Susan thought her grandson Jake was safe and sound at their local state university, enjoying his sophomore year of college. So she was completely caught off-guard when she received a panicked call from him, saying he had been arrested and was in a jail in Mexico. He pleaded with her to wire him the jail money, and asked that he not tell his parents. She complied with his request, and hurried to the local Western Union to wire $5,000 to him. After hearing nothing back after a couple of hours, she made the decision to call her daughter, Jake’s mom, to explain what had happened. Susan was both relieved to learn that Jake was at his mom’s house the entire time, and perplexed at where the $5,000 had just gone. Susan had fallen prey to the Grandparent Scam.
Understanding the Grandparent Scam
Susan is not alone. The Grandparent Scam is one of the more common scams being perpetrated against caring, concerned grandparents across the country. It typically begins with a phone call from someone pretending to be your grandchild. The caller might say they are in a desperate situation – such as being arrested, involved in a car accident, or needing emergency medical treatment – in a foreign country or another city. They will sound distressed and may urge you to keep the situation secret from other family members, claiming they are embarrassed or fearing further trouble.
The scammer's goal is to create a sense of urgency, prompting you to act swiftly and without fully thinking the situation through. They will ask you to wire money immediately to pay for bail, medical bills, or other emergency expenses, promising to repay you once the situation is resolved.
Signs of a Scam
Here are some tell-tale signs that you might be dealing with a Grandparent Scam:
1. **Urgency**: The caller insists on immediate action and discourages you from hanging up to verify their story.
2. **Secrecy**: They plead with you not to tell anyone else about the situation.
3. **Confusion**: The caller might avoid initial identification, leading you to guess who they are, thereby unwittingly supplying them with personal information.
4. **Financial Requests**: They specifically request money to be sent via wire transfer, gift cards, or other untraceable methods.
Protecting Yourself
To safeguard yourself and your loved ones from the Grandparent Scam, consider the following precautions:
1. Verify the Caller: If someone calls claiming to be your grandchild in distress, hang up and call them back on a known phone number, or reach out to another family member to confirm the situation.
2. Set Up a Code Word: Establish a family code word that can be used to verify a true emergency.
3. Resist Pressure: Scammers rely on their ability to make you act quickly. Take your time, and do not let anyone rush you into sending money.
4. Learn and Share: Educate yourself and your family members about the Grandparent Scam and other common frauds targeting seniors.
5. Report the Scam: If you've been targeted by a scammer, report the incident to your local police, and consider notifying federal agencies like the Federal Trade Commission.
While it's natural to want to help a loved one in distress, it's important to stay vigilant and skeptical of unexpected requests for money, especially under secretive or urgent circumstances. By staying informed and prepared, you can protect yourself from the heartache and financial loss that come with falling prey to the Grandparent Scam. Remember, it's always better to err on the side of caution and verify any such distressing calls before taking action. Together, we can build a safer environment where scammers find it increasingly difficult to exploit the bonds of family love and trust.
Thanks for reading,
Tony from Team FraudWatch
More about Charlie and Charlie FraudShield
Charlie FraudShield provides comprehensive, personalized protection, built exclusively for the 62+ community. FraudShield comes with Fraud Alerts Co-Pilot, which allows you to add a trusted family member as a second set of eyes to receive important alerts (e.g. change of address, or a payee being added to bill pay), so you’re never alone in the fight against fraud. Learn more at charlie.com.
