Thieves try to take advantage of unsuspecting consumers every day, and the government shutdown presents them with yet another opportunity.
Fraudulent Instagram accounts for the student loan giant Sallie Mae are being created, offering enticing incentives to consumers who carry student debt. These accounts claim that students can wipe away their student debt due to the government shutdown. The students simply have to provide some personal information.
In actuality, the thieves are collecting this private information, such as their birth dates, Social Security numbers and addresses. This information can be used to open new credit card accounts or access existing ones without the students ever knowing.
It is important to note that the real Sallie Mae does not have an Instagram account. If you have noticed ads about these "exclusive opportunities," ignore them and move on.
Another point to consider is that the government is in need of money. That is one of the main reasons for the shutdown. If anything, they would want students to pay their loans back sooner, not wipe them away completely. Sallie Mae is a private organization that has no direct affiliation with the U.S. government. The entire premise of this scam is illogical.
If you have already fallen for the ploys of these fake sites, monitor all of your credit card and bank accounts on a regular basis. Let the issuers and banks know that you may have been a victim of identity fraud, and ask them to consider changing your account numbers.