What is the Grandparent scam? How to avoid it?

Days after FedX scam created a situation of panic across cities, a new cyber fraud, the Grandparent scheme has left people in panic. A grandparent scam is a social engineering fraud targeting seniors, specifically grandparents.  Scammers typically impersonate a grandchild (or another close relative) in distress and attempt to trick the grandparent into sending money or revealing personal information.

Here’s how to avoid it:

If a grandparent receives a call from a supposed grandchild they haven’t spoken to in a while, it’s a cause for caution.

Grandchildren in genuine emergencies would likely contact their parents instead of grandparents. Be wary of any immediate financial demands.

Scammers often try to rush the transaction and discourage the grandparent from verifying the situation with other family members.

If the call comes from an unknown number, especially with a different area code, be suspicious.

How to protect yourself from a grandparent scam:

Always try to verify the situation directly with the grandchild or another close family member before sending any money.

Never share personal details like bank account numbers or social security numbers over the phone, especially with unsolicited callers.

If you suspect a scam attempt, report it to the authorities and raise awareness among other family members.