fbpx
Home People New Study Puts Florida Elder Fraud Losses at Over $2 Billion

New Study Puts Florida Elder Fraud Losses at Over $2 Billion

The majority of elder fraud cases in the US go unreported. With this in mind, we set out to uncover the true scale of the issue by analyzing and extrapolating government reports and registries.

As expected in the state with the highest percentage of senior citizens, Florida has the highest estimated number of elder fraud reports, over half a million in total. That’s 9.35 percent of elderly people. Losses amount to $2 billion in a year.

 

Key findings

Only 1 in 23.5 incidents of elder fraud are reported to authorities, according to a 2011 report from the New York City Department for the Aging and Cornell University. Here are some of the key findings at a national level, based on that figure:

  • 1 in 10 elderly people in the US fell victim to elder fraud in the last year
  • More than 5 million incidents of elder fraud occur every year in total
  • The average loss per case reported to Adult Protective Services is $2,415
  • In total, losses due to elder fraud total $27.4 billion each year
  • 38% of fraud cases target the elderly
  • Debit cards were the most common product involved with elder fraud cases (32.9%), followed by credit cards (11.6%) and bank deposit accounts (10%)

 

Leave a Reply to Anonymous Cancel reply

Please enter your comment!
Please enter your name here

Must Read

The Real Mobsters of Old Hollywood

If Al Capone was actually in as many places in old South Florida as the legends say — and for as many...

Broward to Join Worldwide Climate Strike

Students to strike school at the Broward County Public School Building Dozens of Broward residents will join the...

Spending time with pets helps Hollywood seniors combat feelings of loneliness

Social isolation is becoming an increasingly common issue, with one in five Americans reporting they feel lonely. Seniors are especially vulnerable to these feelings,...

Tamarac Commission votes to table land deal with Broward County at West Lake Park

The issue of where to place a 911 tower continues in Hollywood. The Broward County Commission wants to place the tower in...

McArthur offers Cambridge program and an exciting band

Alfred Broomfield, is settling into his new position as principal of McArthur High School. And so far he really...