If you are a devoted grandparent or your elderly mom or dad dotes on your kids, you need to be aware of how this love and affection can be manipulated. Over the years, more and more elderly people have been targeted by what is known as a grandparent scam. In this situation, someone poses as a grandchild to fraudulently obtain money from the elderly person. This ruse can go on for months and cost elderly grandparents hundreds or thousands of dollars, seriously putting their finances at risk. Once the fraud is discovered, there is often little the elderly individual can do to recover. By learning more about this scam and educating your elderly loved ones, you can avoid being the victim of financial elder abuse.
How the Grandparent Scam Works
An individual posing as a grand- or great-grandchild phone, emails, or writes to an elderly person. This individual says they are in some sort of trouble, maybe they were arrested and they need bail or despite working hard, their bills have gotten away from them. Whatever the story, this individual may spin a tale that makes them look in need, yet not at fault for their circumstances. After their sad story is complete, they imply that they could use some help. They may be sold bold as to imply or outright state that if grandma or grandpa sent them some money, they could get themselves back on track. Many elderly grandparents are so distraught to hear their grandkids are in trouble, they are willing to do whatever they can to help. They do not think twice about checking with other family members about their supposed grandchild’s story. Ultimately, grandma or grandpa may end up mailing a check, giving over their credit card or banking information, or purchasing and sending store gift cards.