Posted
on Friday, June 20, 2025
in
Financial Education
Staying Informed About Grandparent Scams
In recognition of National Elder Abuse Awareness Day, we’re reminding Iowans to be cautious of a growing scam that targets grandparents by preying on emotion and urgency. It's always a good time to talk with family and friends about how to recognize and avoid these types of scams.
What is a grandparent scam?
Grandparent scams often target older adults through urgent phone calls from someone pretending to be a grandchild or someone speaking on their behalf. The caller typically claims there's an emergency—such as a car accident, medical issue, or legal trouble—that requires immediate financial assistance. Scammers commonly request money through wire transfers, prepaid cards, bitcoin ATMs, or direct account information. To make their story more convincing, they may use real names, spoofed caller ID, voice impersonation, or pose as law enforcement.
Scammers often rely on panic and secrecy to carry out their schemes, which is why it's important for families to have proactive conversations about how to verify real emergencies—making it clear that no legitimate request for help should involve secrecy or pressure to send money quickly. Establishing a family password known only to trusted relatives can also help verify the caller’s identity and prevent fraud.
How can your protect yourself or loved one?
To avoid these scams, never send money or share personal information based on an unexpected call. If you receive such a call, hang up and contact the grandchild or family member directly using a known phone number. Be especially cautious of any caller who urges secrecy or demands immediate action. If something feels off, don’t hesitate to talk to your bank or report the call to law enforcement and file a report.
Learn More
To learn more about how to protect yourself or a loved one from grandparent scams, visit our Information Center or give us a call.
These tips are provided by the Iowa Bankers Association
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