Financial Elder Exploitation Is on the Rise in Florida

If you’re worried about your senior loved one falling victim to financial elder exploitation, you have every right to be concerned. Scams, frauds, and swindles are on the rise in Florida and many new victims fall prey every week. Several new senior scams in Palm Beach County highlight just how creative and predatory scam artists can be in the modern era. Can a West Palm Beach estate planning lawyer help you with asset protection strategies?

New Scams Target Physical Cash in the Senior’s Home

 In early 2025, various sources reported a new type of scam that targets a senior’s physical cash within their own home. Authorities expressed dismay at this new approach by scammers, since it represents a clear departure from normal cybercrime methods that target funds held in a digital bank account.

First, the scammer accesses the senior’s computer and tricks them into thinking someone has hacked their bank account. Next, the scammer poses as a cybersecurity provider and promises to “test” the security of the bank by transferring a small amount of money into the senior’s account.

At this point, the scammer tells the senior that they have mistakenly transferred too much. They then instruct the senior to go to their bank and withdraw a certain amount of cash to “pay the scammer back” for their erroneous transfer. Finally, one of the scammer’s associates arrives at the senior’s doorstep and literally takes the money right out of their hand.

Ransomware Gold Bar Scam Sweeps Through the Nation 

Also in early 2025, various seniors were swindled by a new type of scam involving ransomware and gold bars. According to one report, one senior in Florida lost $1.7 million. The scam begins when the victim sees a pop-up on their computer, warning them of a virus. The senior then calls the phone number on the pop-up, which puts them in contact with scammers posing as government agents.

This “government agent” then convinces the senior that their bank account is no longer secure. Gradually, they convince the senior to purchase gold bars in order to “secure their finances.” The senior then purchases the gold bars and delivers them to a courier, who promises to transfer the precious metals to the Department of the Treasury for safekeeping.

Can Asset Protection Strategies Guard Against Senior Financial Exploitation? 

Asset protection strategies can help seniors avoid losing their life savings to scams. One obvious method is to establish a trust and appoint a trusted individual or entity as trustee. Since trusts are often overseen by trustees rather than the senior themselves, the funds are carefully guarded by trustworthy, financially savvy individuals. There are also more checks and balances when seniors wish to access their funds, and these delays can make a real difference in avoiding scams.

Can an Estate Planning Attorney in Palm Beach County Help Avoid Elder Financial Exploitation? 

If you’re concerned about yourself or your senior falling victim to elder financial exploitation, consider a consultation with an experienced elder law attorney in Palm Beach County. These legal professionals may be able to help your family explore various asset protection strategies that shield your loved one’s fortune from scammers and fraudsters. Remember, these strategies could also protect your inheritance. To get started with an action plan, call Kitroser Lewis & Mighdoll today.

Sources: 

youtube.com/watch?v=e7uezFScJT8

veronews.com/2025/02/04/two-nabbed-in-gold-bar-scam-allegedly-targeting-shores-senior/