Grandparent Scams: Protecting Your Loved Ones

Grandparent scams often target the bond between grandparents and their grandchildren. These scams are now more sophisticated and harder to detect than ever before. This article can help you and your family stay safe and be able to spot the red flags of grandparent scams.

What are Grandparent Scams?

Grandparent scams, also known as "hello bail" scams, exploit the affection and concern grandparents have for their grandchildren. Scammers often pretend to be a grandchild in urgent need of financial help, taking advantage of the emotional vulnerability of older adults. These scams have seen a significant increase in recent years, resulting in substantial financial losses and emotional distress for many seniors.

One common tactic involves scammers calling grandparents and pretending to be their distressed grandchild. They may claim to be involved in an accident, arrested, or facing another emergency, and urgently request financial assistance. The scammer often pressures the grandparent to keep the situation a secret to avoid embarrassment or trouble.

These fraudsters are skilled at manipulating emotions and creating a sense of urgency. They may gather personal information from social media or other sources to make their stories more believable. In some cases, they may even impersonate lawyers, doctors, or law enforcement officers to add credibility to their claims. Understanding the methods of con artists is crucial in recognizing these scams.

Top 3 Signs of a Grandparent Scam

Grandparent scams specifically target seniors by exploiting their love and concern for their grandchildren. Scammers use various tactics to manipulate emotions and deceive individuals into sending money or sharing personal information. Recognizing the warning signs and red flags associated with these scams is essential to protect yourself and your loved ones.

1. Caller in Distress

   An unexpected phone call or email from someone claiming to be your grandchild or another family member in distress is a significant warning sign. Scammers often pretend to need immediate financial assistance due to an emergency such as an accident, legal trouble, or medical expenses. They may sound desperate, using pressure tactics to make you act quickly without verifying the information.

2. Strange Payment Requests

   Red flags include requests for money to be sent through wire transfers, gift cards, or other untraceable methods. Scammers may insist on keeping the situation confidential, preventing you from seeking advice from other family members or trusted friends. Another red flag is when the caller or sender refuses to answer personal questions or provide details that only your grandchild would know.

3. Emotional Abuse

   Scammers are master manipulators that use emotions, guilt, fear, and urgency to their advantage. They exploit the natural instinct of grandparents to protect and help their grandchildren. By playing on these emotions, scammers hope to bypass rational thinking and convince you to take immediate action. Stay calm, take a step back, and verify the information independently before making any financial decisions.

At TowneBank, we prioritize protecting our members from scams and fraud. We provide valuable information to help individuals recognize and prevent grandparent scams, including the notorious "hello bail" scam. If you suspect that you or someone you know may be a target, please contact Towne Member Care.

How to Handle a Scammer

If you suspect that you or a loved one may be a victim of a grandparent scam, here are some steps to follow:

1. Stay calm and gather information: Ask questions that only your grandchild would know the answer to, such as their middle name or pet's name.
2. Verify the situation: Contact another family member or the grandchild's parents to confirm the story. Scammers often pressure victims to act quickly, so taking time to verify can prevent falling for the scam.
3. Report the scam: Report the scam to local law enforcement, the Federal Trade Commission (FTC), and your state's Attorney General's office. Reporting helps authorities track down scammers and prevent further fraud.

When in doubt, don't hesitate to contact your local banker. 

If You Fall Victim

If you or someone you know has fallen victim to a grandparent scam, assistance is available:

• National Adult Protective Services Association (NAPSA)

  NAPSA provides support to victims of elder abuse, including financial exploitation. They can connect you with local agencies to investigate and intervene in grandparent scams.

• AARP Fraud Watch Network

  AARP offers a free helpline for scam victims to speak with trained volunteers who provide guidance and support. They also offer educational resources to help older adults recognize and avoid scams.

By staying vigilant, informed, and proactive, we can protect ourselves and our loved ones from grandparent scams. TowneBank is dedicated to keeping our community safe and secure.