ABA Warns Consumers of ‘Grandparent Scam’

In observance of Older Americans Month this May, ABA today issued a press release warning consumers of impersonation scams — commonly referred to as “grandparent scams” — where criminals deliberately target older Americans by posing as family members or friends. According to the Federal Trade Commission, more than $42 million was lost to this type of fraud between 2012 and 2014.

ABA encourages consumers to always verify the identity of the caller, ask questions, never give personal information over the phone unless they initiated the call to a trusted party and to trust their instincts and obtain more information before making a financial decision.

“Fraudsters have no problem preying on your goodwill to get inside your wallet,” said Corey Carlisle, executive director of the ABA Foundation. “They’re using social media and internet searches to fabricate convincing stories, so be careful, trust your gut and do your best to confirm who you’re dealing with before sending any money.”

ABA is committed to leading the charge against the financial exploitation of older Americans through its Safe Banking for Seniors campaign. Bankers registering for the program can take advantage of free resources to help them educate seniors and their caregivers on the risk of financial fraud.