Breaking Down the Grandparent Scam

How the Grandparent Scam usually works:

1. First Contact: Scammers often reach out via phone call or email, claiming to be the grandchild. A common tactic is saying “Hi grandma/grandpa its’ me” hoping you will then say “Sam, is that you?” and now they know the name of your grandchild. They will then say they have been arrested, in an accident or some other emergency.
2. Requests Money: The scammer will sound panicked or distraught and beg you not to call their parents or tell anyone what is happening. They will ask you to quickly get cash or send money for the fake emergency, often claiming it is for fees, bail, medical bills, or other expenses.
3. Obtaining the Funds: The scammer will often have some kind of elaborate looking instructions to make the scam seem more legitimate. They will ask for the funds in cash, crypto, wire transfer, or gift cards.

If you encounter any of the above signs or suspect you might have fallen for a grandparent scam, we recommend you immediately take the following precautions:

• Verify who the call is coming from: If you receive a call from someone claiming to be your grandchild, check the caller ID. Is the call coming from their phone number? Try to remain calm and ask questions only your grandchild would know the answers to such as the name of the family pet, or where they went on vacation last. You can also hang up then call your grandchild or their parents directly to verify if they are ok.
• Use caution with urgent requests for money: Scammers will create a sense of urgency to pressure you into making quick decisions. Take a moment to stop and ask yourself if the situation seems genuine before you send any money.
• Reach out to another family member: If you receive a call you are wary of, don’t hesitate to reach out to another family member to verify the story. One simple phone call could be the thing that stops you from falling victim to a scam.
• Do NOT send money to someone you don’t know: Use extreme caution with any request to send money to someone you don’t know. Legitimate companies will never ask you to send cash, crypto, or gift cards.
• Report suspicious behavior: If you feel you have been a target of the Grandparent scam, or any other scam you should report it to law enforcement and your financial institution immediately.

If you have any questions or believe you may have fallen victim to a scam, please reach out to our Customer Care Team directly by calling 503-472-6171, or visit your nearby branch.

March 19, 2024