Download - Focusing on Financial Health in an Aging Society

Focusing on Financial Health in an Aging Society

Howard Tischler | EverSafe Founder & CEO

Liz Loewy | EverSafe General Counsel

Elder Financial Abuse by the numbers…

• 10,000 Americans turn 65 every day

• 70% of US wealth is held by boomers & seniors

• Every 67 secs, an American is afflicted with Alzheimer’s disease

= a Perfect Storm

Proprietary & Confidential, EverSafe 20162

1 out of 5 Americans over the age of 65 has been the victim of a financial scam…but only

1 in 44 is reported.

Investor Protection Trust 2010

Under the Radar: NYS Elder Abuse Prevalence Study 2011


Recognition

Fear

Guilt

Shame

Economic dependence

Fear of isolation

Cognitive challenges


Why so low?


Sample Cases


Lily Buchwald

Brooke Astor

Anthony Marshall


Huguette Clark


Common Scams

Telemarketing

Home Repair

Sweetheart

Grandparent

Lottery

Investment Fraud

Identity Theft

Reverse Mortgages

Phishing

POA Abuse

IRS

Microsoft…and many more


Multi-Disciplinary Teams

Civil Litigation

Criminal Court

Education (Consumers, Law Enforcement, Society)

Prevention & Innovation

How to Resolve Elder Fraud?


Financial Institutions:

Behavioral Fraud Detection(BioCatch)

Suspicious Activity Reports

Consumers:Monitoring Across Institutions w/Advocate (EverSafe)

Call Monitoring(NomoRobo) Proprietary & Confidential, EverSafe 201612

Technology Can Protect Against Elder Fraud and Identity Theft

EverSafeSetting the Standard in Financial Protection


• Analyzes financial transactions daily

• Identifies suspicious activity- Behavioral patterns establish baselines

• Alerts members & trusted advocates - Advocates serve as an “extra set of eyes”

- “Read-only” access to financial accounts

- Consolidated view of all accounts & activity

• Tracks issues to resolutionProprietary & Confidential, EverSafe 201614

EverSafe

Benefits to Residents

Protects a Lifetime of Savings

• Daily financial account & credit report monitoring

• Identity theft protection

• Convenient view of all accounts & alerts (across all institutions)

• Eases financial caregiving

• Fosters aging in place


Benefits to Senior Living Providers

• Reduces account statements arriving by postal mail

• When residents are defrauded, providers lose as well

• Enhances reputation while reducing risk & exposure to loss

• Builds communication with caregivers

• Reduces risk of financial abuse by employees


Equifax 800-525-6285

Experian 888-397-3742

TransUnion 800-680-7289

www.ncea.aoa.gov

www.napsa-now.org

www.idtheftcenter.org

http://www.consumer.ftc.gov/articles/0262-stopping-unsolicited-mail-phone-calls-and-email

http://www.consumerfinance.gov/blog/managing-someone-elses-money/

https://isapps.acxiom.com/optout/optout.aspx

https://donotcall.gov/ 1-888-382-1222

• Equifax Security FreezeP.O. Box 105788Atlanta, Georgia 30348

• Experian Security FreezeP.O. Box 9554Allen, TX 75013

• TransUnion Security FreezeP.O. Box 2000Chester, PA 19022-2000

www.EverSafe.com


Helpful Tips and Resources

“For years I suffered silently. I didn't want to tell anybody. I couldn't muster the courage, and you have to have courage," Rooney said. "I needed help and I knew I needed it…”


Mickey RooneyMarch 2, 2011 (USA Today 3/3/2011)

Questions?

Call Us!

Howard TischlerLiz Loewy

CEO General Counsel

[email protected] [email protected]

888/575-3837 x-701 Proprietary & Confidential, EverSafe 201619