Protecting the Elderly Against Scams

Last year, 79-year-old Leslie Fumega received a disturbing call. Someone claiming to be with local police and the FBI told her that her identity had been stolen. To protect herself, the supposed “FBI agent” instructed her to withdraw cash in amounts of $10,000 to $20,000 and mail it to a “secure location.” Over six weeks, Fumega withdrew $165,000 from different bank branches and sent it to addresses provided by the scammer. Her savings disappeared completely before her daughters discovered and explained the elaborate fraud.

Stories like this happen daily across Florida, including right here in Dade City. The elderly population remains particularly vulnerable to financial exploitation, with scammers constantly developing new tactics to steal hard-earned savings.

Florida Takes Action with New “Report and Hold” Law

The good news is that Florida legislators have recognized this serious problem. Since January this year, a new “report and hold” law will allow banks to temporarily delay suspicious transactions linked to potential exploitation of adults 65 or older. This crucial protection gives financial institutions the power to pause transactions while investigating possible fraud without facing liability concerns.

As Karen Murillo, advocacy manager for AARP Florida, explained, “We had reports of banks that were unable to stop or delay a money transfer even if they were notified by law enforcement that the money was going to a scammer, unless they got a court order.” The new legislation creates a critical time buffer for investigation when suspicious activity occurs.

Common Scams Targeting Seniors in Dade City

Seniors in our Dade City community should watch for these prevalent scams:

• Government impersonation scams: Criminals pose as representatives from the IRS, Social Security Administration, or law enforcement agencies. They create false emergencies requiring immediate financial action.
• Grandparent scams: Scammers call claiming to be a grandchild in trouble who needs money urgently, often requesting gift cards or wire transfers.
• Romance scams: Fraudsters develop online relationships with seniors, then manufacture emergencies requiring financial assistance.
• Tech support scams: Criminals claim your computer needs immediate repairs and request remote access or payment for non-existent services.

Practical Protection Steps

The Law Office of Laurie R. Chane recommends several practical steps seniors and their families can take to prevent financial exploitation:

• Create a trusted contact for your bank accounts. The new Florida law works best when banks know who to contact if they suspect fraud. Designate a reliable family member or friend as your trusted contact.
• Establish communication routines with elderly loved ones. Regular conversations make it easier to spot when something seems wrong or out of character. Many scam victims feel embarrassed to admit they might have been defrauded.

Learn the signs of financial exploitation, which include:

• Unusual bank withdrawals or transfers
• Missing statements or financial documents
• New “friends” who show excessive interest in finances
• Unpaid bills despite adequate income
• Unexplained changes to legal documents

We Are Here for You Today

At The Law Office of Laurie R. Chane, we help Dade City families establish proper legal safeguards before problems arise. This includes creating durable powers of attorney with appropriate oversight mechanisms and helping clients establish revocable trusts with trustworthy trustees.

These legal tools create accountability and oversight without removing independence. Our Dade City family lawyers work closely with each client to design protections that respect autonomy while creating safety nets. Get in touch with us today!

Source:

aarp.org/money/scams-fraud/new-laws-scam-victims-banks-intervene/#:~:text=Florida%E2%80%99s%20new%20law&text=It%20allows%20a%20bank%20to,being%20exploited%2C%20the%20law%20says