Key Points
- New research indicates that there is a heightened level of vulnerability to scams among university students in Wales and throughout the UK, with an estimated loss of £20 million this academic year.
- According to NatWest estimates, 16-25 year old students may end up losing £20 million due to fraud in the 2026/27 academic year, based on scam reports from the above-mentioned age group from July 2025 to June 2026.
- Almost twice as many university students report being involved in scams than non-students: 69% of students have reported that they have been exposed to scams compared to 36% of the general population.
- Of those students exposed to the scams, 78% reported being victims within their first term at university.
- The most common types of scams are fake job advertisements/investment schemes (37%), fake marketplace advertisements (36%), and bank/crypto scams (32%).
- Only 27% of the undergraduates questioned felt extremely confident in being able to identify a financial scam.
- A ‘Stop! Think Fraud’ campaign has been initiated by NatWest, Mastercard and the Home Office, including free fraud warning posters for universities and students’ unions.
Wales (Wales Times) October 16, 2026 — Students in Wales could lose an estimated £20 million to scams this academic year, according to new research warning that fraudsters are targeting young people through fake jobs, accommodation, online purchases, banking and investment offers.
As reported by Herald Wales, the findings suggest students in Wales are “far more likely” to encounter scams, with fraudsters focusing on employment, housing, online purchases and other financial opportunities that commonly arise at the start of university life.
The £20 million estimate comes from analysis published by NatWest Group on 14 October 2026. NatWest stated that, as around two million students begin or return to higher education this autumn, students across the UK could lose an estimated £20 million to fraud during the academic year. The bank said the figure was calculated by extrapolating from its own market share and assuming a broadly proportionate volume and value of cases among customers of other UK banks.
The research was produced by Mastercard and NatWest Group. It found that 69% of university students had encountered a scam, compared with 36% of people not in higher education. Of those students who had come across a scam, 78% said the encounter occurred within three months of arriving on campus.
Why are students being targeted?
The research links the heightened risk to the financial pressures and unfamiliar responsibilities many students face when they begin university. NatWest said that one in three new undergraduates are budgeting or looking for paid work for the first time, while three in 10 are adjusting to student finance payments and paying rent.
According to NatWest’s Student Handover Report, which surveyed more than 5,000 current UK undergraduates, only 27% felt very confident that they could identify a financial scam. The bank said this suggests many students may not feel adequately equipped to recognise fraudulent approaches, despite being highly exposed to them.
As reported by NatWest Group, the most prevalent scams heading into the new academic year are fake job adverts and money-making schemes presented through apparently legitimate or recommended investment platforms, accounting for 37% of reported threats. Bogus online marketplace listings accounted for 36%, while banking and cryptocurrency scams accounted for 32%.
What scams are affecting students in Wales?
The warning covers several fraud types that are particularly relevant to students seeking work, housing and goods online. Fake employment adverts may promise high earnings for little work, then seek personal information, upfront fees or access to a student’s bank account.
Accommodation fraud is another major concern. Swansea University warns that fraudsters may advertise properties in desirable areas at below-market rents and ask for deposits, or even full payment upfront, before a prospective tenant has viewed the property. It says the property may later prove not to exist, with payments not returned and the supposed landlord becoming unreachable.
Aberystwyth University similarly advises students to be cautious of messages requesting urgent tuition payments, bank details, passwords or personal information. It also warns that scammers may advertise fake accommodation and ask for deposits before a property has been viewed.
Online purchase fraud is also highlighted in the national research. NatWest, Mastercard and the Home Office advise students to check seller reviews on trusted websites and verify that a deal is genuine before proceeding.
What have ministers and companies said?
Fraud Minister Lord Hanson said fraudsters continue to prey on freshers through bogus job adverts, fake flats and scam investments. As quoted in NatWest’s announcement, he said: “We’re joining forces with NatWest and Mastercard to expose the scammers and protect students.”
Lord Hanson urged every student to “Stop! Think Fraud”, adding that taking a moment to check could prevent fraudsters from emptying accounts at the start of a new term.
Simon Forbes, President of Mastercard UK & Ireland, said students often experience their first taste of financial independence at university, which brings new risks. He said fraudsters are “constantly evolving their tactics”, and that Mastercard is working with partners including NatWest to identify and flag potentially fraudulent transactions before they take place.
James Holian, Chief Customer & Operations Officer at NatWest Group, said starting university can be the first time many young people manage large amounts of money independently. He said many scams begin on social media and encouraged students to understand warning signs and pause before acting.
What action is being taken?
NatWest, Mastercard and the Home Office have launched a joint “Stop! Think Fraud” awareness campaign. The initiative includes a series of scam-warning posters created by UK artists Luke Insect, Gavin Connell and Samuel Tomson, designed for university noticeboards and student accommodation.
The posters are being offered free of charge to universities and students’ unions across the UK. NatWest said the campaign builds on the National Fraud Strategy, which sets out how the government will work with industry to disrupt criminal networks, bring offenders to justice and protect the public.
NatWest has also launched a Fraud Triage Agent within Cora, its digital assistant. The bank said the tool is intended to help customers concerned about a suspicious credit-card transaction receive guidance and be directed to the appropriate fraud, scam or dispute service.
How can students protect themselves?
The organisations behind the campaign have issued four main recommendations:
- Slow down before investing and use the Financial Conduct Authority’s Firm Checker to confirm whether an investment firm is authorised.
- Check seller reviews on trusted websites and verify that an online offer is genuine before buying.
- Walk away from job offers promising easy money, requests for payment before being paid, or offers of cash in exchange for use of a bank account.
- View a rental property in person with a letting agency before committing or transferring money.
Action Fraud advice reproduced by the University of Wolverhampton also recommends using trusted recruitment websites, researching employers before sharing personal details, and viewing rental properties before signing contracts or making payments. It advises anyone who has lost money or shared financial information to contact their bank immediately and report the incident to Action Fraud.
Background of the development
The warning comes amid wider concern about fraud targeting students around the start of the academic year. The Student Loans Company previously warned that smishing and phishing scams often increase around maintenance-loan payment dates, with fraudulent messages asking students to verify bank details or personal information through links.
In September 2025, the UK Government reminded students to remain vigilant as the 2025–26 academic year began, stating that the Student Loans Company had prevented £45.5 million from being stolen from students in the previous year.
Separate reporting by BirminghamLive cited Student Loans Company figures showing that 168 students lost a combined £519,000 to scams during the last academic year. The Fraud Advisory Panel has also identified student accommodation deposits, online marketplace purchases and concert tickets bought through social media as common settings for authorised push payment fraud.
Prediction: What this means for students in Wales
For students in Wales, the development is likely to increase pressure on universities, students’ unions and accommodation providers to make fraud warnings more visible at the start of term. Students searching for jobs, rented housing and second-hand goods online may need to treat unsolicited offers, unusually low rents and requests for upfront payment with greater caution.
If the estimated £20 million national loss is broadly reflected in student populations across the UK, Welsh students could face avoidable financial harm at a time when many are managing rent, living costs and student finance for the first time. The campaign’s emphasis on pausing, verifying employers and sellers, checking investment firms and viewing accommodation before paying may become increasingly important practical guidance for Welsh undergraduates.
