Student loan fraud scheme targets new university borrowers with fake SLC messages

With billions of pounds slated to be deposited into student accounts this month, fraudsters are exploiting the urgency of loan disbursements by sending texts, emails or calls that appear to come from the Student Loans Company. The messages claim that bank details need updating or that an account is at risk, directing recipients to a counterfeit website where they enter personal and banking information. Once obtained, the criminals log into the genuine SLC portal and change the payout destination, diverting funds before the agency can detect the change.

The SLC says more than 1,100 accounts had details altered, but most were intercepted before any money was transferred. In the prior academic year, £519,000 was stolen from 168 students. The agency advises students to avoid clicking links, to access their accounts only through Gov.uk, and to report suspicious communications to the appropriate phishing authorities.