During National Student Money Week, Coventry University Students' Union is here to help you navigate financial challenges. With a focus on "Less Risk, More Reward," we're sharing tips to safeguard your money and avoid scams. Stay informed and empowered as you manage your finances during your university journey.
National Student Money Week, an annual initiative by the National Association of Student Money Advisers, aims to raise awareness about financial advice and support available to university students and Your Students’ Union Advice Service are taking part.
Focused on the 2024 theme of "Less Risk, More Reward: Maintaining your Financial Wellbeing at University," this week will spotlight information, guidance, and assistance tailored to students' financial needs.
One significant risk to students' financial wellbeing is the prevalence of scams and fraud. These schemes, varying in sophistication and targeting unsuspecting individuals, pose a threat to students' hard-earned money.
Contrary to common belief, scams do not discriminate based on age or vulnerability. Scammers continually adapt their tactics to deceive individuals, making it crucial for students to stay vigilant.
In today's economic climate, where every penny counts, students must be equipped to identify and avoid scams effectively. Numerous resources are available to enhance awareness and mitigate risks.
The Financial Conduct Authority outlines seven key questions to help individuals recognise potential scams. However, identifying fraud can be challenging as fraudsters employ convincing strategies, including authentic-looking websites and materials.
Students are encouraged to trust their instincts and remain cautious. It's preferable to exercise caution than to fall victim to a scam.
Consider the following questions when assessing the legitimacy of an offer:
- Is the communication unexpected? Scammers often initiate contact via various channels, including phone calls, emails, and social media messages.
- Do you feel pressured to act quickly? Fraudsters may create urgency by offering limited-time deals or bonuses.
- Does the offer seem too good to be true? Be wary of promises of high returns on investments.
- Is the offer exclusively for you? Scammers may claim exclusivity to manipulate victims.
- Are they trying to build rapport? Fraudsters may attempt to establish a false sense of trust.
- Are you experiencing heightened emotions? Scammers exploit emotions like excitement or fear to manipulate victims.
- Do they appear authoritative? Fraudsters may pose as experts to gain credibility.
If any of these questions raise concerns, it's essential to verify the legitimacy of the offer or individual. Additional precautions include:
- Exercising caution with unexpected communications and ignoring pressure to act hastily.
- Regularly monitoring bank and credit card statements.
- Seeking independent financial advice before significant financial decisions.
- Verifying overseas firms with relevant regulators.
Furthermore, students are advised against disclosing personal banking information, sharing passwords, or downloading software from untrusted sources to prevent unauthorized access to their devices and accounts.
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