How to Stay Safe from Grandparent Scams
Grandparents love their grandchildren and will do just about anything to make them happy. Because of this, scammers target many grandparents, hoping to get money from them. In this blog, we’ll go over a few common grandparent scams and teach you how to stay safe.
The Car Accident Scam
Many grandchildren are new drivers, making them more susceptible to car accidents. Scammers often do their research to find out the names of a grandparent’s grandchildren. They will then call the grandparents, claiming to be one of their grandchildren, and tell them they were in a car accident and need money right now. They will typically claim the money is either for repairs or medical expenses.
The Arrest Scam
Like the car accident scam, the scammer will already know your grandchild’s name before calling. They will tell you they’re in jail and really don’t want their parents to know about their arrest. They’ll ask you to send them bail money so they can be released from jail as soon as possible and not have to tell their parents about it.
The Travel Scam
The travel scam is when a grandchild claims they are stranded in a foreign country or another state. They’ll ask you to send money so they can make it home safe.
How Scammers Make the Scams Seem Legit
With technology becoming more advanced, so are scams. If a scammer finds a video of you talking online, they can use that sound to clone it with AI. So, even if the voice on the other end sounds exactly like your grandchild, it still might not be them.
Scammers also may use caller ID spoofing. You could receive a call that shows it’s coming from your grandchild, when it’s really a scammer.
What to Do During a Grandparent Scam
If you receive any suspicious phone calls from someone claiming to be your grandchild, there are a couple of things you should do.
First, try asking them very specific questions that only you and your grandchild would know. If they’re not able to answer them, they’re likely a scammer.
Second, hang up and call your grandchild. If they answer, you’ll be able to confirm if that was them who called you.
Signs of a Grandparent Scam
There are usually signs that you are talking to a scammer.
- The caller pressures you to act immediately
- They beg you not to tell their parents or family members
- They ask for payment via gift cards, wire transfers, cryptocurrency, or cash through the mail
If you notice any of these signs, you should take precautions immediately. Never send money to anyone if you don’t know who they are or if they are pressuring you.
If you believe you were scammed, contact your financial institution immediately to get help with the situation.