Identity Theft is Just the Tip of the Iceberg

Dec 14, 2016 | Financial Abuse

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Scammers are constantly devising new ways to exploit victims. And while identity theft prevention services may alert you to unauthorized use of your personal information, they won’t detect the many other ways that thieves can threaten your savings, checking, investment and retirement accounts, your credit cards, as well as your identity.

Howard Tischler founded EverSafe for this very reason after his elderly mother, once a savvy accountant, became the victim of financial abuse at the hands of unscrupulous telemarketers. From an $80-a-month deluxe auto club membership “sold” to a legally blind woman who no longer owned a car, to other unnecessary services and subscriptions, Mrs. Tischler’s victimization had nothing to do with identity theft — but left her finances in complete disarray.


Identity theft protection isn’t enough

Experts believe monitoring is the single most important way to prevent fraud. However, a complete defense network requires far more than just monitoring for identity theft. It should:

  • Analyze activity across all of your financial accounts and credit cards, as well as your credit report.
  • Determine what is “normal” financial behavior so that irregular activity can be identified.
  • Enable members to have the ability to designate trusted individuals who can provide support and assistance in monitoring financial accounts and credit reports.

Take these steps to protect yourself

Everyone is vulnerable to scams and fraud. And exploiters are very good at what they do. That’s why it’s important to take steps to safeguard your family’s assets — before there’s a crisis. Here are four simple steps you can take today:

  • Educate yourself: Learn about common scams — and then share that knowledge with loved ones. Calls referencing a Nigerian prince, the IRS, a grandchild in trouble and tech support are just a few scams that are currently popular. Additionally, AARP’s fraud watch network is a great place to start. You can also find more information on scams here.
  • Plan in advance: Whether or not you have older parents or adult kids relying on you for help, it’s important to know that aging often comes with challenging issues you should plan for, including safeguarding your assets — and your loved ones’ assets — from fraud.
  • Use technology to monitor: The demands of managing your money while keeping an eye on family members’ finances can be stressful and time-consuming. EverSafe can ease the burden of financial caregiving. The EverSafe platform goes beyond identity theft prevention to “learn” what is normal activity for each member and then alerts account holders and trusted advocates to the first sign of irregular activity.
  • Become a trusted advocate: Trusted advocates play a critical role in serving as an “extra set of eyes” in monitoring your finances or your loved ones’.

To learn more about EverSafe — the most comprehensive financial protection network on the market — click here.