Full Notification

Con artists know that when a relative is injured, arrested or suffers some other kind of setback and calls pleading for money to be transferred by wire, your instincts tell you to help. When the situation is urgent, criminals know you’re likely to spring into action. But don’t. Here’s why; once you wire money, you will not get it back!

How the scam works

What’s called “the grandparent scam,” and its many variations, is going strong. In fact recently an attempt was made on a Newark resident. A “grandchild” or other relative calls, saying he has been in a terrible accident overseas and needs money immediately in order to receive medical attention. A “doctor” might get on the line to say your grandchild can’t talk anymore because he or she needs medical attention. You must wire money for the treatment to proceed.

The script has different variations. In the Newark resident’s case the “grandchild” has been arrested and an “attorney” demands bail money and service fees. Other variations include:

• Your relative’s car broke down and he needs money to get it fixed.
• Or the relative stuck at a foreign airport and needs money to pay customs and return home.

The common theme is that the “grandchild” sounds like yours but can’t talk for long or at all because there’s an urgent situation that demands immediate funds. Often the fake grandchild will beg you not to tell his parents – anything to delay you from discovering the truth before parting with your money.

How to protect yourself

Be skeptical. These scams constantly evolve. By the time you read this, there will be new stories – new lies – to persuade you to wire money. However, what you should do to protect yourself stays the same:

• Resist the pressure to act quickly.
• Try to contact your grandchild or another family member to determine whether or not the call is legitimate.
• Never wire money based on a request made over the phone or in an e-mail...especially overseas. Wiring money is like giving cash—once you send it, you can’t get it back.

What else you can do

Never wire money based on a request made over the phone or in an email... especially overseas. Wiring money is like giving cash – once you send it, you can’t get it back. Remind your family members not to announce on websites such as Twitter and Facebook that they’re leaving on vacation. The Internet is global, exposing them and their families to literally billions of Web surfers – some of whom know how to illegally profit from the information. Also, make sure to keep your family members’ updated contact information easily accessible so that you may easily find out for yourself the whereabouts of your loved ones.

For more information about protecting yourself from fraud, go to http://www.fbi.gov/sandiego/press-releases/2012/beware-of-the-grandparent-scam

To view CFA Grandparent Scam Informational Video go to https://www.youtube.com/watch?v=QOpLCcBl93w