Got student loans? You’re not alone. According to Forbes, “There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone.”
If you have student loans, you are an inviting target for lenders looking to cash in on loan re-financing (both legitimate lenders and the predatory type). You’re also a prime target for scammers seeking to take advantage of your situation. They use social engineering and various phishing techniques to get you to divulge personal information that could lead to account compromise, identity theft, exposure to malware, or unscrupulous transactions.
From snail mail offers to refinance loans at a low rate (spoiler: you’ll never get the rate they promote on the letter), to constant phishing emails targeting borrowers, to voicemail schemes, I see this type of targeting almost daily.
Over the last few weeks, I’ve been targeted by a voicemail scam that parents, students, and grads should know about. Voicemail phishing is known as vishing, and it’s just as annoying as the email variety.
Now that you know what this scam looks like, here’s what you need to know and share with the student-borrowers in your life.
- Your real lender will never correspond directly over the phone or even in email. Reputable lenders will provide official correspondence via mail or a secure messaging center on their website.
- If you are targeted via voicemail, do not call back. If you’ve answered the call and are speaking with someone, do not offer any personal information – just hang up.
- Visit your lender’s website directly and check their messaging center for any important correspondence. This will reassure you that the voicemail you received was indeed a scam. While you’re there, consider updating your account password or enabling additional security features if available.
