Even at 85 my dad was sharp. He was a lawyer who started his day with crossword puzzles before heading to work as a court auditor. He was the last person I expected to lose nearly $10,000 to the “grandparent scam.” But true to his character, he thought only about the needs of the person pretending to be my son and sent the money off. My dad never reported the crime, and I believe the scammer was located overseas, beyond the reach of law enforcement.

Like my dad, too many older Mainers fall victim to financial exploitation. They are often targeted because they have retirement savings and other assets. Across the country in 2023, people aged 60 and older made 101,068 complaints to the FBI for a total reported loss of $3,427,717,654. Here in Maine in 2023, financial exploitation affected nearly 400 Mainers older than 60, resulting in a combined loss of $7.1 million.

Much of this money flows through banks and credit unions, which most Mainers use to protect their savings and do their financial transactions. However, transaction holds, a key tool to prevent fraud, are currently allowed in Maine only for broker-dealers and investment advisers.

To address this issue, I proposed LD 1445, “An Act to Prevent Financial Exploitation of Maine Residents 62 Years of Age or Older,” which would enable Maine banks and credit unions to use this tool as well. As amended, this bill would allow transaction holds, known as “stop and hold,” by tellers who suspect a fraudulent transaction.

Holds would be targeted to populations that are more likely to be targets of scams: Mainers older than 65 and individuals protected under the Adult Protective Services Act.

These holds are temporary (initially limited to seven days), but they allow the account owner time to double check their transaction. They also provide the opportunity to report suspicious transactions to the attorney general and involve law enforcement in an investigation. Additionally, LD 1445 allows account holders to designate a “trusted contact” who is not an owner of the account to be contacted to determine if a transaction is legitimate.

Once the investigation into the transaction is completed and it’s determined to be legitimate, the hold is lifted and the account holder’s transaction goes forward. However, if it’s found to be fraudulent, the account holder will have the chance to protect their savings, their family and their well-being.

This legislation was inspired by a constituent in Cape Elizabeth who has been involved with the AARP Maine Fraud Watch team and has seen firsthand the disastrous effects financial scams can have. The bill is supported by Maine’s banks and credit unions, AARP Maine, Legal Services for Maine Elders and Gov. Mills’ administration. I appreciate their input and advocacy.

LD 1445 received unanimous support in committee and will soon come to the Senate and House for votes. I am hopeful that the Legislature will support this important measure to better protect older Mainers from losing their life savings to bad actors.

Anne Carney represents Senate District 29, Cape Elizabeth; South Portland and part of Scarborough. She can be reached at Anne.Carney@legislature.maine.gov or 207-287-1515. To sign up for a biweekly e-newsletter, visit mainesenate.org.