Back-to-School Scam Basics

Let’s go back to school. A new year, a new adventure. For parents, it’s a time to watch accelerated growth and maturity. For students, it’s time to forge new friendships and take another step toward adulthood.

And for the Doing More Today team, it’s a fresh opportunity to remind our readers to stay safe – especially from financial predators who often use change as a chance to scam the unsuspecting.

“There’s so much newness to the new school year, and criminals use these opportunities to take advantage of you,” said Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank. “The best way to fight back is to be aware of what methods scammers use.”

That’s why we’re here with suggestions to help you avoid becoming a victim of fraud, starting from that first day of school until the day your child earns a degree.

Elementary School

Back in the day, the quest to fill your school supply list was an all-day affair. Mom, with kids in tow, hit multiple stores fulfilling teacher requests. Now, things are a little easier. Many schools provide pre-packaged, shrink-wrapped supplies you pay for in advance and pick up on the first day of school.

Others simply provide a list and let families shop online.

“That’s where you can get in trouble,” Taylor cautioned. “You need to know you’re purchasing from a trusted website, because the scam is pretty simple when it works: you pay for something, and you never receive it.”

You need to know you’re purchasing from a trusted website, because the scam is pretty simple when it works: you pay for something, and you never receive it. Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank

Middle School

As with the fake school supplies scam, a fear at all levels is someone stealing your child’s personal information by penetrating the school system’s network to glean data. By doing so, scammers acquire info on minor children, ranging from Social Security numbers to addresses and phone numbers, then develop synthetic identities they can use to create fake credit cards or take out loans in your child’s name.

“As a parent, the main thing I would ask the school system is, ‘What are you doing to protect my child’s information?’” Taylor said. “Do you have proper firewalls? Do you have plans if the data is breached?”

A more proactive approach is to use a monitoring service to keep track of personal information on the dark web and for changes in your credit report, including alerts of new credit requests, Taylor said.

“They may require a paid subscription, but there are a number that have a longstanding reputation for great service.”

As a parent, the main thing I would ask the school system is, ‘What are you doing to protect my child’s information?’ Do you have proper firewalls? Do you have plans if the data is breached?Jeff Taylor

High School

This is the age where children begin showing more independence, driving cars, paying bills and working part-time jobs. For parents, it’s a wonderful time to open a student checking account, which comes with more responsibility.

It’s easy to get duped. The goal of social media is to network and make friends, but not everyone out there has sincere intentions. Kimberly Reece, of the Regions Fraud Strategy Customer Advocacy Team

First step: teach your child basic financial education on budgeting, spending and savings. Most banks have easy-to-use free financial education services, such as Regions’ My Green Insights.

Second step: instruct your child not to share their checking account information freely. This is the age students might be intrigued by marketing offers on their personal devices.

“You never want to provide your bank routing and account number or your debit card number to someone you don’t trust,” Taylor said. “Because, by doing so, you’re giving them total access to your checking account.

“If your student needs to order something online, use your parents’ credit card – then pay them back – instead of your own debit card. As a parent, monitor your child’s account for anomalous activity. That could be a store charge on the West Coast when you live in the Southeast. Also, check to make sure your child hasn’t overdrawn their balance.”

Finally, be aware of social media use – especially what your student shares with others. Fake social accounts make a living from posing as friends and getting information that can be used in nefarious ways.

“It’s easy to get duped,” said Kimberly Reece, of the Regions Fraud Strategy Customer Advocacy Team. “The goal of social media is to network and make friends, but not everyone out there has sincere intentions.”

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.