Federal Student Aid is a program designed to help students by writing off a portion of their student debt. It was announced this summer, and the application process began this Monday.
An attempt has been discovered to use the Federal Student Aid program to reduce the amount of credit, to collect students’ personal information.
There are reportedly about 45 million student loan borrowers in the U.S. with about $1.6 trillion in debt, which means cybercriminals have a huge playing field.
Fake sites trick students into providing sensitive data. Such sites may be accompanied by phishing emails or text messages.
Criminals contact potential victims by phone, email, postal mail, text messages, Web sites or other chat rooms,” the FBI warning said.