These fraudsters often demand payment via unconventional methods, such as wire transfers, cryptocurrency, or payment apps, making it difficult to recover funds once they're transferred. It's important to remember that legitimate institutions will never ask for payment through these means, especially without prior written notice or proper verification processes.

Here are a few tips to protect yourself:

1. Stay calm under pressure – Scammers rely on fear and urgency. If you receive such a call, take a moment to breathe and assess the situation.
2. Verify directly with your institution – Contact your school’s financial office using official contact information or through your online student portal. Never rely on phone numbers provided by the caller.
3. Know how payments are handled – Colleges typically handle tuition payments through secure methods like their own payment portals, not over the phone or through cryptocurrency.

If you or someone you know receives one of these suspicious calls, hang up and report it immediately to the Federal Trade Commission (FTC). Keeping an eye on your financial accounts for any unexpected changes can also help you stay ahead of potential fraud.

We encourage our members to stay informed and protect themselves from these emerging scams. For more information, read the full FTC alert here.

By staying vigilant, you can help ensure your finances and personal information remain safe from scammers.