What Is the Grandparents Scam?

Grandparents scam
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The grandparents scam targets elderly individuals.

People are not inherently trustworthy.

A healthy dose of caution is in order when interacting with strangers.

There is a reason parents teach their children about “stranger danger,” after all.

Suspicion may also be warranted when you receive out-of-character messages from or regarding loved ones.

According to a recent Local10.com article titled “Man, 22, arrested in connection with ‘Grandparents Scam’,”  this is especially important advice for the elderly.

The grandparents scam targets the elderly.
The grandparents scam takes advantage of the bond between grandparents and their grandchildren or other relatives.

Why?

Seniors are often the targets of scams.

That fact is a given.

One popular scam directed at elderly individuals is the “grandparents” scam.

What is the grandparents scam?

This scam can take several forms.

The scammer may call the grandparent pretending to be a grandchild in dire need of financial help.

The caller could even pose as the bail bondsman or attorney for a relative of the elderly individual.

These scammers explain they need cash for a variety of reasons.

They may ask for payments for hospital bills, bail, or other imaginary expenses.

With the grandparents scam, the victim is provided instructions for making a deposit and told to not to tell anyone.

Often the senior is targeted more than once and told to provide more cash to cover “negative developments” in the case of the relative.

Recently, a 22-year-old man named Alvaro Esteban Jaramillo Fajardo was arrested in Florida for his participation in one such scam.

The victims of his “grandparents” scam ranged from ages 71 to 88.

These seniors lost more than $480,000 combined!

Even after his arrest, Jaramillo Fajardo boasted in his ability to launder money.

No remorse, no conscience.

If you have elderly loved ones, you can take steps to help protect them from the grandparents scam.

How?

Educate them about this scam and others likes it.

Encourage open communication about money and phone calls, especially when a stranger demands confidentiality.

Anytime someone tells you “not to tell” anyone, that alone should send up red flags of danger.

Check in on the finances of your elderly loved ones if you have been given authority through a power of attorney to manage accounts.

Because those who perpetrate the grandparents scam and other frauds do not care who they hurt, it is important for you to be vigilant for both yourself and your loved ones.

Reference: local10.com (April 15, 2021) “Man, 22, arrested in connection with ‘Grandparents Scam’”

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