(Media release from the Georgia Secretary of State Press Office):
Georgia Secretary of State Brad Raffensperger continues to lead the way against the financial exploitation of Georgia seniors after The Senior Protections from Exploitation Against Retirees (SPEAR) Act, SB84, was signed into law by Governor Brian Kemp on Wednesday. Sponsored by Senator Chuck Hufstetler with support of the Secretary’s Securities Division, SPEAR allows Secretary Raffensperger to take a proactive approach in fighting against financial exploitation, rather than relying on the defensive measures previously permitted under Georgia law.
“Thanks to SPEAR, Georgia law now grants financial institutions the ability to slow down and verify transactions involving the accounts of elderly and at-risk Georgians,” said Secretary Raffensperger. “This proactive measure against fraud was my key legislative priority of the past legislative session. I was grateful for its overwhelming passage and thankful for it being signed into law.”
SPEAR gives financial institutions the legal ability to flag suspicious transactions and contact accountholders to confirm the authenticity of the transaction in question. As fraud against seniors rises at exponential levels, SPEAR will help the State in its’ fight against fraudsters. Recently, Atlanta media highlighted a Georgia retiree whose life savings was depleted due to a fraudulent transaction. SPEAR will be one more tool to ensure that Georgia seniors do not become victims of predatory actions.