The Sunshine State has long been a haven for retirees seeking a warm climate and an idyllic lifestyle. However, this very demographic has become a prime target for a sinister threat - financial scams.
According to the FBI's Internet Crime Complaint Center, in 2023, total losses reported by Americans aged 60 and older topped a staggering $3.4 billion, an 11% increase from the previous year.
Alarmingly, Florida ranks second in the nation for the number of complaints and reported losses related to these predatory schemes.
A bill signed by Florida Gov. Ron DeSantis on Tuesday, SB 556, will allow banks to delay disbursing money if employees think seniors or “vulnerable” adults could be getting financially exploited.
Supporters of the bill said during this year’s legislative session that the bill was needed because of widespread scams that involve seniors withdrawing money from their bank accounts.
The bill, sponsored by Sen. Darryl Rouson, D-St. Petersburg includes a finding that “many persons in this state, because of age or disability, are at increased risk of financial exploitation and loss of their assets, funds, investments, and investment accounts.
"This bill is the perfect example of how laws should be made. Constituent sees a problem and approaches law enforcement who laments the long arm of the law and needs statutory authority to stop the problem. Working together, they approach the legislator, who empathizes and files the solution. Together they work the committee chairmen and then come to Tallahassee to testify. When it looked bleak that it was going to fail, leadership was solicited, it passed both chambers, and it was sent to the governor to be signed into law. It was about protecting vulnerable adults from fraud. It doesn't get better than laws made by the people for the people," said Rouson.
The Legislature further finds that specified adults in this state are at a statistically higher risk of being targeted for financial exploitation, regardless of diminished capacity or other disability, because of their accumulation of substantial assets and wealth compared to younger age groups.”
"I'm extremely grateful to Senator Rouson, Senator Boyd, and Representative Silvers for their support in helping this important legislation pass this legislative session after several previous attempts. This will have a tremendous impact in helping Florida Seniors and other vulnerable adults keep their hard earned savings in Florida banks. I thank Governor DeSantis for signing it into law and joining 33 other States already providing this protection," said Kim Droege, Host of Connecting with Kim.
"My community in Sun City Center is under assault 24/7/365 from these professional criminals, and it's heartbreaking to watch them being drained of their life savings because the branch bank personnel couldn't legally take action, even if they suspected foul play," said Droege. "I'm grateful to our HCSO Community Resource Deputy Jeff Merry for believing I could help make a difference and get this legislation through session and into law this year. It was a joy to work with him, Nick Carper and the staff of the Senate Banking and Insurance Committee, particularly Lisa Johnson on crafting a bill which passed unanimously in the Senate and with only 1 Nay vote in the House."
Read: Under Florida Gov. DeSantis’ Plan, Sunshine Skyway Will Turn Red, White And Blue
The bill, which will take effect Jan. 1, will allow banks to delay disbursing money if certain steps are taken.
For example, it will require banks to notify in writing all people authorized to transact business on the accounts and any “trusted contact” listed on the accounts, except for people suspected of exploitation.
It will also provide legal immunity to banks that act in “good faith” in delaying the disbursement of money.
Tech support fraud is one of the most prevalent financial scams targeting Florida's senior population. Cunning criminals often pose as representatives from reputable tech companies, convincing their victims that their computers have been compromised.
Seniors, many of whom may be less tech-savvy, are then persuaded to provide sensitive information or grant remote access to their devices, allowing the scammers to steal their hard-earned savings. In 2023, Floridians reported losses of over $51 million to these insidious tech support scams.
Hillsborough County Sheriff's Office Master Deputy Jeffery E. Merry Jr., the Community Resource Deputy in Sun City Center, praised the bill's signing and knows first-hand the impact it will have on the community.
"I have been assigned to the Greater Sun City Center area as their Community Resource Deputy since April 2015. During that time, I have witnessed countless residents fall prey to various economic scams. These victims have sustained serious economic losses, many over $100,000 and a few over 1 million dollars," said Merry.
"This is not just a Sun City Center issue but one that targets those over 65 years of age statewide. People over 65 are three times more likely to be victimized financially by a scam, which constitutes over 4.5 million Florida residents. With the proper tools and legislation, financial institutions can help slow the victimization rate and reduce the financial losses our seniors incur. This law is one of those tools. I could not have done it without Kim Droege, who worked diligently and tirelessly with the political system to see this through. I also want to thank Senator Rouson, Senator Boyd, Representative Silvers, Governor DeSantis, and their staff. For years I have had this legislation idea on my desk and it has finally become a reality," said Merry.
__Help support the Tampa Free Press by making any small donation by clicking here.__
Android Users, Click To Download The Tampa Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter.Sign up for our free newsletter.
