Beware of the Grandparent Scam: What You Need to Know

Example of a Famous Case

In 2021, a Florida woman was scammed out of $700,000 by fraudsters pretending to be her grandson and lawyers. They convinced her he had been involved in a car accident and needed money for legal fees. The scammers contacted her repeatedly, escalating the requests until she realized it was a fraud.

3 Tips to Avoid the Grandparent Scam

1. Verify the Caller: Ask personal questions only your grandchild would know. Call their phone directly or check with other family members before taking action.

2. Pause and Reflect: Scammers rely on urgency. Take a moment to think and avoid making rash decisions.

3. Never Share Financial Info: Avoid giving out banking details or wiring money without verifying the situation.

If you suspect a scam, report it to local authorities or the FTC. Protecting yourself and spreading awareness can prevent others from falling victim to this deceptive scheme.