Elder Fraud on the Rise in South Florida

The Sunshine State may not be so sunny for seniors—here’s how to protect yourself and your loved ones from the unscrupulous and duplicitous

A running joke in sitcoms, movies, and even real life is that of retirees moving to South Florida to retire. Everyone dreams of sunny skies, beautiful beaches and trees that stay green all year long, right? But for targets of elder financial abuse, that dream can quickly become a nightmare.

According to Investment News, every day 10,000 of our 77 million baby boomers turn 65, officially making them senior citizens. That demographic is not the only thing that’s growing rapidly, however. Elder financial abuse is also on the rise.

Chris Tisch, a reporter for the Tampa Bay Times, states that “fraud is an industry in Florida.” He recounts the story of a woman who came to him in an effort to prevent others from being scammed in the same way she had been, receiving a call from a man pretending to be her grandson who insisted she wire him money and not tell anyone.

According to the South Florida Business Journal, elderly people make up nearly 18 percent of Florida’s population, making the state a veritable feeding ground for those who seek to exploit senior citizens for financial gain. Such abuse can manifest itself in many ways, from identity theft to pyramid schemes to plain old scams like the one Tisch wrote about, and elderly people are unfortunately often the most susceptible.

Older Americans may be scammed out of nearly $3 billion annually, according to Investment News, yet only one in every 44 cases of elder fraud is reported. It’s likely that $3 billion is on the extremely low side of the estimate.

For older Floridians who live on their own—especially those far away from their children or other family members—prevention and awareness is key. Adult children and family members of those seniors should check in often to ensure that everything is going well and nothing seems off. Many victims of such fraud don’t even realize anything is amiss until it is too late and they’ve already experienced significant financial loss.

Even would-be protectors of their finances, such as stockbrokers and financial advisers, can be a dangerous source of elder financial abuse. FINRA’s website is equipped with a BrokerCheck feature that allows investors to investigate their brokers’ track record and history of disciplinary action, including any instances of unscrupulous behavior including, but not limited to elder fraud.

There are many ways to take preventative action against elder fraud, but the keys to all of them are vigilance and skepticism. Being aware and checking in on your finances or those of your senior loved ones regularly can go a long way, especially when it comes to catching fraudulent behavior early on. It is also crucial to stay skeptical of anything that seems too good to be true—because it usually is.

In this modern day and age of the internet and endless knowledge at our fingertips, a quick Google search may reveal a scheme that you can escape whereas others haven’t been so lucky. If mom and dad haven’t learned to use the internet, enlist the help of your children and teach them how this tool can help them stay proactive.

A blissful retirement in South Florida could be more attainable than ever in 2015, but staying safe and clear of elder financial fraud is crucial to living that dream.

If you are concerned about misconduct when it comes to your elderly friends or loved ones, Silver Law Group may be able to help. Many investors who may be entitled to loss recovery do not know their legal rights, but the attorneys at Silver Law Group are skilled and experienced in elder financial fraud, and we are dedicated to helping people like you navigate your options.

At Silver Law Group, you can expect a complimentary consultation and a case handled on a contingent-fee basis, in which you will only pay legal fees if Silver Law Group wins your case. To schedule your free consultation and begin your journey to loss recovery, contact Silver Law Group today.