Identify these financial scams and make your money safer

11) Grandparent scam

A telephone call is made to an elderly person with a family member who is supposedly in some kind of trouble, usually claiming to be a grandson or granddaughter. These calls are often placed late at night or early in the morning when most people are not thinking as clearly.

Callers assume that their targets have grandchildren and will usually have several other people in on the scam, such as a bail bondsman, the arresting police officer, a lawyer, a doctor at a hospital, or some other person. The first voice on the phone is usually by the scammer pretending to be the grandchild sounding upset and typically stating that there are only a few moments to talk.