers are highly skilled at targeting students, especially during busy periods like the start of a new term. That’s exactly why this government is expanding our Fraud Strategy to deliver even stronger safeguards.
“I urge every student not to underestimate these criminals. Anyone can fall victim, but a moment’s vigilance can make all the difference between safety and serious financial loss. For trusted advice remember to search Stop! Think Fraud.”
Students beginning their courses in January and receiving their initial student finance are being urged to familiarise themselves with how SLC communicates and to exercise additional caution with unexpected messages and emails.
SLC’s top tips for spotting and stopping a scam
Examine the quality of the communication – misspellings, poor punctuation and bad grammar are often telltale signs of phishing. Stay alert for any emails, phone calls or SMS messages you consider suspicious, particularly around the time you’re expecting a payment.
Fraudulent emails and text messages are frequently sent in bulk to numerous people simultaneously and are unlikely to contain both your first and last name. These commonly begin – ‘Dear Student’ – so remain vigilant if you encounter one like this. Messages that convey a sense of urgency are also unlikely to be genuine – for example ‘failure to respond in 24 hours will result in your account being closed’. Think before you click.
If you receive an email or SMS that contains a link that you’re not sure of, then hover over it to check that it goes where it’s supposed to. If you’re still in any doubt don’t risk it, always go direct to the source rather than clicking on a potentially dangerous link.
Scammers can use a variety of methods to try and get you to pay money or share personal details, including the use of fraudulent phone calls, social posts and direct messaging on digital platforms. If you are suspicious of being contacted, always use official phone numbers, your online account and official communication channels to verify the contact you received is genuine.
Students should also be mindful of the information that they share about themselves on social media and elsewhere online to help guard against identity theft. Identity theft happens when fraudsters access information about a person’s identity, such as their name, date of birth, customer reference number, course information or their current or previous addresses, to impersonate them online and over the phone.
What else is important to know?
SLC also has a range of methods to protect students, including sending a SMS to customers in England if a change has been made to their banks details and asking them to confirm the change. If a customer hasn’t changed their details but receives a message, they should log into their online account to review their information.
SLC will never request personal or financial details via email or text message from students. If a student receives a suspicious message, they should immediately report it to the SLC’s Economic Crime Unit by emailing [email protected]. uk and dialling the dedicated hotline on 0300 100 0059. Scam texts can also be reported to the National Cyber Security Centre.
Neither SLC nor Student Finance England (SFE) offer any services through WhatsApp and will never initiate contact with a student via social media channels to discuss their application or student finance entitlement. If a customer receives a communication from SFE that they are unsure about, they should log into their online account to verify its authenticity.
Additional advice and information on recognising and avoiding scams is available from Action Fraud, the UK’s national reporting centre for fraud and cybercrime, as well as the Home Office’s Stop! Think Fraud campaign. More information can be found at: www.gov.uk/guidance/phishing-scams-how-you-can-avoid-them.
