"The hacker sends them the email as if they're involved with the aid office as part of the university or the funding source," Levin said.
[Ads /]
Students can then make the mistake of clicking on a fake link and typing in their loan User ID and password.
"So the hacker then takes their info to log onto the real site and change the banking information so the money is directed to a pre-paid debit card as opposed to a legitimate banking account of the student," Levin said.
The next hack gets scammers into bank accounts by diverting employees' direct deposits.
"You get an email from what you think is your employer or your payroll company. That leads you to log on to this secure site where you do your payroll transaction," Levin said.
The FBI warns legitimate payrolls sites like this are being spoofed.
[Ads /]
"They take your info and log on to the correct site, change your banking information," Levin said.
This means that the next time an employee gets paid, the scammer gets paid instead.
Here's the big takeaway: Don't recycle IDs and passwords. Hackers succeed mostly because victims use the same user ID and passwords for everything. So use different ones, and change them frequently.
Never click on emailed links. Fake websites look exactly like the real deal. Instead, go to the website directly, and cut out a possible scam, the middleman.
----------
SHARE YOUR STORY
Do you have an issue with a company that you haven't been able to resolve? If so, 7 On Your Side wants to help you!
Send us your questions, issues, and story ideas to Nina by filling out the form above, by emailing 7OnYourSideNina@abc.com, or contact Nina on her Facebook page or tweet her at Twitter @7OnYourSideNY! You can also call the 7 On Your Side Hotline at 917-260-7697.
If using the app, click here to send us a news tip