Unmasking Grandparent Scams: Your Guide to Stay Protected
Grandparent scams, a thriving breed of fraud, have been striking older adults with increasing frequency. These insidious scams often involve a fraudulent call or text where a scammer pretends to be a grandchild or another family member in dire need of financial assistance. The deceptive plot typically includes scenarios such as being detained, involved in an accident, requiring urgent medical aid, or being stranded in a foreign country.
A 13-minute video to watch how a.i. is used in grandparent scams by CBS on 60 mins here
The statistics from 2022 present a grim picture: the Federal Trade Commission (FTC) reported over 2.3 million cases of grandparent scams, with victims' financial losses surmounting to an alarming $1.3 billion.
Stay vigilant and safeguard yourself from falling prey to these manipulative schemes by following these practical measures:
Exercise Healthy Skepticism: When receiving a sudden distress call or message from a supposed relative, always maintain a cautious mindset. Refrain from sharing personal or financial information, like bank details or your Social Security number. Disconnect the call, and get in touch with the supposed caller using a contact number you know to be authentic.
Recognize the Red Flags: Spotting a scam is easier when you're familiar with its tell-tale signs. Be wary if:
The caller insists on an immediate money transfer.
The caller is vague about their location.
They fail to provide correct answers about themselves or your family.
The caller speaks with an unfamiliar or foreign accent.
Ask Probing Questions: Do not hesitate to ask detailed questions if you are uncertain about the caller's identity. Inquire about their current circumstances, the reason behind their urgent need for money, or even ask about personal family details. An inability to answer such questions convincingly is a potential indicator of a scam in progress.
Report Incidents: If you suspect that you've been targeted by a grandparent scam, it's essential to report it immediately. The Federal Trade Commission accepts complaints at ftc.gov/complaint. Also, consider alerting your local law enforcement agency to help prevent other individuals from becoming victims.
More resources are located at the link below
https://www.ic3.gov/
Staying informed is your best defense against grandparent scams. With careful observation and a skeptical approach to unsolicited calls, you can keep yourself and your finances secure.