So, if you see tech items, for example, with deeply discounted prices, chances are this isn’t a legitimate offer.
“Unusually low prices are usually a sign of a scam,” cautioned Miller.
To ensure that you aren’t falling for a scam, Miller suggested researching the seller beyond the platform where you saw the deal.
Back-to-school season is here, and many families are looking for the best school supplies deals. Be wary of offers that seem too good to be true, however. (iStock / iStock)
“If you really want the item, check for it through the company’s website using a page you know is official — not the link in the social media ad,” she said.
Also, for an added layer of protection, use your credit card to pay.
“That gives you more protection, such as disputing the charges if what you get is not what you ordered, or you get nothing at all,” Miller told Fox News Digital.
BACK-TO-SCHOOL SHOPPING TO COST AMERICANS MORE THAN EVER AMID INFLATION SPIKE
Additionally, steer clear of sellers who demand you pay with gift cards, wire transfers, payment apps or cryptocurrency, noted Miller.
“Sending money in these ways is like sending cash,” she said. “It’s nearly impossible to get it back if there’s a problem.”
2. Textbook scams
Textbooks can be costly for students.
It’s why many try to save money by purchasing textbooks from secondary markets such as online classified ads, unverified third-party sellers, or social media marketplaces, said Shawn Hall, vice president of product, research, and engineering with Pindrop, an information security company, who is based in Atlanta, Georgia.
Textbook scams are also popular among unverified third-party sellers and more. (iStock / iStock)
“Scammers take advantage of this by offering textbooks at significantly reduced prices, but once payment is made, the books never arrive, or counterfeit copies are sent,” he said.
To better protect your interests, Hall suggested that students buy textbooks from reputable sources such as official university bookstores, verified online retailers like Amazon, or established textbook rental services.
He also said to check online reviews and ratings on platforms to ensure they are legitimate marketplaces and vendors.
FINANCIAL PRESSURES ARE IMPACTING BACK-TO-SCHOOL SUPPLIES SHOPPING
Another way to outsmart potential fraudsters is to use secure payment methods.
“Avoid wire transfers or prepaid debit cards. Instead, use credit cards or payment services like PayPal that offer buyer protection,” Hall also said.
3. Financial scams
Families and students facing high tuition bills often fall prey to financial scams that claim to yield quick and high returns.
“Scammers target students and parents with promises of high-return investments that can help pay for tuition — and these schemes often involve pyramid schemes or fraudulent investment opportunities that result in financial loss,” Hall recounted.
Avoid financial scams during back-to-school season. “Schemes often involve pyramid schemes or fraudulent investment opportunities that result in financial loss,” said one expert. (iStock / iStock)
Families need to understand that if an investment sounds too good to be true — they should trust their instinct.
“Be wary of any investment promising guaranteed high returns with little risk,” Hall said.
Also, verify credentials to ensure the person or company offering the investment is registered with financial regulatory bodies, he noted.
A better route to take is to consult with a financial professional before making any significant financial commitments.
4. Scholarship scams
Along the same lines as get-quick-rich investment schemes, scholarship scams can entice students and parents who are in desperate need of funds to cover college tuition.
Not only are fraudsters promising fake scholarships, they are using them to bait unsuspecting people to share personal information.
“Scholarship scams are a method of obtaining personal information from people, which can result in identity theft or obtaining bank account details,” warned Dan Cusick, fraud and claims executive with Wells Fargo in Charlotte, North Carolina.
Scholarship opportunities can also be “get-quick-rich” schemes, according to some experts. (iStock / iStock)
Also, he said some scholarship scams invite parents and students to pay a fee to get advice about scholarship opportunities.
This payment arrangement is generally a scam.
CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTER
In addition, Cusick said scammers may promise grants or financial aid packages, and they may ask for bank or personal account information to “confirm eligibility” and then start debiting your account.
“A good mantra to follow in this space, and with all financial decisions, is if it sounds too good to be true, it probably is,” Cusick told Fox News Digital.
With back-to-school sales and items to check off the to-do list, experts warn of potential scams. (iStock / iStock)
To steer clear of scholarship scams, Cusick warned families to be wary of the following: unsolicited, unexpected calls, texts, social media posts, advertisements, emails or regular mail advertisements that request you pay an application fee for academic financial assistance or scholarships. ‘
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Anyone pressuring you to act or send money immediately, or asking for your account, personal information or access to your device to process a scholarship application should raise an immediate red flag.
Watch for offers for “guaranteed” scholarships you did not even apply for, and services that claim you will be eligible only if you provide an up-front payment.
For more Lifestyle articles, visit www.foxbusiness.com/lifestyle
Also, when pursuing legitimate scholarship opportunities, it’s best to consult with trusted sources such as school guidance counselors or financial aid staff to make sure you’re accessing approved websites for student financial aid, such as Federal Student Aid, Scholarship America or the College Board, said Cusack.
