2 Scams Every New Grad Should Avoid To Stay Financially Secure
Graduation is an exciting and scary time for young adults. You might be applying for jobs or hunting for an apartment for the first time. These activities may also put you at high risk of fraud.
The perception that older Americans are more likely to experience financial fraud or fall victim to scams is a myth. Gen Z is more than twice as likely to fall for an online scam or have their identity stolen, according to a recent survey from Deloitte.
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Understanding these two common scams can help you protect yourself as you step into this important phase of adult life.
Fake Jobs With High Pay and Little Experience
Job listings with unusually high pay and no experience required are often scams. The goal is to offer applicants the job but then expect them to pay money for equipment, supplies or onboarding before they start.
“Some jobseekers encounter check-cashing scams, where you receive a fake check to purchase equipment or supplies from a specific site, only to find out that the check didn’t clear and the retailer doesn’t exist,” said Keith Spencer, certified professional resume writer (CPRW) with Resume Now.
A newer version of this scam involves workers to deposit their own money into a third-party account to access their earnings or to complete a task, like publishing an ad on social media.
“You might also find job scams requesting an application fee, requiring an up-front payment for training or asking for sensitive personal or financial information as part of their hiring process,” Spencer added.
How To Spot and Avoid the Scam
Sifting through thousands of online jobs can be exhausting so it helps to know what to look for in fake ads.
It’s a cliche, but if it looks too good to be true, it probably is. If the employer is only communicating through text or messaging apps, that’s another red flag. Above all else, if the company is rushing or pressuring you, skipping the interview process to offer you an immediate job and asking for personal information before you’ve been hired and onboarded, steer clear.
“As job scams continue to grow, it’s critical for job seekers to slow down, ask questions and pay attention to signs that could indicate a potential scam,” Spencer said.
Apartment Rental Scams
Similarly, the apartment rental market is ripe with bad actors looking to take your money.
“The biggest scams right now are the ones that look almost too clean to be real,” said Jared Navarre, founder and CEO of Keyni.co.
Apartments may look big, gorgeous, well-lit and priced well below market value. Once you express interest in the apartment, the landlord starts putting on pressure.
“You’ll see fake listings using stolen photos, urgent timelines and pressure to send a deposit before the person has ever seen the apartment, ” Navarre said.
How To Spot and Avoid the Scam
“Pressure is the biggest red flag,” Navarre said. “If they rush you, avoid live calls, refuse to verify who they are or push wire transfers or 'refundable' deposits before paperwork, assume something is wrong.”
Before you make a move, verify the listing independently.
“Tour the unit in person or have someone you trust tour it for you,” Navarre said. “Do not send money until you’ve verified the property, the lease and who actually owns or manages it.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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