Good advice from Cynthia Albert with the Better Business Bureau, "I think the best thing to do is to just hang up on these people!"
Phone scammers have rolled out a new wrinkle in their never-ending game to separate you from your money. They're expanding the audience they take advantage of to include Millennials.
"They are attacking all ages, of course the elderly, but the younger folks have the school loans to payoff, so they'll go after that age group, too," Albert states. "They're not very particular, all they want is to get into your wallet."
The new scam works the usual way, a phone call from a ficticious government agency, in this case the "Federal Grant Administration," announces the awarding of a government grant the victim can use in way, shape or form--like paying down student loans.
"They're so excited they're going to get this," Albert says. "They really don't think of the logical end of it."
Albert says people openly turn over bank account and credit card numbers, opening themselves up to be electronically robbed.
"Remember, red flags should go off if somebody's telling you your're going to get a grant, but first you have to pay money up front," Albert says.