DES MOINES, Iowa (KCRG) – A new Iowa law that will take effect on July 1 aims to help protect senior citizens from financial fraud.
The Iowa Insurance Division says that the bill allows insurance companies to temporarily halt any suspicious transactions where elder exploitation is suspected.
They cited 42 instances of suspicious securities transactions in 2025, and in each of the 42 cases, there was financial exploitation occurring.
In total, they say that $2.59 million was saved through pausing the suspicious transactions. They also say that $1.13 million in funds were recovered with the help of local and federal law enforcement.
Iowa Insurance Commissioner Doug Ommen says that these safety precautions will help Iowans from being defrauded.
Ommen said in a statement, ”Protecting our seniors requires local vigilance. Our Fraud Bureau is on the ground every day, working alongside families and financial professionals to stop the theft of a lifetime of hard work. This new law is a useful tool that will protect people’s assets from the scammers.”
There are other ways to help protect against financial scams, including designating a trusted friend or family member as a point of contact if fraud is ever suspected.
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