State securities regulators in Maine are enlisting frontline personnel in the fight against the financial abuse of seniors with a training program, which may come to Canada, too.

Testifying Wednesday before the U.S. Senate’s Special Committee on Aging, Maine Securities Administrator Judith Shaw outlined the innovative approach that her state is taking to tackle the problem of the financial exploitation of seniors.

Shaw, who also serves as president-elect of the North American Securities Administrators Association (NASAA) and co-chair of the Maine Council for Elder Abuse Prevention, told the hearing about Maine’s Senior$afe program, which was launched last year to increase the identification and reporting of financial exploitation. The program includes training for frontline staff at financial firms, such as bank tellers, and managers, on the red flags of elder abuse and financial exploitation and where to report suspicions of fraud.

“The benefits of this type of reporting and referral system are far-reaching. It leads to improved safety in the community for seniors and other customers of the financial institution,” Shaw testified. “Proactive measures help promote goodwill in the community and affirm the commitment of institutions to their customers’ well-being and financial independence.”

She reported that 210 bank and credit union employees have received training under the program so far; and, that the Office of Securities has received 20 referrals, as a result. Given the initial results, Shaw said that the program materials have been shared with NASAA, so that they can be made available to all state and provincial regulators in the U.S, Canada and Mexico.

“Addressing senior financial exploitation is difficult but critical. Many in our elderly population are vulnerable due to social isolation and distance from family and other support networks,” she said.

“This is a community problem that requires a holistic solution. We must all come together to weave a new safety net for our elderly, breaking down barriers and walls that have kept us from seeking achievable solutions,” she added. “We must work together to create a new safety net using every available resource at our disposal. Combating elder abuse and financial exploitation requires consistent education, identification, reporting, investigation, and prosecution.”