Based on the multiple billions of dollars lost to scams and exploitation of elderly and disabled adults each year, victims, lawmakers and interest groups are seeking to move legislation that would require Illinois banks provide new protective measures to prevent fraud.
The proposed law would require bank and credit union branch managers to report potential fraud and financial abuse to the Illinois Department on Aging, which is behind the bill.
IDoA Director Mary Killough said $4.9 billion was reportedly lost by adults over 60 in 2024 – according to FBI data.
The bill has some opposition in financial institutions.
Rep. Katie Stuart, who sponsors the bill, said after a long negotiation process, she added language to the bill that accounted for the opposition.
Despite the negotiations, bank and credit union groups still remain opposed to the bill.
Story from Illinois Radio Network
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