Monson Savings Bank Warns Older Americans about Grandparent Scams
Scammers will try anything to trick you into sharing personal information with them or sending them money, even if it means preying on your emotions and impersonating those closest to you. The “grandparent scam” is a form of financial abuse that deliberately targets older Americans using impersonation tactics.
To commit this crime, fraudsters call older Americans claiming to be a family member in serious trouble and in need of money immediately. The scammer might say that they are stranded, in jail, or have been mugged, and call in the middle of the night to add to the urgency and confusion. They may even “cry” to disguise their voice. Often times, in a panic, the victim will want to help their loved one. However, once the money is wired, the victim later finds out that it wasn’t their grandchild they were helping, it was a criminal.
The next time you receive a frantic call from someone saying they are your grandchild and asking for money, make sure it’s actually your grandchild who’s calling. It very well may be a scammer trying to trick you.
“It is unfortunate that the grandparent scam continues to be a major problem for older Americans,” said Heather Arbour, BSA Officer & Compliance Manager. “Before you act on any request it’s very important that you verify who you are speaking with by asking questions, calling them back on a known number or consulting with a trusted family member or friend before you fulfill any request.”
Stay alert and use these tips provided to avoid becoming a victim.
Tips to Avoid Impersonation Fraud:
Confirm the caller
Fraudsters are using social networking sites to gain the personal information of friends and relatives to carry out their crimes. Verify the caller by calling them back on a known number or consult a trusted family member before acting on any request.
Don’t be afraid to ask questions
Fraudsters want to execute their crimes quickly. The more questions you ask the more inclined they will be to ditch the scam because they will suspect you’re onto them.
Never give out personal information over the phone
Even if you are being pressured, never give personal information to anyone over the phone unless you initiated the call and the other party is trusted.
Never rush into a financial decision and trust your instincts
Don’t be fooled – if something doesn’t feel right, it may not be right. Feel free to say no and get more information before you send money to someone.
Monson Savings Bank is committed to protecting our customers. We provide resources like this, and many others on our Safety and Security blog section. Visit to learn more ways you can protect yourself today.
