The arrival of spring signals the end of the school year is near for high school students. For those wanting to take the next step and get to college, it means it’s time to ace the college entrance exams such as the SAT and ACT.
That’s why a parent wasn’t initially concerned when their son received a call from a college exam prep company. According to the Better Business Bureau, it seemed legit: they had the student’s name, address and even the location of the next testing site – which they explained they received from directly from the College Board, which oversees testing.
It’s critical to know who you are doing business with before you provide any personal information.Jeff Taylor, head of Commercial Fraud Forensics for Regions Bank
You probably know the rest of the story.
For a nominal fee to initiate the transaction, refundable up to 30 days, the student could receive help by express mail.
A month later, when the parent checked the credit card statement, they saw they had been gouged for $250 – and, of course, the prep material never arrived.
Welcome to the world of college entrance exam scams, where criminals try to take advantage of well-meaning students looking for an edge on their next step in life.
“It’s critical to know who you are doing business with before you provide any personal information,” said Jeff Taylor, head of Commercial Fraud Forensics for Regions Bank. “Make sure the company you work with is reputable and knowledgeable.”
4 Tips from the BBB to Avoid College Entrance Test Scams:
- Always be wary of unsolicited callers. Even if the caller says your child initiated the contact, do some double-checking first. Look up the business on BBB.org. Search the organization’s name, using words like “scam” or “fraud.” Check with the BBB Scam Tracker to see if anyone else has filed a complaint.
- Confirm with your child before you pay anything. Hang up and ask your child if they requested material before making another move. And don’t offer any payment unless you are totally convinced this is wanted and needed.
- Remember, the College Board won’t ask for bank or credit card information over the phone or in an email. In fact, the College Board has a terrific website article about telemarketing and internet scams.
- If you do pay for the prep, use a credit card. If the offer does turn out to be a scam, you’ve got a better chance of getting a refund from your credit card company.
“This stage of life can be stressful for both parents and students. Don’t let the process entice you to fall for an imposter scam,” Taylor added. “Also, don’t rely on just the reviews on the company website. Dig deeper.”
Additional Resources on College Entrance Test Scams:
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The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.