SPRINGFIELD, Ill. – Illinois Department on Aging (IDoA) Director Mary Killough is joining state lawmakers to call for the passage of legislation that would protect older adults from financial exploitation by giving financial institutions the tools they need to stop suspicious transactions before seniors lose their life savings.
Killough was scheduled to join House Assistant Majority Leader Katie Stuart, Senate Majority Leader Kimberly Lightford, advocates, and families who have lost money to financial exploitation at a Blue Room press conference which was scheduled for Tuesday in the capitol.
“We all have a responsibility to ensure older adults can age with dignity and security—not fear,” said IDoA Director Mary Killough. “Preventing financial exploitation before it occurs is one of the most effective ways to do that.”
According to the FBI, fraud losses among older adults nationwide reached $4.9 billion in 2024, a 43% increase from the year before. The average victim lost more than $83,000, roughly three and half years of Social Security income. Illinois ranks among the top ten states for complaints and total losses reported by residents age 60 and older, and financial exploitation remains the most commonly reported form of abuse to Adult Protective Services.
House Bill 4767 would help stop these crimes before they happen. The bill allows financial institutions to temporarily pause suspicious transactions and contact a trusted representative when exploitation is suspected. It also strengthens reporting requirements so that cases can be investigated quickly – protecting not just one victim, but others who might be targeted next.
“We must continue the work to protect our seniors who have spent their lives investing in our community,” said House Assistant Majority Leader Katie Stuart, D-Edwardsville. “We’ve made great progress with our elder abuse task force, and our next priority is expanding protections against financial fraud, abuse and scams. I’m proud of what we’ve accomplished so far and look forward to expanding protections for seniors in Illinois, and look forward to collaborating with financial institutions as we improve the lives of our seniors.”
“Financial exploitation is one of the fastest-growing forms of elder abuse, and too often it goes undetected until the damage is done,” said Senate Majority Leader Kimberly Lightford (D-Maywood). “This legislation puts our financial institutions on the front lines of protection, giving them both the responsibility and the tools to step in before a family’s savings disappear. No one should have to choose between trusting their bank and protecting their loved ones.”