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Kansas Insurance Commissioner Vicki Schmidt announced that state efforts have prevented nearly $5 million from going to scammers under the Protect Vulnerable Adults from Financial Exploitation Act. The law, effective July 1, 2024, requires broker-dealers and investment advisers to report suspected financial exploitation of vulnerable adults.

“Identification and prevention of financial exploitation in vulnerable populations is a priority for our Department,” said Commissioner Vicki Schmidt. “This law has given financial advisors, DCF and the Department of Insurance more tools to help prevent fraud and to go after bad actors.”

The Kansas Department of Insurance (KDOI) works with the Department for Children and Families (DCF) and Adult Protective Services (APS) to investigate these reports. The law also allows professionals to delay suspicious financial transactions so authorities can review them.

In fiscal year 2025, $10.5 million was reported lost to fraud and exploitation before KDOI and DCF became involved. Thanks to the Act, $4.97 million was stopped from reaching bad actors. Since the law went into effect, 140 cases have been reported, involving 63 female and 54 male victims, with an average age of 73.

The full report is available online, and Kansans can learn how to protect themselves from investment fraud at SmartInvestKS.gov.