If there’s one thing that we need to stay one step ahead of these days, it’s scams. These exist in a multitude of variations and have often netted millions, maybe billions of dollars overall around the world. Unfortunately, the victims of these scams have unknowingly become victims and now have to deal with the financial aftermath. It’s important to know what kind of scams exist so you don’t become a victim yourself at some point down the line. Many scams are targeted at anyone and pretty much everyone. And it’s usually the older people or completely unaware that fall victim to this type of scam.
There are even some of them that are tailored to target a specific group of people. In this example, we will take a look at scholarship scams. This is used to target younger individuals who are in the process of going to college or graduate school. Young people are often targeted for scams because the scammers themselves will assume that these people won’t know any better.
Especially when it comes to all things financial. So to these scammers, these young people are ripe for the picking for this kind of scam. Let’s dig a little deeper in how the scam works and what measures you need to take to ensure that you don’t become a victim yourself in the future. If you are a parent with a child who is considering college in the future, be sure to keep them in the know about this type of scam.
How Do Scholarships Actually Work?:
To begin, we’re going to set the stage with how the actual scholarship process works. Scholarships are awarded through various methods. The common method is when a student applies for a scholarship. They apply for this scholarship if they meet certain guidelines or requirements.
For example, a student would need a certain overall GPA and/or have an intended major set in stone in order to qualify for said scholarship. This will give them a partial scholarship or a full-ride, depending on how the scholarship is set up. Application does not guarantee them the award. It is decided by one person or a group of people who carefully go through every application.
One other way in which scholarships are awarded are via sports programs. Most colleges and universities in the United States will recruit some of the best players of a sport and offer them a scholarship in exchange for their commitment to join their program.
You’ll usually see this happen in sports like football or basketball. However, some other sports will use the same methods. Usually, these are full ride scholarships that will last them the duration of their time in school.
How A Scholarship Scam Works:
A scammer will typically reach out to a potential target via two options: phone or email. The scammer will claim that the student has been awarded a scholarship or is in the process of being considered for one. And in order for them to be “guaranteed”, they would have to pay a small fee for an “application process”. This fee also has different names like a “processing fee”. To put it bluntly, if you have to pay money to get money, chances are you are dealing with a scam.
Aside from charging a so-called fee, a scammer will ask for your information. This includes your bank account information, credit card information, social security number, or any pertinent information that is associated with your identity. While most scholarship scammers are often those with the goal of stealing money from you, some will take it a step further and steal your identity.
One thing you need to understand is that you will be notified about a scholarship only when you have applied for one. You simply cannot be awarded a scholarship if you never applied for one. If you receive an offer for a scholarship you never applied for, there’s a good chance that it is a scam.
Some scammers will send you a fake check claiming to be your “scholarship check”. If this happens, it is important to notify the proper authorities to let them know what’s going on. Attempting to cash the check will lead to some financial and even legal headaches.
Protecting Yourself From A Scholarship Scam:
As with all scams, the no-brainer simple way to protect yourself is to ignore the scam if the scammers offers something that sounds too good to be true. As the old saying goes, if it’s too good to be true, it’s because it really is. Furthermore, you must never give out any information over the phone or via the Internet to people you do not know. This includes bank account information, social security number, or any information that is associated with your identity.
You should also consider using something like Cappex to see if the scholarship actually exists. Cappex is a website that has a database of a lot of scholarships that are considered legitimate. In fact, every scholarship that applies to be on the database must undergo a very strict process before being approved for listing. If this so-called scholarship is not on the list, then you should err on the side of caution and ignore it.
Last but not least, it is highly imperative to use your better judgement. If something seems off, then you’ll want to end contact with the alleged scammer. In the event that you have sent any information to the scammer, you can report it to the National Fraud Information Center. You’ll also need to contact your bank or credit card company to ensure that protective measures are in place so no more money is taken from you.
My Final Conclusion:
Scam victims aren’t usually older Americans. They also include young people as well. That’s because some of them won’t have the understanding of what might be real or what’s too good to be true. If you’re a student, please refer back to this article as often as possible. If you’re a parent, do everything you can not only to protect yourself but also your child from this and all other scams that exist.
Do you have any experience with being involved in a scholarship scam? Do you have any questions concerning this scam review? If so, please leave your comments or questions at the bottom of this post, and I will be more than happy to get back to you. Thanks again for checking out my post, and good luck with your success online..
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