The Great Grandparent Scam | How To Start Important Conversations With Your Elderly Loved Ones About Various Scams & Elder Abuse.
The FBI estimates that seniors lose more than $3 billion each year to fraud.
So what happens when a beloved grandchild calls, begging for money because a bad thing happened to them. Well, you know the answer. That's why this has to be a family conversation right now.
The following is a story we've heard many, many times. The scammer will call an older person and say something along the lines of:
"Hi Grandma, do you know who this is?"
When the unsuspecting grandparent guesses a grandchild's name that the scammer sounds like, the scammer establishes a fake identity without doing any background research or doing any heavy lifting at all.
Then the fake grandchild will ask for money to solve some unexpected financial problem. Usually, it's something like:
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Overdue rent or bills
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They need their car repaired
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Or they got into trouble and are in jail and need bond
The scammer makes it seem as if their grandchild needs help immediately and is...