Featured Post from Retire with Equity

The Rise of Grandparent Scams

Why a recent U.S. fraud case should have Canadians checking their caller ID

Aug 29, 2025

8 min

Sue Pimento

Before you scroll past thinking, “Oh, another scam alert,” please pause.


This isn’t your average “don’t answer spam calls” notice. What follows is an examination of the growing sophistication of grandparent scams—complete with call centers, scripts, and even AI voice cloning. More importantly, it’s about how to protect yourself and, especially, the older members of your family. Read on—not just for awareness, but for fundamental tools to keep your loved ones safe.


Even Elvis Isn't Safe From Scammers


You know the world has gone topsy-turvy when even the King of Rock 'n' Roll isn't immune to fraud. I've written before about the recent attempt to scam Elvis Presley's Graceland estate, but a recent story about senior fraud really got my blood boiling.


U.S. authorities in Boston just charged 13 people connected to what I can only describe as a "grandparent scam industrial complex" – a sophisticated operation that bilked over 400 elderly Americans out of more than $5 million. These weren't your run-of-the-mill phone scammers calling from their basement. Oh no. These criminals were running call centers with scripts, managers, and daily money-making leaderboards like they were selling insurance, not breaking hearts.


The math alone should make you furious: $5 million divided by 400 victims equals about $12,500 per person. That's not pocket change – that's someone's emergency fund, their vacation savings, or money they've been carefully setting aside for healthcare costs.


The Grandparent Scam: Emotional Manipulation 101


If you're not familiar with grandparent scams, buckle up. These predators have turned family love into their business model, and they're disgustingly good at it.


Here's their playbook:


Step 1: The Panic Call – "Grandma, it's me! I'm in jail and need bail money RIGHT NOW!"


Step 2: The Identity Theft – Using social media details (yes, those cute Facebook posts about little Johnny's soccer game), they sound convincingly like your grandchild. Some are even using AI voice-cloning technology.


Step 3: The Time Crunch – Everything's an emergency. No time to think, no time to verify. Just panic and send money. Real emergencies, by the way, allow time for a phone call to confirm details.


Step 4: The Collection – Cash via courier, rideshare driver pickup, wire transfers, even Bitcoin. Anything except the legitimate ways actual legal systems collect bail money (spoiler alert: the good guys don't send Uber drivers to your house).


The Boston Grandparent Fraud Case: Scamming at Scale


The level of organization in this Boston case reads like a twisted business manual. These criminals weren't just winging it – they had:


• Dedicated "Opener" staff who made initial contact with victims

• Specialized "Closers" who pretended to be lawyers demanding payment

• Management training programs for their scam employees

• Daily performance systems (because nothing says "organized crime" quite like gamifying elderly financial abuse)


A number of things bothered me about this case


The fraudsters got over $5 million from 400 victims – The simple math shows on average that each victim would have lost $12,500 – that’s not “walking around” money. I suspect many would have had to tap into a variety of savings accounts or possibly borrow from others to source funds on short notice. This creates an extra degree of hardship for victims who are struggling to manage on a fixed income.


The average age of the victims was 84. This breaks my heart. The oldest in this cohort are especially vulnerable. At this age, many seniors live alone or are more isolated, making them easier prey for these deceitful tactics. Many of them are still uninformed about how these scams operate.


The scammers showed a very high level of sophistication. According to court documents from the U.S. Department of Justice, District of Massachusetts (2025), the scammers ran a sophisticated “call center” operation with technology at multiple sites that allowed them to place a massive number of calls to unsuspecting victims.


• These scams would begin with an “Opener” employee, who would call victims and read a script (see below) pretending to be a grandson or granddaughter who was in an accident.


• Then, a “Closer” would allegedly follow up with another call, pretending to be their grandchild’s attorney, asking for a sum of money to pay for their grandchild’s fees due to the accident. Each of these call center locations had managers overseeing staff who trained, supervised, and paid employees.


The most sickening part? They kept detailed records of how much money they stole each day, treating vulnerable seniors like ATM machines with feelings.


Here is an actual photo of their “Leaderboard” taken as evidence in the Boston case.


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When it came to handling cash, they also had a plan for that. Most often, they used unsuspecting rideshare drivers whom they ordered to do a package pickup at the victim’s house.


And these heartless criminals often went back for seconds and thirds. Using lines designed to trigger seniors into emptying their bank accounts. They would say things like "Oh, there's been a mix-up," or "A pregnant woman's baby was lost in the crash" – any lie to squeeze more money from people who'd already been devastated once.


