FOR IMMEDIATE RELEASE: Senate Republican Leader Kevin Kelly Applauds New Law Better Protecting CT Seniors from Financial Exploitation

August 4, 2023

FOR IMMEDIATE RELEASE
August 3, 2023

Media Contact:
Laura Parete
860-874-5182
[email protected]

Senate Republican Leader Kevin Kelly Applauds New Law
Better Protecting CT Seniors from Financial Exploitation

HARTFORD, CT – Connecticut Senate Republican Leader Kevin Kelly (R-Stratford) applauds the ceremonial signing of legislation he co-sponsored, which establishes procedures to protect senior citizens from suspected financial abuse and exploitation. Sen. Kelly, a leading advocate for Connecticut seniors and former Ranking Member of the Aging Committee, is pleased to see legislation enacted that protects Connecticut residents 60 and older from fraudulent and criminal banking activity. Almost 20% of the state’s residents are 65 and older, and more than 23% are 60 years of age or older. The legislation makes it easier for financial institutions to identify, act, and protect senior citizens from financial fraud.
According to the Consumer Financial Protection Bureau, the number of suspicious activity reports filed by banks concerning elder financial exploitation between 2013 and 2017 quadrupled. In addition:

  • More than 1 in 10 elderly people fell victim to fraud in 2022.
  • Over 8.68 million incidents of elder fraud occur every year in total.
  • Average loss per case is $20,015.
  • In all 50 states, losses due to elder fraud total $113.7 billion.


Sen. Kelly said, “With the signing of this law, Connecticut is doing its part to better protect one of the most valued and vulnerable populations in our state – our senior citizens. Every senior citizen deserves to be protected from financial exploitation and provided with resources to maintain financial health.”

To learn more about Sen. Kelly, please visit www.SenatorKevinKelly.com.

*Sen. Kelly represents the 21st District of Stratford, Shelton, Seymour, and Monroe. 

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