The victims are immediately threatened by imminent payment deadlines. Fraudsters aim to siphon off £26 billion worth of monthly student loan payments distributed every month. The perpetrators seek to steal already anxious recipients' payments.

A source indicates that the first installment for three loans will arrive on their accounts in England and Wales soon after the initial payment deadline. The victims receive an alarm text just days before the first payment's due date. It states someone attempted to alter details.

Sources specify this change occurred September 16th. Clicking the link within the message leads users to a fake site. The source claims it appears like Student Loan Company’s website but logs show incorrect login attempts.

Enter personal bank information and get confirmation messages; sources say these were errors meant to divert money away from them. In reality, data was used for theft purposes. Fraudsters use logged-in account details to gain access directly to real accounts.

This is confirmed by the source. Paying through fraudulent means diverted funds intended for thieves. The company informed authorities they do not provide services via WhatsApp.

Fraudsters manipulate bank details to steal monthly payments. Sources confirm stolen funds have been redirected. Authorities state no service provided through WhatsApp either.

They claim fraudsters switch bank details to steal monthly payments again. Stolen funds are said to be diverted once more. Again, authorities assert no such service exists with regards to WhatsApp usage.