Elder financial exploitation is one of the most underreported crimes affecting older Floridians. It can wipe out a lifetime of savings, destroy a family’s trust, and leave a vulnerable person isolated and without resources to pay for the care they need.
What makes it so difficult to detect is that it rarely looks like a crime at first. It usually begins quietly, carried out by someone the elder already trusts – a family member, a caregiver, a friend, or a new acquaintance who has worked their way into a position of influence.
Elder financial exploitation costs victims an estimated $28.3 billion annually in the United States. In 2024 alone, the FBI received 147,127 complaints from seniors – a 46% increase over 2023 – reporting $4.885 billion in fraud losses.
These numbers represent only what is reported. Experts widely agree that the majority of elder exploitation is never disclosed – out of shame, fear, loyalty to the perpetrator, or simply because the victim does not realize what has happened.
Florida has one of the highest concentrations of elderly residents in the nation, which makes elder financial exploitation a growing statewide concern. With more than 5 million residents age 65 or older – approximately 21 percent of the state’s population – Florida has one of the highest concentrations of elderly residents in the nation, making elder financial exploitation a serious and growing statewide concern.
Who Commits Elder Financial Exploitation?
The perpetrator is most often someone the elder already knows and trusts. According to research cited by the Consumer Financial Protection Bureau, approximately 72 percent of elder financial exploitation is committed by someone known to the victim – a family member, a caregiver, or a close acquaintance. When the suspect is a stranger, the average loss is around $17,000. When the suspect is known to the elder, that average rises to $50,000.
Common perpetrators include:
- Adult children or other family members
- Paid caregivers or home health aides
- Neighbors, friends, or romantic partners
- Financial advisors, brokers, or other professionals
- New acquaintances who appear unexpectedly in an elder’s life
Warning Signs to Watch For
The following checklist reflects common indicators of financial exploitation. This is not an exhaustive list – exploitation takes many forms – but these are the patterns most frequently observed. The more signs present, the more urgently intervention may be needed.
Behavioral & Relationship Red Flags
- The vulnerable adult is being isolated – unable to speak privately with family members, friends, or professionals outside the presence of the caregiver or suspected exploiter.
- The elder expresses unusual paranoia that family members are trying to steal from them, while remaining unusually trusting of one specific person.
- A new individual has appeared in the elder’s life and is now accompanying them to financial appointments, medical visits, or legal meetings.
- The caregiver or companion appears unusually interested in the elder’s finances, assets, or the contents of their estate plan.
- The elder seems fearful, withdrawn, or reluctant to speak freely around the suspected exploiter.
Financial Account Activity
- Unusual or out-of-character withdrawals from bank accounts.
- Frequent withdrawals in round numbers (e.g., $250, $500, $1,000) that do not correspond to known expenses.
- Large checks made payable to CASH.
- Withdrawal slips or checks signed by the elder but completed in someone else’s handwriting.
- Large or repeated transfers of assets to another person that are inconsistent with the elder’s history or stated wishes.
- Large withdrawals despite significant tax penalties or early withdrawal fees – decisions a financially savvy person would not typically make.
- A caregiver’s name has been added to bank accounts, signature cards, or credit cards.
- Odd or duplicative payments – for example, a caregiver paid $500 multiple times in one month with no consistent pattern.
- Inordinately high compensation paid to a caregiver for services that do not justify the amount. Example: paying $1,000 per week simply for transportation to medical appointments.
Estate Planning & Legal Documents
- Recent changes to a will, trust, power of attorney, or beneficiary designations – especially when the elder’s cognitive capacity may be in question.
- New estate planning documents naming an unexpected individual – particularly a caregiver, recent acquaintance, or someone previously unknown to the family – as a fiduciary, beneficiary, or agent.
- Changes to beneficiary designations on life insurance policies, IRAs, or pay-on-death accounts, particularly in favor of a caregiver.
- A power of attorney agent is transferring assets to themselves or using the POA for personal benefit.
Property & Living Conditions
- Valuable property – jewelry, artwork, heirlooms, electronics – is missing without a credible explanation.
- The elder lacks basic necessities such as appropriate clothing, personal hygiene items, adequate food, a working telephone, or a television, despite having the financial means to afford them.
- Numerous unpaid bills related to housing, utilities, medical care, or food despite the elder having income or assets.
- Unusual or out-of-character purchases. Examples: expensive items the elder would have no use for, major purchases inconsistent with their lifestyle or mobility.
What to Do If You Suspect Exploitation
If you recognize these warning signs, act quickly. Financial exploitation tends to escalate – the longer it continues, the more difficult it becomes to recover what has been taken.
- Report it immediately to the Florida Abuse Hotline: 1-800-96-ABUSE (1-800-962-2873), available 24 hours a day, 7 days a week. Press 2 to report suspected abuse, neglect, or exploitation of a vulnerable adult.
- Contact your local Adult Protective Services (APS) office. Florida’s Department of Children and Families is required to commence an investigation within 24 hours of a report being made.
- Notify local law enforcement if you believe a crime is in progress or assets are being actively transferred.
- Contact an elder law attorney as soon as possible. Florida law provides civil and criminal remedies for exploitation, including the ability to seek an injunction that can freeze assets and remove the exploiter’s access to the vulnerable adult.
Under Florida Statute 825.103, financial exploitation of an elderly person or disabled adult is a criminal offense. The severity of the charge depends on the value of the assets involved – it can rise to a first-degree felony when the amount exceeds $50,000. Florida also provides a civil cause of action that allows victims to pursue actual and punitive damages, as well as attorney’s fees.
An elder law attorney can help you understand what legal tools are available, how to protect your loved one from further harm, and how to work with law enforcement and Adult Protective Services to hold the perpetrator accountable.
Statistics sourced from: AARP/Jilenne Gunther, The Scope of Elder Financial Exploitation (June 2023); FBI Internet Crime Complaint Center (IC3) Elder Fraud Report 2024; Consumer Financial Protection Bureau; Florida Senate Bill Analysis, 2025 Legislative Session; Florida Department of Elder Affairs. Florida reporting: 1-800-96-ABUSE (1-800-962-2873).