Scammers are continuously devising new methods to target potential victims. Recently, there has been a surge in Grandparent Scams. In these scams, the fraudsters exploit the bond between grandparents and their grandchildren to gain access to personal information. They may pose as the distressed grandkid, weaving an elaborate tale of being stranded or facing legal trouble. Or they may impersonate lawyers or authority figures, urgently soliciting money. Grandparent scams tend to peak during Spring and Summer breaks when grandparents are aware that their grandkids are away on vacation. Below are some of the red flags to look out for and tips to prevent you or your loved ones from falling victim to these scams.
Red Flags to Watch Out For:
- Urgent Requests: Scammers tend to employ tactics that create a sense of urgency and apply pressure. This is common with all types of scams and not just grandparent scams.
- Demanding Secrecy: Fraudsters want to keep things as secret as possible. If someone is demanding that you keep something confidential, that should be a red flag for you.
- Suspicious Payment Methods: If someone calls and requests payment via Western Union, Venmo, Zelle, or any other money transfer service, it should be considered a warning sign.
Tips to Protect Yourself and Loved Ones:
- Verify their Identity: Before sending any money, verify that you are actually speaking with your grandchild. You could encourage them to call other members of the family or ask questions that only you and your grandchild would know the details of.
- Avoid Immediate Action: Fraudsters deliberately create urgency to provoke panic and manipulate you into sending money before you have time time to think about the situation. Slow down and take time to assess the situation before taking any action.
- Guard Personal Information: Safeguard your personal information. Don’t giveaway your address, account information, or any other sensitive information.
Although these Grandparent Scams tend to spike during Spring and Summer break, it is important to always keep your guard up and stay vigilant against fraudsters. One of the most common tactics used by scammers is urgency. If you receive a suspicious phone call pressuring your personal information, hang up and call our Contact Center at 518-393-1326 opt 2 to report the incident.
REMEMBER: Your security is our priority!
First New York will never call or text to ask for your member number, social security number, or any other sensitive personal information.
If you receive a call, email, or text message requesting sensitive information, ignore the request and call our Contact Center (518)-393-1326 opt 2 to report the incident.