Grandparent Scam Paper City Savings is warning customers about the reemergence of a telephone scam that preys on grandparents who think they are helping their grandchildren who are in distress. Grandparents have wired money to what they thought was one of their grandchildren for an emergency situation. However, they actually wired money to a con artist outside the U.S. who scammed them out of thousands of dollars. The grandparents scam works like this – the grandparent receives a frantic telephone call from someone whom they believe is one of their grandchildren. The "grandchild" begins the call with "Grandma, it's me". At this point “Grandma” will say the name of one of her grandchildren who she believes is on the other end of the call. The scammer now has the name of the “grandchild” and pretends to be them. Posing as the “grandchild”, the scammer then explains that they are traveling outside the state or country, typically in Canada and have been arrested or involved in an auto accident, and needs the grandparent to wire them money to post bail, to pay legal fees, to pay for damages, or to pay for medical expenses. The "grandchild" pleads with the grandparents not to tell his or her parents and asks that they wire thousands of dollars for reasons including posting bail, repairing the grandchild's car, covering lawyer’s fees, or even paying hospital bills for a person the grandchild injured in a car accident. The reason this scam is successful is because it preys on the emotions of older adults who are trying to help their grandchildren. Too often people get caught up in the false sense of urgency and they end up making emotional, instead of logical, decisions. The key to avoiding this scam is to remain calm despite the ‘emergency’ nature of the call and to verify that there is a real emergency by contacting other family members before wiring money. Telephone Debit Card Scam Another common scam involves residents receiving an automated telephone message that advises them that their debit card has been compromised and that account information needs to be “verified” in order to block or unblock the card. The automated message contains instructions for entering card information through the telephone keypad. Please be advised that you should never release any debit card information to someone who has contacted you by telephone. Upon receiving a call, immediately contact your Financial Institution directly or call the phone number listed on the back of your card. DON’T BECOME A VICTIM IF YOU RECEIVE A CHECK VIA THE MAIL AND CAN ANSWER “YES” TO ANY OF THESE QUESTIONS, YOU MAY BE THE VICTIM OF A SCAM Is this check connected to a communication with someone by email/internet? Is this check from something sold on the internet? Is the amount of this check more than the item’s selling price? Have you been instructed to “wire”, “send” or “ship” money? Have you been informed that you are the winner of a foreign lottery? Is this check related to an inheritance from an “unknown” deceased relative? Have you been asked to “mystery” shop? Have you been promised pay or commission for facilitating money transfer through your account? DO NOT ATTEMPT TO CASH OR DEPOSIT THE CHECK AS YOU ARE LIABLE IF THE CHECK IS FRAUDULENT OR RETURNED FOR INSUFFICIENT FUNDS. NOTIFY YOUR FINANCIAL INSTITUTION IMMEDIATELY