The Grandparent Scam

The grandparent scam is a cruel tactic used by fraudsters to exploit the love and concern of older adults for their grandchildren. In this scheme, scammers pose as grandchildren in distress, seeking immediate financial help. Despite seeming obvious from the outside, these scams continue to succeed due to their emotional manipulation. Here’s how it typically unfolds and why it’s so effective.

As you read this, picture yourself actually in the situation. You may initially think of course you wouldn’t fall for this – but when you hear your very own loved one is in trouble and needs help, too often logic is lost.

You may initially receive a call from your “grandchild” who is crying hysterically and saying they need help, they were just in a car accident. Your first instinct will probably be to try to calm them down and of course tell them you will do whatever they need. They may claim they can’t call Mom and Dad because they will be so angry…and so on.

You are now in a vulnerable state, worried sick, and are waiting anxiously by the phone for a call from their assigned attorney, the story they told you suddenly feels believable because all you hear is your grandchild in tears – and all you want to do is make it better.

What follows will be your typical request for funds, having you swear your secrecy, maybe a request for additional funds…and while reading this now it may seem ludicrous that you would ever agree to wire a stranger money, you just might if you thought your grandchild was in trouble. Keep in mind last year during a 9 month period almost 200 people just like you reported just under $2 million in losses due to scams just like this

TIPS:

• do not answer calls from numbers you do not recognize
• if you do, slow down and take a breath to acknowledge that this may be a scam – this will help you to think more clearly
• don’t worry about keeping a secret – call someone else in the family to verify
• do not ever EVER send money – a request for an immediate wire transfer is a clear indication you have been found by a scammer

Remember, legitimate requests for help rarely demand secrecy or immediate wire transfers. If you receive such a call, take a moment to verify the situation with other family members, regardless of what the caller says. By staying calm, skeptical, and informed, you can protect yourself and your loved ones from falling victim to the grandparent scam. Share this information with friends and family—awareness is our best defense against these heartless fraudsters.