What are Elder Scams? Elder scams are fraudulent schemes or calls that aim to cheat senior citizens out of their money or personal data. They often involve a con artist pretending to be a trusted person or company with evil intentions. Elder scams mostly prey on seniors because they are more likely to be naive and vulnerable. According to statistics, more than 90,000 seniors in the U.S. fell victim to scams in 2021 and the trend is rising. The Grandparent Scam The grandparent scam is one of the most cunning scams that target seniors. It exploits the love and care that grandparents have for their grandchildren. The scammer pulls at the senior’s heartstrings, making them act on their emotions rather than their logic. Grandparent scams usually follow these steps:
- The scammer calls an elder/senior and claims to be their grandchild.
- In a panicked voice, this person says that they are in trouble and need money urgently for something like rent, bills, or other expenses.
- Out of concern, the grandparent will quickly try to help their grandchild (who is actually the scammer). And they get scammed!
