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Stealing from Grandma in the Orlando, Florida Area

There was a very interesting article in AARP MAGAZINE by Doug Shadel titled “Stealing from Grandma.” Shadel states that he usually warns seniors about professional scammers. However, in this article, he talks about family or friends stealing from loved ones. He says that these crimes are all too prevalent, adding the sad fact that very few victims of elder financial abuse come forward. He states that the instinct to keep the crime in the family remains strong. 

Bank Account Loopholes

Shadel says that one problem of elder financial abuse is bank privacy laws. Due to these laws, financial institutions are prohibited from revealing account information to anyone not named on the account. The author discusses how adult children who try to monitor a parent’s finances often become joint account holders. However, this can lead to abuse. 

They may start off with good intentions, but after the parent exhibits signs of finished capacity, they start diverting funds. The author states that it often starts out small and then progresses into major expenses such as children’s tuition, a new car, or home improvement. 

Using Technology to Combat Fraud

The author talks about the business EverSafe, which uses artificial intelligence to identify members’ financial activity patterns. When abnormal events occur, alerts get sent to a full list of trusted advocates for review. The author states that multiple watchers are the key and that he believes if enough caring people are monitoring a person’s finances, exploiters will be less likely to attack. According to the article, EverSafe’s Customer Care unit had a 30% increase in potential fraud reports in 2020 over 2019 with the COVID-19 crisis. 

What You Can Do

What can we do to reduce family financial abuse? The author states we simply need to do a better job of watching out for one another. That could be checking on a loved one more regularly or connecting them to technology that can help detect and prevent wrongdoing. Shadel suggests establishing online access to all accounts and monitoring them weekly. He also recommends having everyone in the family get credit freezes and to routinely review your credit report.  

Florida Laws for Elder Exploitation

In Florida, if you learn that a vulnerable adult is being exploited, you may file a petition with the court to obtain an Injunction Against Exploitation of a Vulnerable Adult. Often these petitions are accompanied by a petition to Determine Incapacity and Petition for Guardianship. You may also want to call the DCF Elder Abuse Hotline, the police, and the State Attorney’s Office. These are all options to help you in that situation. 

If you have more questions regarding Elder Abuse and financial exploitation of the elderly, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. 

This article is for informational purposes only and does not form an attorney client privilege.