Imagine receiving a desperate call from your ‘grandchild’ pleading for help, but in reality, it’s a cunning scammer trying to take your money. In what’s known as the Grandparent Scam, fraudsters prey on the love grandparents have for their grandchildren. This scam usually begins with a phone call from someone impersonating a grandchild (or a close relative) who asks for immediate financial assistance in a crisis situation, such as an accident or an arrest.

Technology has aided in the credibility of these con artists. For example, the caller will often spoof the caller ID to make it appear to come from a trusted source, or, using artificial intelligence, scammers can clone a person’s voice to appear even more authentic.

This scam has been costly to senior citizens across the country. According to FBI data, over 101,000 fraud claims were filed by people over age 60 in 2023, with an average dollar loss of $33,915—including nearly 6,000 people losing more than $100,000. Pacific Premier Bank considers the security of our clients’ financial well-being a top priority.

DOs and DON'Ts to Prevent Grandparent Scams

• DO verify the validity of the caller by asking questions only your family member would know. Remember, don’t rely only on the caller ID as scammers can clone phone numbers.
• DO check in with another family member to verify the caller’s story. Some scammers may request secrecy, saying, “Don’t tell mom or dad,” in hopes that you won’t go to another person to verify their claim.
• DON’T ever send money to someone you don’t know. Scammers use the sense of urgency (i.e., an emergency situation) to obtain money quickly. Do your best to stay calm and assess the situation before sending money to anyone.
• DO report the incident right away to law enforcement and your financial institution if you think you’ve been a victim of a Grandparent Scam.

If you suspect your accounts have been compromised due to fraud, please contact Client Services immediately at 855.343.4070, Monday - Friday, 7:00 a.m. - 6:00 p.m. PT, and Saturday, 9:00 a.m. - 1:00 p.m. PT.

For more tools and tips, visit Pacific Premier Bank’s Cybersecurity Center.

The information expressed is being provided for informational and educational purposes only. It is not intended to provide specific advice or recommendations for any individual or business. Pacific Premier Bank does not provide tax, legal, or accounting advice, and the information contained herein should not be construed as such. You should carefully consider your needs and objectives before making any decisions. For specific guidance on how this information should be applied to your situation or business, you should consult your own tax, legal, and accounting advisors before applying any recommendation.

Pacific Premier Bank will not text, email, or call you asking for your online banking password or one-time security code. Make sure you verify the person who has contacted you before acting on any request.