Back-To-School & Scams - Reviewing The Rise Of Fraud During This Season | Education2Conf

Back-To-School & Scams Reviewing The Rise Of Fraud During This Season

Introduction While back-to-school time is extremely hectic, both for students and their parents, it also brings with it tremendous discounts and offers on school supplies.

However, there is a downside to this. As students hurry to complete their loan forms and make the most of the online and offline sales, many scammers try to take advantage of this hustle and bustle to defraud them.

At the same time, more and more students are spending a better part of their time online, owing to the COVID-19 pandemic. This has made them even more susceptible to spammers and scammers on the look out for their financial information and personal details.

Their Modus Operandi Scammers & fraudsters try to siphon of funds through these two channels:

E-Commerce & Payment Gateways

Financial Services Space

E-Commerce

Financial Services

Amidst this busy sales period, scammers may run scripts on gift coupon code spaces of ecommerce websites to steal goods with the help of automation. Moreover, they may also use stolen account information to conduct fake transactions. Given that retailers are busy trying to fill the orders, such activities and fake transactions may go unnoticed.

Students are often misled by spam emails that try to attract them through attractive college loan offers. If they click on the links in such spam emails and texts, they may be led to fake/duplicate websites created to steal their financial information.

In addition to this, scammers and fraudsters may also steal their identities to apply for loans.

Therefore, it is very important to not divulge your personal information or respond to spam mails.

How Is COVID-19 Making Matters Worse?

Students are increasingly becoming victims of phishing scams. Since such activities are happening over the internet, it becomes more difficult for retailers to keep a track of such activities. Scammers may not only get in touch with students claiming to be associated with well-known businesses and loan lenders, but they may also hack into virtual learning platforms to steal their data.

Fraud Prevention Solutions For Businesses ● The need of the hour is to employ fraud analytics tools and scam prevention systems to ensure that customer data stays safe and sound. ● Train your employees to spot for signs of spammy and suspicious activities. ● Alert your customers on ways they can protect their sensitive information while shopping with you. ● Check reviews of vendors and third parties before you decide to partner with them.

Scam Prevention Solutions For Students ● Don’t let strangers know your credit card details and other financial information. ● Stay away from spam mails. ● Install antivirus software. ● Shop from verified retailers. ● Check reviews of e-commerce platforms before you decide to trust them.

Thank You! Presented & Reviewed By: Jatin Kanojia,

Manager, Education 2.0 Conference, https://www.education2conf.com/