- A law that went into effect January first is expected to help cut down on the financial exploitation of seniors.
- It allows financial institutions to delay transactions if financial exploitation is suspected.
- Watch the video to learn more about the law and how local organizations are working towards the same goal.
BROADCAST TRANSCRIPT:
According to AARP, financial exploitation costs older Americans $28.3 billion every year. Neighbors are hoping that number for 2025 will be different, with the help of a new law. I'm Kenya Cardonne, your Southeast Tallahassee neighborhood reporter. I'm taking a closer look at the law as local organizations work towards the same goal of preventing financial exploitation.
David Hand, Neighbor - "Oh my gosh. There are so many scams out on the internet. It's ridiculous."
In 2023, the FBI says the average victim of elder fraud lost more than $33,000 to scams.
David Hand says he's come across his fair share of fraud attempts online.
Hand - "It's just horrible."
According to AARP, 72% of losses are due to someone elder victims know.
Jocelyne Fliger, CEO & President of Elder Care Services - "At Elder Care, we have encountered older adults that have family members around them that will be in charge of their finances and not use it to support the senior themselves."
Elder Care CEO Jocelyne Fliger says what happens afterwards is often worse, as most seniors can't get back into the workforce.
Fliger - "They're having very limited incomes. Oftentimes, it's just Social Security, so they're not able to recoup those lost finances."
A new law that went into effect January 1st aims to help protect adults 65 and older and anyone 18 and older deemed vulnerable.
First, it gives financial institutions the power to delay transactions if exploitation is suspected. The law requires institutions to train employees on what to look out for. After notifying the account holders of a delay, the institutions conduct an internal review within 15 days, or 30 if an extension is needed.
Fliger - "We don't want to ever diminish someone's autonomy based on their age, but having a second set of eyes on financial situations with an endpoint of the 15 days does seem like it would be helpful in mitigating some of these exploitations that we see in the senior population."
One of the reasons Hand says seniors fall victim to these exploitations is because of a lack of computer skills and knowledge.
Hand - "Many times, seniors have a little bit of money in the bank, and the bad guys are out there looking for that, and they'll take advantage any way they can."
It's why he says he's trained himself how to identify exploitation— something Elder Care Services also offers training on at least once a year.
Fliger - "And then through our trainings, people are better able to recognize that it is actually a liability for their finances."
Hand - "If it sounds too good to be true, it's phony. It's a scam. You can bet on it."
The law also helps protect financial institutions that are using the law in good faith from potential lawsuits over a delay in a disbursement or transaction.
Here are a few organizations you can use to report suspected financial exploitation:
- Florida Department of Elder Affairs: 1-800-96-ABUSE
- National Elder Fraud Hotline: 1-833-FRAUD-11
- FBI's Internet Crime Complaint Center: ic3.gov
In Southeast Tallahassee, Kenya Cardonne ABC 27
