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Regulation and Compliance > Federal Regulation

'Grandparent scams' are conning thousands of seniors out of cash

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Fraudsters know it’s hard for grandparents to ignore a phone call from a grandchild in distress and in desperate need of cash, that’s why this particular scam is on the rise. The Federal Trade Commission recorded 743 instances of familial impersonations in 2009. The FTC has recorded 40,000 since 2010.