New graduates often face big changes like moving, starting jobs, and managing money for the first time, which can make them targets for scams and identity theft. While young adults are often seen as tech-savvy, they can still be vulnerable to fraud.
Here are a few scams should new grads look out for?
Student loan scams commonly target new graduates with fake loan forgiveness opportunities. You receive a message or phone call out of the blue that says you can qualify for lowered payments through a debt relief or debt forgiveness program – all you have to do is fill out a form and pay a fee. Some of these companies are real, but they pitch their services with false or misleading claims. Other companies are impostors trying to get your personal information and money.
How to protect yourself: Understand the ins and outs of your student loan – what kind of interest you owe, when you need to start paying and the duration of your payments.
Some scammers contact graduates or their parents, claiming some of their tuition was left unpaid and the graduate’s degree will be revoked if it isn't paid immediately.
How to protect yourself: Be wary of anyone who contacts you out of the blue and demands money immediately – even if it seems like they’re calling from your school. Remember that most government agencies and universities will contact you by mail.
Job scams have been on the rise in recent years. Scammers make fake listings for high-paying, remote and easy entry-level jobs. They’ll offer you the job on the spot or after an informal interview. From there, a few different things could happen: They might ask for bank or Social Security information for your “application,” ask you to pay upfront for work supplies, or “accidentally” overpay you with a fake check and ask you to return the difference.
How to protect yourself: If a job sounds too good to be true, it probably is. Never pay for a job application and be wary if you’re asked to front costs. Research companies before you complete an application – make sure they have a legitimate website and verifiable contact information.
