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.
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