Grandparent Scams

Fraudsters have been known to use a malicious ruse known as the “grandparent scam” to trick seniors into giving them money.

Although not all instances are the same, grandparent scams often start out with a simple phone call. Malicious actors will call a senior and pretend to be a grandchild to gain credibility before asking for money.

Scammers often claim they were in a car accident or are under arrest and in jail to put added pressure on the senior victim. Sometimes, scammers go so far as to have another person pick up the line and pretend to be a police officer, bail bondsman, or lawyer. After building a sense of urgency, scammers ask the victim to wire funds from their bank account to the “grandchild” to help.

The most important way to prevent grandparent scams is to be aware of what they are and how they unfold. Perpetrators aren’t always strangers, and are often family members, trusted service providers, neighbours, or friends. Anyone new to your social life who immediately tries to get involved in financial matters (meetings with lawyers, financial advisors, etc.) may have malicious intent. It’s important for loved ones to determine who that person is and why he or she may be involved.

Perpetrators have also been known to create fake profiles on dating sites and apps, or contact people through popular social media sites like Instagram, Facebook, or Senior Dating apps. The perpetrators strike up a relationship with their targets to build their trust, sometimes talking or chatting several times a day. Then, they make up a story and ask for money.

If you suspect you may be the target of a grandparent scam, find additional ways to verify any claims a potential fraudster is making. You can always call Rogers Bank for support, as our customer care team is specially trained to help recognize and prevent fraud targeting our customers.

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