Financial crises can occur from anywhere, even when someone is in their golden years. This brings us to the topic of grandparent scams, which affect a number of older men and women around the world. The people behind said scams hone in on the empathy of others, stealing money from them in the process. When it comes to grandparent scans, from what they entail to how they can be avoided, here is what Robert Jain can tell you.
According to authorities on finance like Bob Jain, a grandparent scam is what occurs when an elderly individual receives a phone call from someone claiming to be their grandchildren. They may create a story that tugs at the other person's heartstrings, such as a medical emergency or a lost job. In short, they need money quickly. Worried about their grandchild, the victim will send money to the individual, only to eventually realize that they've been fooled. This is a serious financial matter that, more than anything else, preys on the empathy of others.
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.
According to authorities on finance like Bob Jain, a grandparent scam is what occurs when an elderly individual receives a phone call from someone claiming to be their grandchildren. They may create a story that tugs at the other person's heartstrings, such as a medical emergency or a lost job. In short, they need money quickly. Worried about their grandchild, the victim will send money to the individual, only to eventually realize that they've been fooled. This is a serious financial matter that, more than anything else, preys on the empathy of others.
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.
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For more details regarding grandparent scams and other financial topics, please contact Bobby Jain today.
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