Houston Estate Planning and Elder Law Attorney Blog
The National Council on Aging has identified the Grandparent Scam as one of the top 10 cons targeting the seniors. The scam involves asking grandparents to send money to help out a grandchild in a legal bind.
This happens quite often, and many grandparents might be too embarrassed or scared to report it to relatives or police. An article from the Detroit Free Press tells us that in many instances, the victims don't see their money again, particular when it’s a wire transfer. The article, titled “Loving grandparents target of latest 'send money' scheme,” says that some Michigan grandparents were out $33,000 after being told their grandson was caught fishing without a license in Canada and had drugs and alcohol on his boat.
The FBI cautions grandparents to resist the urge to act quickly. Make sure you confirm the caller's story, as well as the grandchild's travel schedule.