Scams target people of all ages, from older adults to teenagers, especially as more and more of our lives play out online. In fact, people aged 18 to 59 were 34% more likely to report losing money to fraud than those over 60 in 2021, according to the Federal Trade Commission (FTC).
Now, the FTC has put out a warning specifically to college students to look out for a particular scam targeting that group of people. In particular, fraudsters are using the lure of a job offer, like a virtual side hustle or summer gig, to get money from students.
The way the scams usually work, the FTC says, is through either a fake job ad for personal assistants on job sites or social media or through an email doctored to look like it came from someone the student knows, like one of their professors or college offices.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If a student bites, the scammers will mail them a check to deposit. They'll then ask for the student to send some of the check money to another account, the FTC says. What will end up happening is that the check will eventually bounce, while the student has already sent money to the scammer.
How to catch a fake job scam
The obvious thing to look out for to avoid this scam, the FTC says is any job that mails the student a check before they start working. If that happens, "that's your cue to stop."
But there are also ways to look out for this scam before getting to that point. If a student is looking at a job posting or unusual email about a job, they should search the internet for the name of that company (or the person) and see if people have talked about it being a scam.
If an email looks like it came from a professor or college office, the student should reach out to that person directly. Don't reply to the email — call, email an address they know for them, or stop by their office if still on campus. Additionally, let college students know if they're contacted about a job, they should ask for the job duties, pay and hours in writing. Scammers may refuse to send that information.
As a final note of advice, the FTC says college students should "talk to someone you trust" to get their opinion on a job opportunity. That's your cue to use your own experience and wisdom to help them out — and if they complain, remind them that you may be helping them avoid needlessly losing money.
Related Content
-
Small Businesses Are Racing to Use AIThe Kiplinger Letter Spurred on by competitive pressures, small businesses are racing to adopt AI. A recent snapshot shows the technology’s day-to-day uses.
-
The Me-First Rule of Retirement SpendingFollow the 'Me-First" rule and you won't have to worry about running out of money when the stock market goes south.
-
How to Plan Your First International Trip After RetirementRetirement paves the way for a world of exciting (and intimidating) experiences. An overseas journey can be an ideal way to embrace this new phase of life.
-
My First $1 Million: Retired Magazine Editor, 70, Boise, IdahoEver wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
From Mortgages to Taxes to Estates: How to Prepare for Falling Interest RatesAs speculation grows that the Federal Reserve will soon start lowering interest rates, now is a good time to review your financial plans for housing, estate, taxes, investing and retirement to make the most of potential changes.
-
This Is How Lottery Winners Build Lasting Legacies, From a Financial ProfessionalWinning a massive lottery jackpot, like the recent $1.4 billion Powerball, requires seeking immediate legal and financial counsel, protecting your identity and winnings and planning your legacy.
-
Is It Worth Upgrading to the iPhone 17?The iPhone 17 is here. Learn what's new, where the best deals are and whether it's worth the switch.
-
I'm an Investment Strategist: This Is How the Fed's Next Rate Move Could Impact Your WalletInterest rate cuts might be coming, which could affect everything from your credit card debt to your mortgage. It's smart to prepare now — here's how.
-
Seven Surprising Reasons Retirees Are Going Back to WorkSure, money is a big reason to come out of retirement, but it's not the only reason retirees are doing it.
-
US Increasing ESTA Fee to Nearly Double Starting in SeptemberNew fee structure hikes ESTA from $21 to $40, adding a new layer to visitor costs under the One Big Beautiful Bill.
