Most changes in banking in recent years give consumers faster and easier access to their money. This week, I launched a program called the Fraud Fighter Account that runs counter to that trend and offers consumers the option of making it *harder* to transfer funds out of their accounts. I call the new approach Fraud Fighter Accounts because they offer increased protections against financial exploitation and identity theft.

Fraud Fighter Accounts are not for everyone. They are intended for people most vulnerable to identity theft, coercion or fraud because of health issues, disabilities or because their financial security has been compromised. The Fraud Fighter Account, to be offered by participating banks and credit unions, will allow consumers to choose among several options to better protect their money. These provisions can help keep people from becoming victims of high-pressure sales, financial scams, overreaching by caregivers and family members, or identity theft. The options include:

• Limiting daily and monthly withdrawals to a fixed amount
• Notifying a trusted third party before transactions over a certain amount
  are made
• Delaying suspicious transactions
• Limiting or preventing electronic access to accounts

These protections will benefit consumers without creating significant costs or difficulty for financial institutions. My office worked closely with banking officials and consumer advocates to develop options that would offer the most customer protection with the least disruption to bank procedures. Most financial institutions already offer some protections, such as daily limits on ATM withdrawals. At this moment, none offer all the Fraud Fighter protections. However, Arizona Federal Credit Union has committed to offering the full Fraud Fighter Account options by this summer. I hope other banks and credit unions will join the Fraud Fighter Account program. As financial institutions agree to offer Fraud Fighter Accounts, I will list them on our Web site at www.azag.gov.

At the announcement of this program, I was joined by representatives of leading consumer groups, including AARP, the Arizona Alzheimer's Association and the Arizona Consumers Council. Speaking for the Consumers Council, Phyllis Rowe told a brief story about a caregiver who neighbors noticed was driving a new luxury car that, it turned out, had been financed by withdrawals from the patient's account. Fraud Fighter Accounts are designed to stop that kind of exploitation.

Pinal County Attorney Carter Olson helped originate the Fraud Fighter idea. He discovered the need for such accounts when he watched the devastating experience of an elderly family member, "Grandma Betty," who lost a large portion of her assets in a fraudulent investment scheme shortly before she died. The losses undermined her health and could have been prevented by a simple call to a third-party advisor.

To borrow a military term, we need to "harden the target" and make vulnerable adults less susceptible to coercion, identity theft and financial fraud. I believe these accounts will provide an important extra measure of safety. If you know someone in need of Fraud Fighter Account protections, please ask your bank or financial institution if they will provide the service. I would love to sign them up! For more information about Fraud Fighter Accounts, please visit our Web site at www.azag.gov.

Terry Goddard