Grandparents Targeted by Identity Theft Scam: Who's Behind the Billion-Dollar Distress Scheme?

The FBI labels it a 'distress scam,' also known as a grandparent scam, which preys on older adults by making them believe their grandchildren are in serious trouble and need money immediately, often before authorities can intervene. The scammers typically gain the trust of grandparents by claiming to be family members or law enforcement officers. According to the FBI, these scams have become one of the most lucrative forms of identity theft, with scammers reaping significant paydays from unsuspecting victims. The scammers' tactics are designed to create a sense of urgency and panic among the elderly, making it difficult for them to think critically and seek help.