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Argentum 2016 Senior Living Executive Conference concurrent session Original session date: Wednesday, May 11, 2016, 8:00 - 9:00 AM Speakers: Elizabeth Loewy, Esq., General Counsel and Senior Vice President of Industry Relations, EverSafe Howard L. Tischler, Founder and CEO, EverSafe
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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
Proprietary & Confidential, EverSafe 20164
Recognition
Fear
Guilt
Shame
Economic dependence
Fear of isolation
Cognitive challenges
Proprietary & Confidential, EverSafe 20165
Why so low?
Common Scams
Telemarketing
Home Repair
Sweetheart
Grandparent
Lottery
Investment Fraud
Identity Theft
Reverse Mortgages
Phishing
POA Abuse
IRS
Microsoft…and many more
Proprietary & Confidential, EverSafe 201610
Multi-Disciplinary Teams
Civil Litigation
Criminal Court
Education (Consumers, Law Enforcement, Society)
Prevention & Innovation
How to Resolve Elder Fraud?
Proprietary & Confidential, EverSafe 201611
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
• 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
Proprietary & Confidential, EverSafe 201615
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
Proprietary & Confidential, EverSafe 201616
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
Proprietary & Confidential, EverSafe 201617
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…”
Proprietary & Confidential, EverSafe 201618
Mickey RooneyMarch 2, 2011 (USA Today 3/3/2011)
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