Kansas has taken a big step to protect its older adults from financial scams. Since the new Protect Vulnerable Adults from Financial Exploitation Act went into effect, the state has stopped nearly $5 million from falling into the hands of scammers targeting seniors.
The law, which began on July 1, 2024, requires broker-dealers and investment advisers to report any suspicious financial activities involving vulnerable adults. This gives them the chance to pause questionable transactions while authorities investigate. The Kansas Department of Insurance (KDOI) teams up with the Department for Children and Families (DCF) and Adult Protective Services (APS) to handle these cases.
Over the past year, these efforts have made a real difference. Before officials stepped in, about $10.5 million had already been lost to fraud in reported cases. Thanks to the new law, nearly half of that amount—$4.97 million—was saved from being stolen. The state has received 140 reports so far, with victims mostly in their 70s. Among them, 63 were women and 54 were men.
Kansas Insurance Commissioner Vicki Schmidt stressed how important it is to stop financial abuse against those who might not be able to protect themselves. She said the law gives financial professionals and state agencies more power to fight back and protect the vulnerable.
This new approach shows how cooperation between financial institutions and state agencies can help catch scammers before they do major harm, keeping Kansas seniors safer.