MADISON, Wis. (WMTV) - People 30 and younger are increasingly susceptible to deposit fraud. Experts say college students are particularly vulnerable.
According to a recent study shared by UW Credit Union, more than 50% of deposit fraud cases target individuals under the age of 25. UW Credit Union cited a recent study that said people under 20 years old face the highest number of online fraud attempts with 48% impacting college students.
UW Credit Union Deposit Fraud Investigator Jessica Wagner said these scams cost victims an average of $2,500 - $7,000, but some have lost as much as $25,000.
Scammers pretend to be an employer and send students a fake check, then students deposit the money, spend it or send some of it back to the scammer as directed.