The Grandparent Scam is a type of scam where fraudsters target elderly people, pretending to be their grandchild or representative of their grandchild. The scammer will typically call the elderly person, claiming to be there grandchild in distress and in need of immediate financial assistance. They may say that they have been arrested, involved in an accident or stranded in a foreign country and need money wired to them urgently.
The scammer will often ask the elderly person not to tell anyone about the situation, to keep it a secret from other family members who might interfere or cause more trouble. They may also pretend to be a lawyer or a police officer, adding credibility to their story.
The goal of the grandparent scam is to trick the elderly person into sending money, either through wire transfer or gift cards, before they have a chance to verify the story with other family members or authorities. The scam can be devastating, as the elderly person may lose a significant amount of money and feel embarrassed and ashamed.