Senate Bill Aims to Strengthen Protections Against Elder Financial Fraud

Elder financial fraud cost victims more than $3.4 billion in 2023, according to the FBI. State Senator Steve Stadelman is pushing for tougher safeguards to protect older adults from financial exploitation. Senate Bill 1551, which passed the Senate on April 10th, would empower financial advisors to pause transactions they suspect may involve elder fraud. The proposed law also requires these professionals to report suspected cases to state authorities and grants them legal protection when acting in good faith. Stadelman emphasizes that these new tools are vital, as most seniors never recover lost savings after being targeted by scammers.

“Fewer than 5% of elder financial abuse victims recover their lost savings,” said Stadelman (D-Rockford). “Allowing financial professionals the ability to pause suspicious transactions can be a big safeguard, protecting seniors and their life savings while concerns are being looked into.”

“This bill gives trusted professionals the tools and responsibility to speak up when something seems off,” said Stadelman. “We need to protect our most at-risk residents from bad actors, especially when it comes to their financial situation.”