Student Loan Scam Alert: £2.3 Billion Maintenance Payments Targeted by Smishing Fraudsters
As the new academic year kicks off, the Student Loans Company (SLC) is warning more than a million students to stay sharp. This September, SLC will hand out around £2.3 billion in maintenance loans. But with big payouts comes a surge in sneaky smishing scams – fraudulent texts designed to steal your bank details.
Smishing on the Rise: Students Beware
Alan Balanowski, Risk Director at SLC, sounds the alarm on growing scam sophistication. “Fraud spikes around term start when the first payments drop,” he says. While phone scams (vishing) and phishing emails have long plagued students, SMS scams are now the biggest threat. Students have reported texts telling them to click links to update bank info – a classic trap.
How to Spot a Scam: SLC’s Top Tips
- Check the message quality: Look out for misspellings, poor grammar, and odd punctuation.
- Stay alert: Be sceptical of unexpected texts, calls, or emails, especially around payment time.
- Scrutinise the greeting: Real messages rarely start with a generic “Dear Student.” Scammers love these.
- Ignore urgent threats: Any message pushing you to act quickly or face account closure is suspicious.
- Think before clicking: Hover over links to check where they go. Don’t click unfamiliar links – visit official sites directly.
Official Warnings and How to Report Scams
SLC confirms it never asks for personal or financial info via email or texts. They also send official SMS alerts when changes to bank details are made, prompting confirmation. Students in England get extra protection this way.
If you get a dodgy message, report it immediately to SLC’s Financial Crime Prevention Unit via email at [email protected] or call 0300 100 0059.
Remember, neither SLC nor Student Finance England contact students through social media or use phone numbers starting with ‘1’.
For more scam guidance, head to Action Fraud, the UK’s fraud and cybercrime reporting centre.
