With the launch of the U.S. Student Loan Forgiveness program, there is an opportunity for students and other borrowers to benefit. Any scenario that puts millions of people in a target pool is ideal for hackers. Add to the scenario the list of questions and uncertainties, and you have a recipe for risk. The details are not always known at first or readily available, meaning cybercriminals are ready to pounce before you can get your questions together.

What Makes It High Risk?

The questions of eligibility, process, check insurance, deadlines, and requirements remain outstanding for most people. In situations like this, the headlines grab our attention, and we either skim the fine print or miss it altogether. And to further increased risk, the money component skyrockets the likelihood of a target succumbing to a cybercriminal’s efforts. Those eligible (or unsure if they qualify) will want to take advantage of the forgiveness option before this program is possibly gone. Are there unlimited funds? Can it be revoked? Those aren’t readily available answers, so people often act out of fear.

What Can You Do?

Stop and think before you react. That means that emails, advertisements, phone calls – and any other contact you receive regarding a loan should be carefully reviewed. Do not click, callback or answer without research. Understandably, you may want to eliminate what you can from your student loan debt. But to avoid being a scam victim, every information item should be received with skepticism. If you are asked to provide personal information, credit card information, or required to “log in and update information,” you should be wary. Before responding, you should verify if you are uncertain about any correspondence regarding the loan forgiveness program. Contact Jarrett Meiers, Reynolds + Rowella’s Director of IT + Cybersecurity, today to learn about the resources we can provide for your success and safety!

Reynolds + Rowella is a regional accounting and consulting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve. Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, please contact Elizabeth Bresnan at 203.438.0161 or email.  

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