Students are being warned they could have money taken from their accounts as they prepare to start, or head back to, university.
This month, the Student Loans Company (SLC) is set to distribute billions of pounds in scheduled maintenance support to 1.1 million students. Government officials are now warning that fraudsters may exploit this hectic payment period by deploying "convincing" scams via text messages, emails and phone calls, claiming that a student's payment is under threat.
These messages are made to appear as though they originate from a reputable organisation, making it vital to stay vigilant. These communications may claim your payment has been blocked, or that your account will be shut down immediately unless you take action. Some messages may insist your bank details require urgent updating.
The SLC is reminding students that it will never request them to provide or confirm personal or financial details via email, text message or any social media platform. Anyone receiving an unexpected communication should refrain from clicking any links and instead log in to their student finance account through GOV.UK.
Should scammers obtain your details, they could gain access to your account and get their hands on your money.
Alan Balanowski, Risk Director at SLC, said: "Starting and returning to university is an exciting and busy time, and receiving that first maintenance payment is an important moment for many students. Unfortunately, scammers know when these payments are due and will go to great lengths to take advantage of students."
"Scammers can make messages look convincing and create a sense of urgency to encourage people to act without thinking. Our advice is simple: stop and think before you click. Take a moment to pause before taking action, don't click on unexpected links and check your account through GOV.UK".
"We work hard to identify and prevent fraud, but students can also protect themselves by knowing how we communicate and being cautious if they are contacted unexpectedly."
SLC has implemented a variety of safeguarding measures to shield students and tackle fraud, with these efforts preventing losses of £56.2 million last year alone.
SLC continues to caution that criminals may attempt to steal your personal details or funds. "They will text, email or call you claiming there is an issue with an upcoming payment that needs urgent action, especially around times when student loan payments are made in September, January and April."
Students are reminded that SLC will never request personal or financial details via email or text message, nor send a message with an urgent deadline such as "failure to respond in 24 hours will result in your account being closed". Never disclose your name, date of birth, customer reference number, course details or current and previous address online.
Should you receive a call or message purportedly from SLC, always pause and consider whether the request is legitimate before giving any personal details. Avoid clicking on links and check any request is authentic by signing into your online account.
If you've requested SLC to update your bank details, they will send a text message to confirm the changes. Should you receive a text message without having requested changes to your bank details, sign into your online account immediately to make sure your information is accurate.
