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Students starting to back to university this week are being warned about fraudsters as new research out today reveals how over half of graduates and students have been scammed whilst at university. The research commissioned by Lloyds Bank surveyed over 2,000 people aged 18-34 who have been to or are currently at university and found that the average amount a student has lost is £420. Nearly a third of people have lost over £500 whilst one in 11 have paid over £1,000 to fraudsters.
A separate report from the bank also found that more millennials are falling victim to scams designed to trick them into handing over cash to fraudsters than any other age group. In the last 12 months, there has been just under a fourfold increase in the number of 18-34-year-olds being caught out by impersonation scams which involve someone pretending to be from the police or bank who may ask people to quickly transfer money into a ‘safe’ account.
Male students are also falling victim to scams more than female students; 52 per cent of women say they have been scammed at university compared to 69 per cent of men. Likewise, male students have also lost more money than female students when they have been caught out by fraudsters; women on average have lost £380 compared to £523 for men.
Aston spoke to Simon Reeve, policy & engagement manager at CIFAS and Paul Davis, retail fraud director at Lloyds Bank to discuss the research and also offered advice on how to prevent scams at university in the future.