The Grandparent Scam: When Thieves Prey on Kindness

senior scams grandparent scam

Common scam targeting seniors

Financial fraud against seniors is a serious problem. Older adults are robbed of $36 billion each year – yikes!

One common scam targeting seniors is known as “The Grandparent Scam.” Older adults living at home are especially vulnerable to this method of fraud.

 

How the Grandparent Scam works

The scam usually goes something like this:

In the middle of the night, grandma is startled awake by a phone call from someone who claims to be her beloved grandson.

Grandson says he’s in trouble – maybe he was mugged while traveling or was arrested in Mexico and needs to make bail. Whatever the story, he desperately needs money ASAP to get out of a jam. Disoriented, confused, and worried, grandma sends the money via wire transfer.

Of course, the caller isn’t actually her grandson, he’s a horrible scammer who’s trying to steal grandma’s life savings! Unfortunately, once grandma wires the money, it’s gone forever.

 

Protect seniors from fraud

To prevent the Grandparent Scam from happening to your older adult, learn more about how it works and use these helpful tips from our friends at True Link to avoid this common trap.

 

Next Step  Find out how to protect seniors from the Grandparent Scam on the True Link blog

 

You might also like:
Get Rid of Junk Mail to Prevent Elder Fraud
New Credit Card Protects Against Fraud
Free Tax Preparation Help for Seniors from the IRS

 

True Link is a financial services company committed to protecting vulnerable individuals, including seniors and adults with special needs, from becoming victims of fraud, scams, and exploitation. The company provides tools that can be self-directed or managed by family members, caregivers, or guardians. With True Link, you can detect suspicious account activity and block unwanted transactions, all while preserving an individual’s independence and protecting their assets.

 

By DailyCaring Editorial Staff
Image: Bay Alarm Medical

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