Now, I’ve been in enough boardrooms to know that leaderboards usually track sales of widgets, mortgages, or, at worst, how many stale muffins are left in the breakroom. But imagine walking into work and your boss says, “Congratulations, you scammed the most grandmas today—you win Employee of the Month!” That’s not just evil, it’s the kind of thing that should earn you a permanent bunk bed in a tiny jail cell.  And using Uber drivers to pick up cash? Please. The only thing Uber should be picking up is takeout and slightly tipsy people at 11 p.m.—not Grandma’s retirement savings.


Some of These Scams Are Coming From Inside Canada


Here's where this story hits close to home. While we might imagine these scams operating from some far-off location, some of the biggest operations have been running right here in Canada.

In March 2025, Montreal police arrested 23 people connected to a massive network that allegedly defrauded seniors across 40 U.S. states of $30 million over three years. The suspected ringleader, Montreal developer Gareth West, allegedly ran call centers from Quebec properties and laundered the proceeds into luxury real estate. West remains at large, proving that sometimes the worst criminals are hiding in plain sight in Canadian suburbs.


The Canadian Reality Check


According to the Canadian Anti-Fraud Centre, emergency or 'grandparent scams' have become one of the fastest-growing crimes targeting seniors in Canada, with reported losses rising from $2.4 million in 2021 to over $11.3 million in 2023.


Here's where it gets even more interesting.  Those figures are just the losses for gradparent fraud that are reported – experts estimate the true losses are at least ten times higher since only 5-10% of fraud victims come forward.  Let that sink in: we could be looking at over $100 million in actual losses annually in Canada alone.


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Here’s the part that really stings: no one is exempt. Not me, not you, not even that friend who insists they “don’t answer unknown numbers.” (Sure, Jan. We all know you still pick up when it says “potential spam.”)


This isn’t just about losing money—it’s about losing confidence. The shame, the self-doubt, and the “How could I fall for that?” spiral are often worse than the financial loss. I’ve seen strong, capable people withdraw after being scammed, too embarrassed to tell their own families. And honestly—I get the same chill when I read these stories: Would I have caught it in time?


It’s a reminder that vigilance is like flossing—we all know we should do it daily, and yet… sometimes we forget until it hurts.


Supporting an Elder Who’s Been Scammed


Here’s where we need to step up as families and communities


Practical Support:

• Help them file a report with the police and the Canadian Anti-Fraud Centre.

• Contact their bank to determine if the funds can be recovered.

• Lock down social media and adjust privacy settings so future scammers have less ammunition.


Emotional Support:

• Listen without judgment. Don’t say, “I would never have fallen for that.” (Trust me—you might.) or “you know better, Granddad”.

• Normalize the experience: this can happen to anyone. If AI can clone voices and manipulate emotions, it’s not about intelligence—it’s about being human.

• Follow up regularly. Shame makes people pull back, so check in to ensure they’re not withdrawing or losing confidence.


Your Family’s Fraud Fighting Toolkit


Look, I've spent over 30 years in the financial industry, and I can tell you that preventing fraud is always easier than recovering from it. Here's your family's defence strategy:


The P-A-U-S-E Method


Pause – Don't act immediately, no matter how urgent the request sounds.

Ask questions only family members would immediately know ("What's Mom's maiden name?")

Use known phone numbers to call your grandchild directly and verify information

Set up systems to protect family members (like a secret family password)

Explain to others – share this information widely with all family members


Know the Red Flags


• Demands for immediate action (real emergencies allow verification time)

• Requests for secrecy ("Don't tell Mom and Dad!")

• Payment via courier, rideshare, wire transfer, or cryptocurrency

• Emotional manipulation ("I'm so scared, Grandma!")

• Any request for cash payment to resolve legal issues


Family Password System

Set up a secret word or phrase that only your family knows. Make it something memorable but not guessable from social media. "Fluffy" (your childhood dog) is better than a pet name you posted on a recent social media post.


What to Do If You're Targeted


Stop. Don't. Send. Money.


Instead:

• Hang up immediately

• Call your local police to file a report

• Report to the Canadian Anti-Fraud Centre: 1-888-495-8501 or visit antifraudcentre-centreantifraude.ca

• If you've already sent money, contact your bank immediately

• Tell other family members what happened – you're not the only target


These criminals exploit the most powerful human emotions: love, fear, and the desire to protect our families. They've turned grandparents' natural instinct to help their grandchildren into a multi-million-dollar crime operation.


