Grandparent Scams

Grandparent Scams

Grandparent scams are carefully crafted scams targeted specifically towards older Americans.

In one common method of deception, a fraudster calls claiming to be a family member in need of urgent assistance. This urgency triggers the elder to quickly take action, such as wiring funds to help his or her family member out of the immediate danger in which they claim to be. Once the money is wired, the victim later finds out that it wasn’t the family member, but a scam!

Here are tips to keep you or a family member safe from grandparent scams.

• Use caller ID. Using this service can help you determine if your family member is on the phone.
• Ask the right questions. Fraudsters count on fear and innocence when conducting their scams. Asking questions can spook the fraudster into backing out of the scam altogether.
• Do not give any personal information out.
• Don’t rush into large financial decisions; trust your gut. Don’t be fooled into something that doesn’t feel right. You can say no and get more information before sending any money.