Georgia financial institutions now have additional authority to temporarily stop transactions when they suspect an elderly or disabled customer is being financially exploited.

House Bill 945, which took effect July 1, allows banks and other covered financial institutions to place a temporary hold of up to 15 business days on certain transactions involving an eligible adult when financial exploitation is suspected.

The law is designed to provide additional time to investigate suspicious activity before money disappears — an issue that has become increasingly important as scammers target older adults through telephone, online and cryptocurrency schemes.

When a hold is placed, the law provides procedures for notifying the account holder or a designated trusted contact. A hold can also be extended when an investigation continues or shortened by court action. Financial institutions are required to provide employees with training on recognizing potential financial exploitation and maintain records involving the holds.

The law also provides protections for financial institutions that act in good faith when stopping a suspicious transaction.

Another significant portion of HB 945 targets cryptocurrency kiosks, sometimes called Bitcoin ATMs. The machines have increasingly been used by scammers who convince victims to deposit cash and transfer cryptocurrency to the scammer.

Georgia’s new law requires cryptocurrency kiosk operators to provide fraud warnings and certain disclosures, establish transaction limits, provide live customer support and follow procedures that can provide refunds to qualifying fraud victims.

The changes could be particularly important for older residents across Chattooga County and Northwest Georgia, where local law enforcement agencies regularly warn residents about scams involving people pretending to represent government agencies, utilities, financial institutions or even family members.

Residents should remember that legitimate agencies generally will not demand immediate payment through cryptocurrency, gift cards or similar unconventional payment methods.