University students in the United Kingdom lost more than £20 million to scams in the past academic year, making them twice as likely to fall victim to fraud compared with the general population, according to a recent survey. The study, conducted jointly by NatWest and Mastercard, involved more than 1,000 university students and an equal number of individuals from the wider public.

The survey found that 29 percent of students reported losing money to some form of scam during the previous academic year, compared with 12 percent of those outside the university demographic. Purchase scams—fraudulent schemes where victims pay for goods or services that never arrive—were the most common, accounting for 28 percent of the scams students encountered. A close second were scams promising employment in exchange for an upfront investment, with 26 percent of students falling prey to such offers.

In addition to these, students reported being targeted by impersonation scams involving individuals posing as student finance officers or university staff. Fraudulent schemes relating to fake accommodation also featured prominently as a significant risk. The respondents were predominantly undergraduates, making up just over 90 percent of those surveyed, while postgraduate students comprised about 10 percent.

The timing of these scams appears to correlate with students’ early days at university, with nearly half of those affected indicating that they were targeted within the first month of starting their studies. Around 17 percent reported being approached by scammers during their very first week.

In response to these findings, a campaign advocating for greater financial literacy and responsibility on social media platforms has called for enhanced measures. This initiative urges social media companies to take increased accountability for the circulation of misleading financial content online and emphasizes the importance of improving financial education among young people to help protect them from such fraud.