Students are being warned to watch out for scams trying to con them out of their cash as they prepare for university life.
Criminals will use a range of frauds targeting young adults, who are often getting their first taste of financial independence while at university.
Liz Ziegler, fraud prevention director at Lloyds, said: “Heading off to uni is a big moment – new mates, new experiences, and a lot more independence.
“But it’s also when scammers might try to catch you off guard.
“They’re clever, and they know students are juggling a lot. Your bank’s working hard behind the scenes to keep your money safe, but you’ve got a role to play too. If something feels dodgy – like a deal that’s too good to be true or someone asking for cash up front – trust your gut and walk away.”
Lloyds said its figures indicate that 18 to 24-year-olds are losing around £400 to purchase scams on average, with four-fifths (79%) of incidents starting on social media.
Data given to the PA news agency by Lloyds on the most common purchase scams impacting 18 to 24-year-olds, from August 28 2024 to August 28 2025, placed ticket scams top. This included bogus offers of tickets to concerts, festivals, football and comedy events.
Vehicle scams were second, including frauds relating to cars, parts, repairs as well as insurance.
“Ghost brokers” will often prey on students with offers of insurance policies that have been manipulated to appear cheap. Details may have been altered on the policy, meaning it is not valid and the policyholder is not covered.
Bogus offers of driving tests and lessons was the third most common scam targeting the young adult age group in Lloyds’ data, which included scam reports made to Lloyds as well as to the brands Halifax and Bank of Scotland, which are part of the same group.
Frauds relating to clothes and trainers were the fourth most common purchase scam affecting 18 to 24-year-olds, including fake offers relating to designer brands.
The fifth most common purchase fraud targeting this age group in Lloyds data was for personal items, including bogus offers of vapes, perfume and hair extensions.
Ms Ziegler said people should be careful on social media when looking to make purchases.
Students and graduates may also be targeted by job scams.
Ms Ziegler said “real employers” will not ask people to pay to apply or start a job. She suggested researching companies and recruiters, including searching for independent reviews online and asking around.
She advised people to “trust your gut” and avoid sharing personal information if something does not feel right.
Young adults looking to make quick extra cash could also be tempted into money muling – where they move the proceeds of crime into and out of their bank account in return for a share of the cash.
Ms Ziegler said people should never let someone use their bank account to move money, even if they are offered a cut.
She said: “Don’t share your bank details with anyone you don’t know and trust.”
Offers of “easy money” for doing nothing could be a scam and “could get you into legal trouble”, Ms Ziegler said.
David Callington, HSBC UK’s head of fraud, highlighted the lasting impacts of becoming a money mule.
He said: “However tempting the promise of easy cash might seem, it can cause lasting damage. If you are caught you are likely to have a fraud marker put against your name which could impact your life more than you’d think – your bank account could be closed, any personal loan or credit card application is likely to be declined and you will even have difficulty getting a mobile phone contract.
“Our message is clear: don’t give in to the temptation, if something appears too good to be true, including the promise of easy cash for very little effort, it usually is.”
People can check banks’ websites for the latest information about scams and how to avoid them, as well as websites such as Action Fraud and Stop Scams UK.
Students may also be targeted by rental fraudsters persuading people to pay up front for properties they do not own or that do not exist.
People should make sure they physically view a property and ensure the contract is valid before transferring money.
Meanwhile, Co-op Insurance said that with popular student areas often being targeted by burglars, people should make sure they have adequate insurance in place.
While many people will have more modest belongings, Co-op Insurance said it has seen contents valuations as high as £50,000 among 18 to 24-year-olds.
Andrew Nevitt, head of Co-op Renters Insurance, said: “Going off to university is an exciting time and from meeting new people to living away from home, student life offers so many rich experiences.
“However, while you enjoy student life, it’s crucial that you remain vigilant when it comes to your safety and security, whether its ensuring doors are locked when you leave the house, keeping valuables in safe places or protecting yourself from scams.
“We’re therefore encouraging students to ensure that they stay security and safety conscious and consider having insurance in place, to help give them invaluable peace of mind while they enjoy their studies, and all that university life has to offer.”
Amelia Murray, a money expert at website Be Clever With Your Cash, said that people should also be wary of fraudsters posing as their bank.
She said: “Impersonation scams are rife and can be very difficult to spot. If you get a call from your bank asking for personal or banking information or putting you under pressure to move your money, hang up and call the bank back using the number on the back of your card or through your app. Never give anyone your one-time passcode, which is often generated to approve payments and new payees, even if they claim to be from your bank.
“It’s also a good idea to use what free tools your bank offers to protect your money. For example, many allow customers to set up payment notifications. These let you quickly spot suspicious activity and confirm whether a payment is genuine before it causes serious damage to your finances.”
Many banks have signed up to the 159 anti-fraud initiative, which gives people a simple-to-remember number to ring if they receive a call they are unsure about.
Madhu Kejriwal, chief executive of UK & Europe at TransUnion, said the financial insights provider’s own research indicates that young people could be particularly vulnerable to scams using AI (artificial intelligence).
He said: “These scams don’t just look real, they feel real. Young people are especially at risk because they often rely heavily on mobile messaging and digital communications.
“Whether it’s a fake rental listing, dodgy ticket sale, or fraudulent job offer targeting students, AI is making these scams incredibly convincing. We’re seeing fraudsters use AI to create hyper-realistic voices, images and messages that can fool even tech savvy young people.
“Aside from the immediate financial impact, some of the scams can negatively impact credit history and make it harder for young people to get financing in the future.”
