Aging parents, grandparents or other loved ones who have accumulated a sizable "nest egg" are a fertile field for con artists. Seniors are more vulnerable to the "bait and switch" scenario because of several reasons – they tend to forget information more readily than their younger counterparts, and they are often more trusting and polite than younger generations.

Here are five tips on how to avoid becoming a victim of fraud yourself, and how to protect your elderly loved ones too: