As the academic year kicks off, the Student Loans Company (SLC) has issued a cautionary reminder to students about the rising threat of smishing scams. In September, SLC is scheduled to disburse approximately £2.3 billion in maintenance payments to over one million students as they commence or return to university. However, this period also sees an increase in fraudulent activities, with text message (SMS) scams being the most prevalent.
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Alan Balanowski, Risk Director at SLC, expressed concern over the growing sophistication of fraud targeting students, particularly around the start of the academic year when the first maintenance payments are made. While scams involving phone calls (vishing) and emails (phishing) have been common in recent years, SMS-based fraud is now on the rise. Students have reported receiving messages urging them to click on links to change their bank details.
