Although it’s been around for years, in recent months, there’s been a resurgence in the number of seniors falling victim to the “grandparent scam.”
If you have elderly clients, make sure they’re aware of potential scams so they don’t fall victim to them.
How Does it Work?
Typically, the grandparent scam works like this: Your client gets a call from someone pretending to be his granddaughter. This caller explains that she’s in trouble and needs money immediately. Perhaps she’s in jail and needs money for bond or is stuck in a foreign country and needs money to get home. Typically, the caller will include enough detail to make the story seem realistic. The “granddaughter” will often ask your client not to tell his own child that she’s in trouble. She’ll ask your client to wire money to a specific location or to give it to a third party, who’s usually someone posing as a lawyer or police officer. Once your clients wires the money, the scammers break off all contact—usually making it impossible to recover any losses.
Targets
There are many ways these scammers choose their targets. They may purchase “lead lists” with information about elders or someone they can get lots of personal information about. Often, scammers peruse social media to find information about potential targets, such as whether they have grandchildren and their age.
How to Handle the Scam
First, tell your client that the first and most important step to take is not to panic. Often, the scammers call in the middle of the night, when your client may not be thinking clearly and may be more likely to believe what he hears. Have your client verify the person’s identity by asking questions someone else couldn’t answer, such as the name of the grandchild’s first pet. Then, your client should call other family members to see if they’ve heard from his granddaughter or even try to call the her personal telephone to see if she’s okay. In no circumstances should your client send money until he’s absolutely positive that his grandchild is in trouble and that the money is going to the correct party.
If your client realizes he’s been scammed after he has sent money but before it’s been picked up, he may be able to retrieve it. Unfortunately, if the money has already been picked up, it’s most likely gone for good, along with the scammers who took it.
Suggested Steps to Avoid Being Scammed
To prevent the computer from being hacked, your client should use a firewall and anti-virus/anti-spyware software. Warn him not to open email attachments from strangers or even from friends and family when the attachment seems strange.
Make sure all of your client’s social media accounts are private, so that scammers can’t see his personal information. And if he receives a telephone call from a number he doesn’t recognize, it may be best to screen the call until he determines it’s legitimate.
