An unknown person calls your home phone and says your grandchild has been arrested and needs bond money. Even though you don’t know this person, it sounds convincing because he knows your grandchild’s name. The caller tells you to wire the money somewhere and warns you not tell anyone.
The next thing you know, you’ve lost several thousand dollars in a grandparents scam.
Though not all financial scams target seniors as directly as this one, seniors, more often than young people, fall victim to scams, police officials say.