Beware of the Grandparent Scam This Holiday Season

The elderly are at greater risk of falling prey to Christmas scams around the holidays.  From January to the end of August this year, the Canadian Anti-Fraud Centre (CAFC) has received more than 13,293 grandparent scam reports from Ontario residents – 7,322 of these were identified as victims with total reported losses in excess of $118 million.

Cybercriminals prey on grandparents with this cruel scam, in which they impersonate a grandchild or other young family member requesting money to help out with an urgent situation. The seniors may wire payments to a fake account, only to discover that they’ve been tricked.

In September, York Regional Police said an 81-year-old Newmarket man and his wife fell victim to believing their grandson was in trouble and needed thousands of dollars to help in what’s being called the Grandparent Scam.

Police say the scheme took place over two months and started when the senior’s wife took a call from someone pretending to be their grandson.

How to Protect Yourself and Your Loved Ones

• If you receive a suspicious call claiming to be from a family member in an emergency, hang up the phone and contact them directly.
• If the caller claims to be a law enforcement official, hang up and call the police directly.
• Be careful and cautious of what you post online. Scammers can use details shared on social media platforms and dating sites for targeting purposes. Suspects can easily gather names and details about your loved ones.
• Be suspicious of telephone calls that require you to immediately take action and request bail money for a family member in distress.
• Be careful with caller ID numbers that look familiar. Scammers use technology to disguise the actual number they are calling from (spoof) and make it appear as a trusted phone number.

Regardless of how the scam is carried out, it’s critical to know what to look for when receiving odd phone calls or suspicious emails. Avoid being scammed by would-be criminals by identifying the red flags and following the steps listed above.

If you have been a victim of fraud where you lost money report the incident promptly to the Financial Crimes Unit at 1-866-876-5423. To report frauds where no money has been lost, contact the Canadian Anti-Fraud Centre at 1-888-495-8501.

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