But here's what they're banking on (pun intended): that we'll be too embarrassed to talk about it, too confused to verify it, and too panicked to think clearly.  Don't give them that satisfaction.


Remember, the average age of victims in the Boston case was 84. These aren't people who have time to recover from financial mistakes. Every dollar stolen from a senior is a dollar that won't be there for healthcare, housing, or basic dignity in their final years.


We Can Fight Back


Knowledge is power, and conversation offers protection. The more we discuss these scams openly – around dinner tables, in community centres, at family gatherings – the more we hinder these criminals from succeeding.


Share this post with the seniors in your life. Not because they're naive, but because they're caring. And because caring people deserve to know how heartless criminals are trying to exploit their love.


What is your family doing to protect against fraud? What are your strategies and ideas for keeping our loved ones safe?


I’m also particularly interested in what financial institutions and various government agencies are doing these days to combat fraud and protect this vulnerable group. As I research this topic more, I’d love to hear from you.


Remember: Real grandchildren in genuine emergencies can wait five minutes for you to confirm who you're talking to. Scammers can't.


Helpful Resources:

• Canadian Anti-Fraud Centre: 1-888-495-8501

• Report online: antifraudcentre-centreantifraude.ca

• For more retirement security tips, visit retirewithequity.ca


Stay safe.


Don't Retire - Rewire! 


Sue



Connect with:
Sue Pimento

Sue Pimento

Founder | CEO

Focused on financial literacy and retirement strategies. Authoring new book on home equity strategies to help seniors find financial freedom

Pension ReformInterest RatesHome EquityMortgagesReverse Mortgages

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Three Critical Risks Your Cash Wedge Protects Against 1. Sequence-of-Returns Risk in Early Retirement This is the risk that markets drop early in your retirement while you're withdrawing. It's the silent killer of portfolios. A cash wedge buys you: Time for dividends to arrive Time for markets to recover Time for calm to return 2. Emotional Decision-Making During Market Downturns When markets fall, too many retirees experience "sell-and-suffer syndrome": They sell low Lock in losses Delay recovery Reduce the lifespan of their savings 3. Portfolio Depletion at Critical Moments Without a cash wedge, every withdrawal during a downturn digs a deeper hole. With a cash wedge, withdrawals can pause while investments rebound. "Think of a cash wedge as retirement jiu-jitsu — using stability to neutralize volatility." How to Calculate Your Ideal Cash Wedge Size There's no magic number, but here's a practical framework: 12 months of essential expenses for retirees with pensions or steady income sources 18 months for those relying heavily on investments 24 months for anyone highly risk-averse or aging in place on a fixed budget This isn't a pile of cash sitting in a chequing account — it's a structured, laddered buffer. Why Canadian Retirees Often Resist Building a Cash Wedge I've heard all of these comments over the years from many retirees: "Cash earns nothing." Not true anymore — HISAs and T-bills offer competitive yields. "I don't want my money sitting around doing nothing." It isn't doing nothing — it's protecting your future income. "I've always been fully invested." Retirement changes the rules. What worked during the accumulation phases of retirement can be dangerous during deaccumulation. The Cash Wedge is not an investment strategy. It is an income preservation strategy — the most important one in retirement. Real-Life Example: The 2020 Market Crash Test Remember 2020?  Stock markets dropped nearly 35% in just weeks. Let's consider two couples with similar assets: Couple A : had a 2-year cash wedge Couple B : had none Couple A simply shifted withdrawals from their wedge, not their portfolio. Couple B sold their best assets at their worst prices — causing permanent damage. This is why I tell retirees: "The Cash Wedge protects your portfolio from you." It’s 12–24 months of living expenses kept in cash, high-interest savings accounts (HISA), short-term GICs, or T-Bills. It's not exciting. No one flaunts a 6-month GIC at brunch. But the emergency fund prevents disaster: selling investments at the worst possible time. It buys you time. It buys you calm. It buys you the uninterrupted ability to buy groceries. The Cash Wedge alone is powerful. But for Canadian homeowners — especially those whose wealth sits mostly in their property — there’s a second buffer that can dramatically strengthen your financial resilience: your home equity.  We'll explore that in Part 2 of this post tomorrow.  Sue Don’t Retire… ReWire!!! Want to become an expert on serving the senior demographic? Just message me to be notified about the next opportunity to become a "Certified Equity Advocate" — mastering solution-based advising that transforms how you work with Canada's fastest-growing client segment.

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