Aging is a blessing we all hope we can enjoy; but aging also brings physical, mental, and financial challenges that can feel overwhelming.
As you or your loved ones grow older in Georgia, you should know about the important safeguards banks implement statewide to protect seniors from financial predators.
The growing threat of financial exploitation
Financial exploitation costs Georgia’s seniors millions of dollars each year, and many victims fail to report their cases. Under Georgia’s Adult Protective Services Act, this type of abuse is considered elder abuse. If bank workers see unusual activity in your account, they must report it.
You might benefit from these protections without even realizing it. Many Georgia seniors have had their savings preserved when bank monitoring systems flagged unusual withdrawal attempts or suspicious wire transfers from their accounts.
State and federal protections working together
Your local Georgia bank follows both state requirements and federal protections like the Senior Safe Act. This law protects bank staff when they report account concerns. That makes them more willing to speak up if something seems off.
Many banks across Georgia now offer “trusted contact” systems where you can designate someone the bank may alert if unusual transactions appear in your account.
How banks identify warning signs
Bank workers are trained to spot warning signs in how you use your account, such as sudden large withdrawals, new names on your accounts or confusion during transactions.
Law enforcement partnerships
When there are serious concerns about your accounts, the Georgia Bureau of Investigation’s Elder Abuse Task Force works with your bank to look into complex cases. This teamwork has helped stop family members, caregivers, and scammers from taking advantage of vulnerable seniors like you.
Expanding protections
State lawmakers are now considering new rules that would let your bank temporarily freeze suspicious transactions without being held responsible. This would add another layer of protection for your money.
Taking action to protect your finances
To protect yourself, experts suggest the following steps:
- Check your bank account often
- Add a trusted contact at your bank
- Join free money workshops from Georgia’s Aging and Disability Resource Connection
The strongest protection for your finances combines vigilant financial institutions with your own awareness of these resources. Together, these elements create a safer financial environment for you and all Georgia seniors.