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Your phone rings - an unfamiliar number flashes on the screen. It seems local, so you answer. To your shock, it's your granddaughter, crying and panicked. She's in trouble - a serious accident in another state, an arrest, and now she needs your help. $9,000 for bail, she pleads. She insists on secrecy, citing a "gag order" from the judge and to tell the bank that you’re remodeling your kitchen and that you’ll be using it to pay your contractor. Suspicious, the bank asks for the name of your contractor and what you’ve done to the kitchen. When you fumble over your answers, the bank sends you to their fraud specialist, where you hesitantly tell the whole story, only to be told that you nearly fell victim to grandparent fraud- an increasingly powerful scam. The shocking truth unravels - it's a scam. A Real Threat in Our CommunityBelieve it or not, this scenario isn't fiction. It's a real example of the growing menace of grandparent scams, made more convincing with advanced Artificial Intelligence (AI). According to the FBI, grandparent scams targeting those over age 60 alone accounted for a loss of over $3B in 2022. The Scammers' PlaybookHow do these fraudsters know so much? Social media is their goldmine. Details about your family are easily gleaned from platforms like Facebook, Instagram, and Twitter. Scammers craft believable stories, exploiting your love for your grandchildren. Even more alarming, AI allows them to mimic voices, adding to the deception. Staying One Step AheadFacing these scams can be overwhelming, but FSB's Fraud & Security Specialist, Cathy Ehnen, offers vital tips to stay protected:
Scammers prey on emotions. By staying informed and vigilant, you can protect yourself and your loved ones from these sophisticated and harmful schemes. For more information on fraud, along with additional security resources, visit myfsbonline.com/Your-Security. |
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