SPRINGFIELD, Ill. (WAND) — According to the FBI, U.S. elders lost $3.4 billion to financial fraud in 2023. A state Senator wants to stop elder fraud in Illinois.
The bill would give financial and investment advisors the power to slow down transactions if they believe an elderly Illinoisan is being defrauded.
State Sen. Steve Stadelman (D-Rockford) said sometimes the fraud could come from the people they trust the most.
"It's always people that an older adult may know," Stadelman said. "It may be a family member, it may be a caregiver and because they've put that trust in that person, they're more susceptible to these types of investment scams."
Elder fraud has increased significantly over the years. 20,000 victims filed a complaint of fraud in 2018. By 2023, that number sextupled, with close to 120,000 filed complaints of fraud according to the FBI.Â
"It can happen in the blink of the eye," Stadelman said. "People are so wanting to trust other people and unfortunately when it comes to money people can be very greedy."
The plan is on the Senate floor, where lawmakers could talk about it in the coming weeks.
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