Ideally, as you become older, you're able to build enough of a savings account so that you can retire comfortably. During your life, you may start a family as well, meaning that you'll have numerous individuals to be responsible for. It's this feeling of empathy that makes many people the victim of grandparent scams. For those that would like to learn more about these, here is some information provided by Robert Jain.
Let's say that, one day, a grandparent receives a phone call from someone claiming to be their grandchild. This individual will tell them that they need money quickly, either for medical reasons, rent coverage, or what have you. Before long, the grandparent will send the money over, not knowing that they've just been fooled by a fraudster until it's too late. As names such as Bob Jain will attest, this is a serious form of fraud.
Now that you know what grandparent fraud entails, in the general sense, it's important to know how you can keep yourself from becoming a victim. First and foremost, contact the person claiming to be the grandchild directly. You can help yourself further by consulting another family member to see if their story matches up. By doing so, you will be able to protect yourself from a situation that could impact you financially.
It's also worth noting that, with this form of fraud, the request way of giving money is a wire transfer. This might seem strange, especially given the advent of digital means such as PayPal and Venmo. Unless it's in particular situations, it's unlikely that wire transfers will be common. What this means is that if the person the other line demands this method, and nothing else, think twice before you agree to send them anything.
Finally, if you're going to protect yourself from grandparent scams as much as possible, ensure that your experience on the Internet is secure. When you're online, you should have software that blocks viruses, trojans, and the like. A firewall should also be set up, though most computers have these implemented from the get-go. If you're not familiar with technology in general, ask a family member that understands it to help you out.
Let's say that, one day, a grandparent receives a phone call from someone claiming to be their grandchild. This individual will tell them that they need money quickly, either for medical reasons, rent coverage, or what have you. Before long, the grandparent will send the money over, not knowing that they've just been fooled by a fraudster until it's too late. As names such as Bob Jain will attest, this is a serious form of fraud.
Now that you know what grandparent fraud entails, in the general sense, it's important to know how you can keep yourself from becoming a victim. First and foremost, contact the person claiming to be the grandchild directly. You can help yourself further by consulting another family member to see if their story matches up. By doing so, you will be able to protect yourself from a situation that could impact you financially.
It's also worth noting that, with this form of fraud, the request way of giving money is a wire transfer. This might seem strange, especially given the advent of digital means such as PayPal and Venmo. Unless it's in particular situations, it's unlikely that wire transfers will be common. What this means is that if the person the other line demands this method, and nothing else, think twice before you agree to send them anything.
Finally, if you're going to protect yourself from grandparent scams as much as possible, ensure that your experience on the Internet is secure. When you're online, you should have software that blocks viruses, trojans, and the like. A firewall should also be set up, though most computers have these implemented from the get-go. If you're not familiar with technology in general, ask a family member that understands it to help you out.
About the Author:
For more details regarding grandparent scams and other financial subjects, please get in touch with Bobby Jain today.
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