KS Insurance Commissioner touts new law to protect seniors from scams

A new law requires financial advisors to report suspect fraud concerning seniors or dependent adults.

By Melissa Brunner

TOPEKA, Kan. (WIBW) - Scammers often prey on the most vulnerable people, which includes older adults.

A new law could offer extra protection. Kansas Insurance Commissioner Vicki Schmidt visited Eye on NE Kansas to talk about it.

Earlier this year, lawmakers approved the Protect Vulnerable Adults from Financial Exploitation Act. It requires financial advisors to report to the Kansas Insurance Dept. any suspected fraud concerning a senior citizen or dependent adult.

Schmit said it gives their investigators a tool to look into whether someone is acting legitimately, or if they’re engaged in nefarious activity. She said scammers often target older adults because they tend to have more liquid assets in their retirement accounts. Once the money is gone, Schmidt said, there’s only about a seven percent chance it will be recovered.

You can learn about investment scams and check if an entity is legitimate by visiting SmartInvestKS.com. You can report fraud by calling 1-800-432-2484 or emailing KDOI.complaint@ks.gov.

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KS Insurance Commissioner touts new law to protect seniors from scams