The Grandparent Scam is one of many scams targeting the elderly. A grandparent gets a call (or sometimes an email) from someone who claims to be a relative, usually a grandson or granddaughter, in distress - they lost their wallet and are stuck without identification and money in another country. The caller states it’s an emergency and asks for money to be sent immediately, wired to them through a friend’s account so that they can get home. If the money can’t be wired, they ask the grandparent to purchase $1,000 Visa gift cards to be used as a means to get back home. Oh, and don’t tell their parents because they’ll get upset. Any concerned grandparent would be alarmed and comply without hesitation. Unfortunately, from January 2020 to June 2021 the FBI Internet Complaint Center received over 650 reports of “grandparent scams” nationwide, resulting in more than $13 million in losses.
Protect yourself from this common scam by taking the following actions:
Staying informed is the best way to protect yourself and your finances. Make sure you are getting up to date information on scams and frauds from trusted sources. Stay informed and read our other SmartLab blogs. You can also sign up to receive Consumer Alerts from the FTC (Federal Trade Commission) website. If you have any questions with regards to your financial needs, you can always contact a helpful Logix representative.
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Please contact Logix at (800) 328-5328 or visit www.lfcu.com if you have any questions about this topic or would like to consider opening an account.