As fraud against Florida seniors skyrockets, legislative efforts to enhance protections are stymied by bank lobbyists, leaving families to fend for themselves in the battle against financial exploitation.
Fla. News—In 2023, elderly Floridians lost a staggering $293 million to fraud, marking a 14% increase from the previous year, ruining lives and families. Nationwide, the financial toll on elderly Americans reached an estimated $3.4 billion. Despite these alarming figures, banks continue to resist laws that would require them to report suspected fraud involving elderly customers. This resistance has sparked a heated debate over the role of financial institutions in protecting vulnerable populations.
Despite these mounting losses, major banking institutions continue to oppose legislation that would require them to report suspected fraud targeting elderly customers, raising questions about the industry’s commitment to protecting its most vulnerable clients.
According to a report by the National Council on Aging (NCOA), financial exploitation is a growing concern for older adults, with 1 in 10 seniors experiencing some form of financial abuse. The NCOA estimates that only 1 in 25 cases of elder financial abuse are reported, making it a significantly underreported crime.