Grandparents Wire Transfer Scam

Thousands of people have been scammed out of millions of dollars with the Grand Parent Scam.  A scam artists calls and alleges that your grand children are in trouble and urgently need money wired to get them out of trouble, jail and other non sense.  Their sense of urgency and convincing dialogue drives people to action and to quickly wire money.  Once the money is wired, it's gone.  Western Union actually got in trouble over this and hand to pay $568 million to settle the case.

Don't transfer funds through wire transfer.

Try calling your grandkids and or kids first to try and get a hold of them.

Remember it's probably not true and why didn't they call their parents?

Avoid Western Union and Other Money Transfers

See Scam and Fraud Protection for 2023 for more information and make sure to Sign Up for our Scam Prevention Newsletter.

Check up on Your Investment Adviser

 Quick tips to help you avoid scams and avoid fraud.

How well do you know your investment adviser?  This is the person that is responsible for managing thousands, if not millions of your hard earned money.  Money that you need to fund your future.  As with any profession, some are better than others.  The Securities and Exchange Commission has oversight and make sure stocks, bonds and other investments are operated fairly.  You can do research on your financial adviser at adviserinfo.sec.gov.

Related: 20220721B

Reference: 20220721A

Avoid Western Union and Other Money Transfers

 Quick tips to help you avoid scams and avoid fraud

Avoid sending money using Western Union and other wire services.  Crooks love to use wire transfer services because they are fast and easy.  Between 2004 and 2017 Western Union abided scammers by easily, and probably unknowingly, transfer money around the world from innocent victims to online criminals.

So if someone requests an wire transfer, it’s best to ignore it.  If you are unsure, talk to a family member or friend before you take the steps that the crooks are so urgently requesting.

By the way if you did wire money during the above reference window and feel that you’ve been scammed.  You can call 855-786-1048 to learn more.

Grand Parents Wire Transfer Scam

Avoid these cash payment scams

My Mom is forever asking me questions about payment scams she reads about so I thought I would share a few of the latest cash scams you should be cautious.  If someone calls or text you looking for money with one of these, I'd be concerned and take some extra time to make sure it's a legitimate request.  Remember the IRS or other government agency would never do any of these.

There are many Money Transfer Apps like Zella, Venmo, Apple and even Pay Pal that enable you to easily transfer cash between your account and someone else's.  The intent is for you to easily transfer money to someone you know, not a stranger.  I frequently use Venmo to send and receive money with my kids.  I've also used it for some of my photography clients.  If a stranger or scammer contacts you and wants you to transfer money using a money transfer app, I'd avoid it.  Typically these services offer now protection and once you transfer you money, it's gone.  So stick to money transfers this way with people you know.

Wire Transfers have been around forever.  Back in the day Western Union was used to transfer money anywhere in the world.  Guess what, scammers love wire transfers.  Again once the money leaves your hands and is wired with MoneyGram or Western Unition, there is very little recourse to get it back.  So if you one a sweep stakes or someone asks for wired funds, you should probably avoid the temptation.

Another popular tool is Store Gift Cards.  A scammer will ask you to go purchase $100's in Store Gift Card from say Home Depot or Target and then call them back with the card number and PIN.  Again your money is now gone with now way to retrieve it.  So be leery of text or phone calls from what may seem like a legitimate organization if they are looking for card payments.

All the rage these days, Cryptocurrency.  Again used by scammers because it's untraceable.  Once you buy and transfer Bitcoin or other cryptocurrency and transfer it to the scammer, it's gone forever.

When shopping online or stick with credit cards, they all have fraud prevention and will work to get your funds back into your account.  For payments to legitimate government agencies or other payments, also consider using a check.  Again there are protected ways to get these funds back should you have made a mistake.

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