Beware! Scammers are up to their old tricks in brand new ways. The Grandparents Scam has been around for years, but it seems with all of our vigilant work to spread the word about this classic, the fraudsters have adapted and thought up new ways to exploit the unyielding love you have for your grandchildren.
In the original scam the fraudster would call in a panicked state claiming to be a grandchild in trouble on vacation far away, usually in a foreign country. They wouldn’t sound like themselves, but of course that was because they were injured, a broken nose from the car accident in which they were just involved and jailed for, so they needed money to bail them out right away! They would be so embarrassed and plead with you not to tell their parents. Grandchildren hold the sweetest spot in your heart, so of course you don’t want to get them in any more trouble. You oblige and wire the $3,000 they need for bail and to cover damages. After all, you just want them home safe.
Scam artists involved in this scheme tug right at the heartstrings of caring and loving grandparents. Now we know you still love all your grandkids the same, but you’ve become so savvy to the old tricks, you’ve shared your stories, and you’ve warned your friends about what to look out for when they get these suspicious calls. Now, the scam artists have had to get more creative and are once again targeting grandparents with new twists on this old scam.
The first frightening twist involves the alleged kidnapping of a grandchild. Naturally, we would want to do anything and everything to keep our loved one’s safe, so if someone calls threatening to harm your grandchild unless you wire them the ransom money it’s tempting to spring into action, no questions asked. This is exactly what the scammers are banking on. Hang up and call the police immediately. If someone has been kidnapped you want professionals handling such a serious matter, but in the more likely event that it’s a scam you can save yourself hundreds or thousands of dollars.
The next new twist on the grandparents involves exploiting the military status of our service men and women. This tactic works so well because it is harder to determine the whereabouts or get in direct contact with someone deployed overseas. Calling your grandchild directly to confirm details of a story as we encourage you to do is a less plausible option when they are serving in the military, so it’s an excellent opportunity for scammers to convince you they are in trouble and the only way to help is to send them money immediately. As if that isn’t bad enough, these scam artists have caught on to the fact that we all know when someone asks for a wire transfer or green dot money card it sends up a big red flag. Now, they have taken to demanding cash concealed in magazines to be sent overnight to supposed legal help. Sometimes they even increase the sense of urgency by putting a six hour time limit on payments sent within the U. S.
The Federal Trade Commission has also reported scammer are calling grandparents and telling them their grandson or granddaughter has defaulted on a loan and they will either lose their job, go to jail, or something equally as bad unless a payment is made immediately. They will proceed to ask for credit card information for payment or offer other payment options such as a wire transfer or a prepaid card. There are a few important things to remember in this situation. First, unless you have co-signed a loan for the grandchild in question you are not responsible for someone else debt. In fact, it is illegal for a debt collector to even tell you about someone else’s debt, even if it is your grandchild. If you do receive one of these calls hang up! Do not confirm any personal or financial information. You may also report such calls to the Federal Trade Commission at www.ftccomplaintassistant.gov.
Even if the Grandparent Scammers are using new schemes all the old rules still apply. Screen all your calls. If you do get a call from someone claiming to be your grandchild from an unfamiliar phone number just hang up and call back to verify on their personal cell phone. Taking the few extra minutes to verify their story can save you thousands of dollars and a lot of heartache. In scenarios like the ones listed above it is best to get as many people involved as possible to deter these thieves. Continue to share your stories and pass along the information you know to raise awareness. Feel free to contact the BBB Education Foundation at 713-341-6141 if you have any questions or want to share your experience.