Protecting our seniors is more important now than ever before. Older adults face increasing threats to their health, lifestyle, and finances. One of the most alarming risks today that affects all population members is financial fraud, but seniors are at even greater risk. In fact, Florida seniors are near the top of the list regarding elder fraud, and today, we want to provide more info about this growing issue.

Elder Fraud Continues to Get Worse and Worse

A recent FBI report revealed that Florida ranks second nationwide for elder fraud cases, as more and more scammers specifically shaped their schemes to take advantage of vulnerable seniors in 2023. One notable type of fraud involves imposter scams, where scammers pose as trusted representatives from banks or government agencies. Some seniors in the FBI report reported losing tens of thousands of dollars after scammers posed as bank customer service agents and tricked seniors into providing access codes to their accounts. While everyone is at risk, seniors are less likely to recognize or understand the technological innovations that give scammers the edge. For example, seniors who don’t keep up with the world of tech might not know that scammers can spoof a phone number entirely, meaning a quick search online to verify the number might inadvertently lead them to put more trust in the scammer.

This FBI review looked back to 2023, as that’s the most recent we have complete data for. Unfortunately, due to the lag in data reporting, the actual scope of elder fraud might be even more severe than the numbers suggest. Plus, Florida’s elderly population is particularly vulnerable due to their accumulated savings and the prevalence of high-net-worth individuals making the move to the state in recent years. Seniors and their families need to learn what to do to protect against these increasingly common scams if they want to enjoy the fruits of their labor during retirement.

Ways to Protect Seniors from Fraud

Some scams specifically go after seniors, but often, the most profitable scams are simply those that go after anyone in the state with savings to steal. If you are a family member looking to help your senior stay safe, teach them these simple ideas:

Verify Caller Identity Independently: If a bank or government agency contacts you, hang up and call back using a number obtained from an official source. Spoofed numbers can only make outbound calls but cannot receive calls intended for official sources.
Never Share Sensitive Information: Banks and government agencies will never ask for passwords, private account info, or two-factor verification and authentication codes over the phone or via email. Always refuse such requests, and think twice before giving out even basic information to anyone you aren’t sure is from a reputable source.
Monitor Financial Activity Regularly: Set up alerts for any large transactions and provide this alert access to others in the family. Even if one person or senior falls for a scam, other family members can help them discover it before the situation worsens.

Living alone increases the risk for seniors. Isolation makes it harder for seniors to know who to trust or what to do during intense, stressful situations that some scammers create. Isolation can also increase levels of anxiety and worsen health outcomes, irrespective of elder scams. In addition, for seniors dealing with cognitive impairments, scams can be even more powerful and destructive.

Seniors in Florida can pursue their best lives, free from financial worries and isolating anxiety, by residing in purpose-built assisted living and memory care facilities like A Banyan Residence. Assisted living is a great option to provide consistent care and companionship if you are considering ways to keep your family members safe from all forms of danger, both online and in person. Call A Banyan Residence today to schedule a tour of our facility and learn more.