A new type of financial scam has recently popped up that specifically targets seniors. It’s called the “Grandparent Scam” and it hits seniors emotions where many are potentially most vulnerable: their love for their grandchildren

1. The Grandparent Scam

2. Targeting Seniors
A new type of scam has recently popped up that specifically targets seniors. It’s called the “Grandparent
Scam” and it hits seniors where many are potentially most vulnerable: their love for their grandchildren

3. Impersonating Grandkids
Fraudsters call seniors on the phone impersonating one of their grandchildren and frantically claiming to be in some
kind of trouble — usually a car accident, arrest, lost wallet or robbery, often in a foreign country. Then they ask their
supposed grandparents to send them money, usually via a wire transfer, to help them get out of their bind.

4. Don’t Tell My Parents!
Professional fraudsters are able to disguise their voices, usually claiming that their nose or mouth is
injured if the grandparent asks why their voice sounds funny. And the fraudsters beg them not to tell
their parents in order to avoid punishment or embarrassment

5. Follow-up Calls
Follow-up calls are also sometimes made by other fraudsters posing as attorneys, bail bondsmen or
doctors to help make everything sound even more legitimate. Some fraudsters are even able to profile
victims by searching social networking sites to learn little details that only a family member would know.

6. Don’t Wire Money Without Confirmation
Major money transfer service providers Western Union and MoneyGram are working with law
enforcement officials to try to prevent this scam. For example, transfer forms specifically state that users
should not wire money to grandchildren or any other family members for unconfirmed emergenc ies.

7. Be Alert and Aware
It’s easy to get emotional if you receive a call like this, but use some healthy skepticism and suspicion.
Check all the facts..

8. Family Password
Create a secret code phrase to be used by all family members in the event of a true emergency.
Make sure that everyone knows to use this phrase if they have to call in an emergency.

9. Be Careful About What You Share
Urge your kids and grandkids to be careful about how much personal information they share on social
media sites, such as their vacation plans and whereabouts. This is a prime source of useful information
for fraudsters.

10. Material contained in this article is provided for information purposes only and is
not intended to be used in connection with the evaluation of any investments
offered by David Lerner Associates, Inc. (DLA). This material does not constitute
an offer or recommendation to buy or sell securities and should not be considering
in connection with the purchase or sale of securities.
Member FINRA & SIPC.
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