Treasury Warns of Phantom Student Scheme

The U.S. Treasury Department has warned of an increase in scams targeting federal student aid programs, which rely on criminal networks using stolen identities, "phantom students," and artificial intelligence to embezzle public funds. Reports indicate that scammers are stealing personal data, creating fake identities, and employing advanced techniques to bypass verification processes, harming genuine students and jeopardizing the security of public money. The department urges financial institutions to monitor suspicious payments and utilize tracking tools to prevent these operations, in order to protect taxpayer funds and support eligible students.

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