Be on the lookout for increasingly sophisticated scams targeting students. It is essential that you safeguard yourself and your resources, including any scholarship and interest-free loans from The Scholarship Foundation of St. Louis. The Foundation is unable to reimburse you for any funds lost due to scams.
Fortunately, there are important steps you can take to protect yourself and your information.
Scams can happen through phone calls, text, mail, email, or online. Here are classic warning signs:
- Asks for money from someone who claims to represent or work for a financial institution, business, the government, or someone you know.
- Demands for you to send or pay money or taxes upfront to receive something in return (e.g., prize, gift, etc.).
- Instructions that you send money through wire transfers, cryptocurrency, payment apps (Venmo, Cash App, etc.), prepaid cards, or gift cards.
- Requests for you to share access to your money or financial information.
- Pressure for you to move quickly or act immediately, a sense of urgency, or attempts to manipulate your emotions.
Steps you can take to protect yourself proactively:
- Do not share any personal information; this includes bank account numbers or password, credit cards, payment apps, Social Security Numbers, multifactor authentication codes, etc.
- Go directly to the source. If you receive an unsolicited or unexpected call, even if the number appears legitimate, contact the financial institution, business, organization, or government agency directly, using their official phone number or website to confirm if there is a problem.
- Ask for information in writing and read it carefully. This slows things down and gives you the chance to review with trusted individuals in your life who can help verify authenticity and support appropriate action that may be necessary. And it gives you documentation.
- Be vigilant. If you receive a link or QR code that you did not expect, from messages you do not recognize or trust, do not click or scan.
Remember, phone numbers can appear legitimate due to spoofing technology and AI can replicate voices of people we know and trust, and alter images, to support urgent claims. Set up a safe password or phrase that only you and your loved one(s) would know, to help verify a caller’s authenticity. When in doubt, reach out to your loved ones directly if you receive a suspicious call or text.
If you want to learn more about fraud and scams, and what you can do to protect yourself:
- CFPB: Common Types of Fraud and Scams
- CFPB: Who to contact for help if you are a victim of fraud or a scam.
The Scholarship Foundation’s Student Advisors can support your efforts to protect yourself proactively. Should you find yourself impacted by fraud or scam, and your ability to pay for your education has been impacted, advisors can provide options and explore resources to help you create a plan to cover costs.
References:
Consumer Financial Protection Bureau (2026, August 31) What are some classic warning signs of possible fraud and scams? https://www.consumerfinance.gov/ask-cfpb/what-are-some-classic-warning-signs-of-possible-fraud-and-scams-en-2094/
