Commissioner Vicki Schmidt announces prevention of more than $10 million from financial fraud
Topeka, Kan. – Insurance Commissioner Vicki Schmidt, today, announced the Kansas Department of Insurance (KDOI) has released the second annual report on the Protect Vulnerable Adults from Financial Exploitation Act. For fiscal year 2026, the Act stopped $5.78 million from going to fraudsters. In the two years since the Act took effect, over $10 million dollars in fraud has been prevented.
“Too often, seniors are the target of financial exploitation and fraud,” said Commissioner Vicki Schmidt. “The Act has proven to be an effective tool in helping us stop these schemes before they cause irreparable damage to someone’s finances.”
Commissioner Vicki Schmidt led the efforts in 2024 to pass this legislation giving financial advisors, Department of Children and Families (DCF) and the KDOI more tools to prevent fraud and go after bad actors. This legislation requires broker-dealers and investment advisers to report certain instances of financial exploitation, including potential exploitation. The law allows broker-dealers and investment advisers to delay transactions that are suspected financial exploitation so the KDOI and DCF can investigate. For fiscal year 2026, 213 reports were received, nearly doubling the number of reports received in fiscal year 2025.
"The increase in reports shows the Act is helping identify suspected cases that might otherwise go unreported," said Laura Howard, secretary for DCF and the Kansas Department for Aging and Disability Services. "Financial exploitation can have devastating consequences for vulnerable Kansans, making education and awareness essential to preventing these crimes and protecting those most at risk."
As part of efforts to equip seniors, the KDOI recently concluded a two-week educational tour of Kansas with DCF, the Office of the Attorney General, the Kansas Association of Area Agencies on Aging and Disabilities, Kansas Legal Services, Capitol Federal Bank, Fidelity Bank, and Arcare.
To read the report, visit: www.insurance.kansas.gov.