October 6, 2022

If you have older parents or grandparents, please share the following information with them. It’s provided courtesy of the National Council on Aging (NCOA, www.ncoa.org).

How The Grandparent Scam Works

The grandparent scam is so simple and so devious because it uses one of older adults’ most reliable assets, their hearts. Scammers call a would-be grandparent and say something along the lines of: “Hi, Grandma, do you know who this is?” When the unaware grandparent guesses the name of the grandchild the scammer most sounds like, the scammer is able to instantly secure their trust. The fake grandchild then asks for money to solve some urgent financial problem (such as overdue rent, car repairs, or jail bond). They may beg the grandparent not to tell anyone. Since fraudsters often ask to be paid via gift cards or money transfer, which don’t always require identification to collect, the older adult may have no way of ever recovering their money.

In other versions of this scam, the caller claims to be an arresting police officer, doctor, or lawyer trying to help the grandchild. They then use high-pressure tactics that play on the emotions of their victim to get them to send cash as quickly as possible. There are even reports of scammers showing up at older adults’ homes, posing as a “courier” to pick up the money.

Other Scams Targeting Older Adults

• Government Impersonation Scams: Scammers call unsuspecting older adults and pretend to be from the Internal Revenue Service (IRS), Social Security Administration, or Medicare. They say the victim has unpaid taxes and threaten arrest or deportation if they don’t pay up immediately.
• Sweepstakes and Lottery Scams: Scammers call an older adult to tell them they’ve won a lottery or prize of some kind. To claim the prize, the older adult must send money, cash, or gift cards up front to cover supposed taxes and processing fess
• Robocalls and Phone Scams: One common robocall is the “Can you hear me?” call. When the older person says “yes,” the scammer records their voice and hangs up. The criminal then has a voice signature to authorize unwanted charges on items like stolen credit cards.
• Computer Tech Support Scams: A pop-up message or blank screen will appear on a computer or phone, telling the victim their device is damaged and needs fixing.

Scams are designed to catch us off guard, and they can happen to anyone. There’s nothing to be ashamed of if you think you’re a victim. Keep on hand the phone numbers of resources that can help including the local police, your bank or credit union (if money has been taken from your accounts), and Adult Protective Services. To obtain the contact information for National Adult Protective Services in your area, call the Eldercare Locator, a government sponsored national resource line at: 1-800-677-1116, or visit their website at eldercare.acl.gov.

You should also report scams online to the FTC. Sharing your experience may help prevent it from happening to another older adult.

Read the full article from the National Council on Aging (NCOA). http://ncoa.org/article/top-5-financial-scams-targeting-older-adults

Watch this brief video provided by the Federal Trade Commission (FTC). https://youtu.be/QEPdo_DvakY​​​​​​​