GRANDPARENT SCAMS AND ONLINE FRAUD - LET’S NOT BE VICTIMS!

With the convenience of on-line shopping, purchasing gifts for the upcoming holiday season couldn’t be easier. However, there is an assumed risk in providing financial information on-line. Hundreds of millions of dollars are lost to fraud every year in Canada. 

In addition to protecting yourself on-line, one of the more troubling frauds is The “Grandparent Scam”. It is a sophisticated fraud where criminals impersonate a grandchild or close family member, often claiming they’ve been arrested, injured, or stranded and need immediate financial assistance.   Fraudsters claim these funds are needed to pay bail, lawyers’ fees, hospital fees, ambulance fees, etc. These calls may use personal information gathered from social media or public records to appear legitimate, creating a sense of urgency that pressures victims into sending money via wire transfers, gift cards, or other untraceable methods. 

Be aware of some warning signs:

• Urgency— The scammer always makes the request sound very urgent, which may cause the victim to not verify the story
• Fear— The scammer plays on the victim’s emotions by generating a sense of fear. For instance, they may say, “I am scared, and I need help from you.”
• Secrecy— The scammer pleads with the victim not to tell anyone about the situation, such as, “Please don’t tell Dad, he would be so mad.”
• Request for Money — Money can be requested by money transfer or in some cases the scammer sends someone to your home to pick up the payment

If you receive a suspicious call, remember:

• Be suspicious of calls that require immediate action. Hang up and contact the family member directly
• The caller either doesn’t provide a normal jail location for the area if asked or mistakes the local police service. Call the non-emergency number of the police service to verify the story or confirm the name and badge number of the officer calling
• When at the bank, tell the truth about why you’re taking out large sums of cash as bank tellers are very familiar with scams
• The courts won’t ask for cash to bail out someone in custody and will require people to be present in court
• Never send cash, cryptocurrencies or any other funds to unknown person, unverified addresses or bank accounts
• Take time to verify the story by asking the caller a few personal questions or pressing your caller for details. Scammers are counting on you wanting to quickly help your loved one in an emergency