Scam artists will use any leverage they can get to separate you from your money. Sadly, that includes exploiting grandparents’ love and concern for their grandchildren, giving rise to a breed of impostor fraud specifically targeting older Americans.
Grandparent scams typically work something like this: The victim gets a call from someone posing as his or her grandchild. This person explains, in a frantic-sounding voice, that he or she is in trouble: There’s been an accident, or an arrest, or a robbery.
To up the drama and urgency, the caller might claim to be hospitalized or stuck in a foreign country; to make the impersonation more convincing, he or she will throw in a few family particulars, gleaned from the actual grandchild’s social media activity.
The impostor offers just enough detail about where and how the emergency happened to make it seem plausible and perhaps turns the phone over to another scammer who pretends to be a doctor, police officer or lawyer and backs up the story. The “grandchild” implores the target to wire money immediately, adding an anxious plea: “Don’t tell Mom and Dad!”
Fraudsters have also been known to ply this trick by email, text message and social media. Amid the coronavirus pandemic, the Federal Trade Commission (FTC) and the FBI have warned of an uptick in grandparent scams as crooks play on emotional vulnerability and heightened fear about loved ones falling ill.