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Beware of Social Media Offers That Are “Too-Good-to-Be-True”

10/22/2013

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Last week, a dozen fake accounts for student lending giant Sallie Mae emerged all over the social media website Instagram. The fraudulent accounts claimed that, due to the government shutdown, Sallie Mae was offering a student loan forgiveness program that would erase the debt of the first 150,000 graduates who applied.

Those who took these sites up on their fake offers were asked to provide private information, such as Social Security numbers and birth dates. This sensitive information can be used by the creators of these fake accounts to commit identity theft and other forms of online fraud. After the fake accounts were discovered, the real Sallie Mae updated its official Facebook page to remind users that the company will never ask for your personal information through social media sites.

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