What is the ‘Grandparent Scam’ and how to avoid it

CHARLESTON, S.C. (WCBD) – Scammers are targeting seniors by using fear tactics to exploit their love for their grandchildren, according to the Federal Bureau of Investigation.

The ‘Grandparent Scam’ is a common elder fraud scheme that scammers use to steal money or gain sensitive information.

According to the FBI, the Grandparent scam is when criminals pose as a relative, usually a child or grandchild, claiming to be in immediate financial need.

“Seniors are often targeted because they tend to be trusting and polite,” said FBI officials. “They also usually have financial savings, own a home, and have good credit—all of which make them attractive to scammers.”

Officials added that seniors might be less inclined to report fraud because they don’t know how or may be too ashamed of having been scammed. They could also be concerned about their relatives losing confidence in their abilities to manage their affairs.

If any seniors receive this type of call, law enforcement says to:

• Remain calm and resist the pressure to act quickly.
• Get as much information as possible – including the phone number of the caller.
• Hang up and call a family member to verify the information or call a trusted friend for help
• Report the call to your local police department or the FBI.
• If you are still convinced to withdraw money, talk to the manager at your bank and ask for help.
• Never wire money based on requests made over the phone or in an email – once it’s sent you can’t get it back