Hi Grandpa, Do You Know Who This Is?

This story was originally published on the Truist Newsroom.

Fewer bonds are more precious than the relationship between a grandparent and a grandchild. While most of us revere this special connection, scammers use it to defraud seniors of millions of dollars per year. Known as the grandparent scam, fraudsters engage in emotional manipulation that is designed to cloud judgment and evoke fear in the heart of a loving grandparent. And it usually starts with a phone call and one simple sentence: “Hi Grandpa, do you know who this is?”

How it works

In an especially cruel scheme, fraudsters prey on the vulnerability of older adults by impersonating their grandchild via a phone call or sometimes through text message and email. They claim to be in a dire situation that requires the grandparents to send money right away. Examples of their fictitious stories include being arrested, kidnapped, or stranded overseas needing money for bail, ransom or to get back home. The scammer then pleads with the concerned grandparent to send a money transfer. These made-up scenarios from someone pretending to be a grandchild in distress can be an amazingly effective tactic when used on seniors. And with the rise of artificial intelligence (AI), these schemes get more elaborate and convincing by the day, leading to a risk of more aging adults falling victim.

Growing problem

Elder fraud is a growing issue that requires continuous effort from law enforcement, community partners, and the public to combat. This cruel crime continues to be a devastating threat, with recent FBI data revealing that victims aged 60 and older lost over $4.9 billion in 2024—a staggering 43% increase from the prior year. More than 147,000 older adults reported falling victim to scams, with average losses reaching $83,000 each, far surpassing other age groups. Other frequent schemes included investment scams, tech support fraud, and romance scams. These crimes inflict severe financial and emotional harm on seniors, many of whom have limited time and resources to recover, making elder fraud an urgent and growing concern for communities and law enforcement nationwide.

Learn how teammates have joined the fight against elder fraud. 

Katie McBride, a Communications Senior Specialist, has been with Truist for seven years. Prior to her role in Corporate Communications, McBride was a Senior Relationship Banker responsible for managing and cultivating relationships.

While advising clients on banking services, she personally witnessed the troubling reality of elder fraud – in some instances at the hands of caretakers or people they knew.

“I unfortunately witnessed situations where my elderly clients were exploited by people they trusted who gained access to their accounts or debit cards to make unauthorized transactions,” she shared.

This prompted McBride to invest time in understanding the caretaker selection process and determining the appropriate level of access they should have to a client’s finances.

“It required immense patience, but I wanted to make myself available to ensure (they) received the care and protection (they) deserved,” she added.

McBride says it is important for Truist teammates to prioritize educating seniors about financial scams - either in their daily roles or through community service.

“Prioritizing the education of the elderly population about scams is essential to protecting their financial security and showing how much we truly care,” McBride said. “Many seniors have spent their lives building savings and deserve to enjoy their retirement without fear of being taken advantage of. By equipping them with knowledge about scams, we not only defend their assets but also empower them to better navigate these evolving schemes.”

Mike Kelley of the Corporate Cyber Security Team is an avid supporter of educating seniors to help protect them from elder fraud. In fact, Kelley's personal purpose statement is: "To inspire and build better lives by safeguarding individuals from cybercrime and empowering others through knowledge."

He has served on the board of the FBI Baltimore Citizens Academy Alumni Association. An organization that is separate and apart from the FBI, this nonprofit was established to support the FBI's Community Outreach program. Its mission is to provide a safer community by members serving as ambassadors through education, public awareness, and preparedness.

“Our organization consists of alumni who are graduates of the FBI Citizens Academy which is a six-to-eight-week program that gives community leaders an inside look at the FBI,” Kelley said. “During the academy, students gain insight into unclassified cases on topics such as fraud, cybersecurity, human trafficking, forensics, terrorism, and many others.”

As part of the program’s community outreach effort, Kelley recently got the opportunity to partner with the AARP Fraud Watch Network and the FBI’s Complex Financial Crimes unit. “We presented to hundreds of individuals in the community by hosting cyber educational events on Senior Fraud and World Elder Abuse Awareness Day,” he added.

Throughout his 16 years at Truist, he has had the opportunity to educate a variety of clients. He believes all teammates can help educate others including family members, friends, and the community at large.

“If only one person avoids being the victim of a scam, the education was a success.”

Jason Yaber is a Financial Crimes Investigator and is part of the Vulnerable Adult Exploitation team where he investigates crime and suspicious activity reported from the banking network, corporate offices, subsidiaries, and affiliates

The grandparent scam is just one example of many schemes he has seen perpetrators use to defraud seniors.

“Even after multiple attempts made by teammates to spend time educating older clients about scams, some seniors continue to participate anyway, ultimately becoming victims who lose their entire life savings and are unable to recover financially,” Yaber said.

Despite this, he remains committed to thoroughly investigating fraud cases to help seniors who have been targeted by scammers.

“We work each case referral with as much care as if the client was our own family member,” he added.

While some commit themselves to exploiting others, it is comforting to know there are Truist teammates who are dedicated to helping protect the most vulnerable.

For more information about the grandparent scam including tips for protecting yourself, clients, and family members, visit this FBI elder fraud resource page.