12/05/2014 06:36 EST | Updated 02/04/2015 05:59 EST

'Grandparent scam' on the rise once again in GTA, police warn

Peel police are warning the public to be wary after a sharp increase in the number of attempts to swindle seniors out of thousands of dollars using what has been dubbed the 'grandparent scam.'

The swindle involves fraudsters calling seniors pretending to be a young relative in need of immediate cash resources, usually under the guise of some sort of car accident or similar incident. 

Police believe that across Canada, about 500 seniors fall prey to the scam each year, collectively losing about $1.7-million to scammers. In Peel region, about 15 cases have been reported in the past month. 

Watch the video report from the CBC's Kate Adach above to learn more.