Protecting Tennessee’s seniors and strengthening our voice on Capitol Hill
By Amy Heaslet, Executive Vice President/General Counsel, Tennessee Bankers Association
As we begin the second session of the 114th General Assembly in Nashville, TBA renews our commitment to addressing one of the most urgent issues facing our state: elder financial exploitation. Tennessee’s senior population continues to grow — and, unfortunately, so do the risks of scams, fraud, and undue influence targeting older adults.
Over the past decade, Tennessee has led the nation in protecting seniors from financial exploitation. TBA’s landmark 2017 law empowered banks to delay suspicious transactions and notify trusted family members if exploitation was suspected. In 2024, legislation established a TBI Hotline — a vital tool that allows financial institutions to report potential exploitation and receive an immediate response from trained staff.
The TBI officially launched the hotline on October 1, 2024. Financial institutions can reach it by calling 1-833-PAUSETN. Callers receive instructions for filing a secure online report, which TBI staff then evaluate and refer to the appropriate investigative personnel or agency.
The hotline’s launch was just the first step. This session, TBA will continue working alongside the TBI to advocate for dedicated investigators who can act swiftly on hotline reports. The need is already clear: in less than a year since its launch, the hotline received more than 200 qualified reports and uncovered over $32 million in suspicious or fraudulent transactions.
That figure alone underscores why dedicated investigative resources are essential. However, nothing is more persuasive to legislators than hearing directly from bankers about the exploitation you see in your communities. When you share specific examples and emphasize the difference early intervention can make, you could help secure the funding and support needed to expand TBI’s capacity.
Our efforts will not stop there. We are also working with a broad coalition to confront a growing threat: crypto ATM scams. The number of these machines across Tennessee has increased dramatically, and scammers are exploiting them to steal from unsuspecting victims — often the elderly. In many cases, fraudsters convince victims to withdraw cash from their bank account and deposit it into a crypto ATM, assuring them that their money remains accessible. In reality, the funds are transferred using the scammer’s digital key, making recovery nearly impossible.
Whether the solution involves an outright ban on crypto ATMs or new regulations — such as daily deposit limits or a holding period before funds become irrevocable — one thing is certain: action is needed. We have strong partners in this effort, but success will again depend on banker engagement. When you contact legislators and share firsthand stories of customers defrauded by these scams, you give this issue the urgency it deserves.