For the next several days, we will focus on elder financial abuse and exploitation. It is estimated that seniors lose at least $2.6 billion annually to financial exploitation. One of the most common scams is the Emergency Scam, or Grandparent Scam. In this scam, the victim is contacted by a fraudster that pretends to be a loved one, typically a grandchild, that is in trouble - either in the hospital or jail, and often in a foreign country. They ask the victim for money for bail or medical procedures and plead with them to not tell anyone else in the family because they are embarrassed.
If you receive a call like this, know that this is a scam. If you are really concerned, do a little bit of homework after the call - try to call the supposed victim and/or check with family members on their well being. These scams are often unraveled with a little bit of research.