There a numerous amounts of scams that target many different people but there is one scam that specifically targets seniors. This scam is referred to the Grandparent Scam. A brief summary of how it works is the fraud artist would call a senior who is a grandparent and pretend to be their grandchild. They then pretend to be in some sort of trouble or an emergency situation and request money from their victim. The grandparent, vulnerable and obviously wanting to help their “grandchild”, may then withdraw money from their bank account and send it the scammer’s way.
How does the fraudster know their victim is a grandparent? Well, they make sure to do their research. Social Media for one, is a huge platform to find information on just about anyone. Here they can find their potential victim by searching for seniors who have grandchildren. They can do extensive research so when the time comes they are prepared to follow through with their scam.