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 2
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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
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Why so low? Recognition Fear Guilt Shame Economic dependence Fear of isolation Cognitive challenges 5
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Sample Cases
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Lily Buchwald
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Brooke Astor Anthony Marshall
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Huguette Clark
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Common Scams
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Telemarketing
Identity Theft
Home Repair
Reverse Mortgages
Sweetheart
Phishing
Grandparent
POA Abuse
Lottery
IRS
Investment Fraud
Microsoft …and many more Proprietary & Confidential, EverSafe 2016
How to Resolve Elder Fraud? Multi-Disciplinary Teams Civil Litigation Criminal Court
Education (Consumers, Law Enforcement, Society) Prevention & Innovation 11
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Technology Can Protect Against Elder Fraud and Identity Theft Financial Institutions: Behavioral Fraud (BioCatch) Suspicious Activity Reports
Consumers:
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Monitoring Across Institutions w/Advocate (EverSafe) Call Monitoring (NomoRobo) Proprietary & Confidential, EverSafe 2016
Detection
EverSafe Setting the Standard in Financial Protection
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EverSafe
• 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 resolution 14
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Benefits to Residents Protects a Lifetime of Savings
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Daily financial account & credit report monitoring
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Identity theft protection
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Convenient view of all accounts & alerts (across all institutions)
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Eases financial caregiving
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Fosters aging in place Proprietary & Confidential, EverSafe 2016
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
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Helpful Tips and Resources www.EverSafe.com Equifax 800-525-6285 Experian 888-397-3742 TransUnion 800-680-7289
• Equifax Security Freeze
www.ncea.aoa.gov
• TransUnion Security Freeze
P.O. Box 105788 Atlanta, Georgia 30348
• Experian Security Freeze P.O. Box 9554 Allen, TX 75013 P.O. Box 2000 Chester, PA 19022-2000
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 17
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Mickey Rooney March 2, 2011 (USA Today 3/3/2011) “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…”
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Questions?
Call Us! Howard Liz Loewy CEO General Counsel
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htischler@eversafe.com eloewy@eversafe.com
Tischler
Proprietary & Confidential, EverSafe 2016