How the scam works:
Individual scam artists do some heinous things, but when scammers band together to play their games with the innocent, it can be very costly for the victims involved. This latest scam, known as the Counterfeit Money Child scam, is targeting elderly women in particular and bilking them out of their hard earned cash.
The scam begins with a phone call from someone claiming to be either a bank officer or a police officer. They let the victim know that a child has been arrested who claims to be the victim’s daughter/son and that she/he was caught with counterfeit money that she says came from the victim’s own bank account.
The officer on the phone then asks the victim to withdraw money from their bank account and meet them near the bank, so that the “investigator” may examine the money and compare it with the money found on the woman arrested. Once the victim has withdrawn the money, it – along with the scammers – disappears.
How to avoid:
The main thing you should know in order to avoid this scam is that police officers will never ask for you to withdraw money from your account to aid them in their investigations. The elderly seem to be especially vulnerable to this scam because they tend to be more naïve and gullible, so any elderly loved ones should be warned about this scam and what to look for when they receive a call from a stranger, even one claiming to be law enforcement.
How to report:
Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission (FTC) using the link below:
How to protect yourself more:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You’ll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
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