EverSafe Newsletter

Providing thought-provoking articles, commentary and general information on issues related to aging and financial health.

Nationwide Elder Fraud Sweep

DOJ CHARGES 250 DEFENDANTS

The Justice Department shared a press release at the end of February, announcing the largest coordinated elder fraud sweep in US history. The case resulted in criminal charges against 200 individuals who exploited over a million seniors of half a billion dollars. The sweep included a range of fraud schemes—from mass mailing, telemarketing and investment frauds to individual identity theft events and thefts involving guardians. Numerous cases involved criminal organizations that defrauded hundreds of thousands of older victims across the country, while others involved a single relative or fiduciary who exploited an individual victim. Articles in TIME and Financial Advisor mentioned EverSafe and the importance of being proactive when it comes to monitoring finances and identifying and reporting suspicious activity.

Elder Fraud in the News

EVERSAFE CITED IN KIPLINGER PIECE ON SCAMS TARGETING SENIORS

In a March piece on scams commonly targeting older, vulnerable victims, Kiplinger focused on the issue of underreporting. As the populations ages, “…at best 80% of cases are never reported to anyone–and at worst, 95%” according to Bennett Blum, a physician specializing in forensic and geriatric psychiatry. The importance of monitoring is emphasized with EverSafe recommended as a tool to safeguard against senior scammers.

Legislative Updates

SENIOR SAFE ACT PASSES SENATE

On March 14th, the U.S. Senate passed the Senior Safe Act, as part of the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act. (S.2155) In sum, the bill protects financial advisors and firms from liability if, based on reasonable suspicion, they report suspected financial exploitation of older adult customers.

Stopping Senior Scams

SPECIAL COMMITTEE ON AGING RELEASES FRAUD BOOK

On March 7th, the Senate Special Committee on Aging held a hearing on Capitol Hill entitled “Stopping Senior Scams.” The full video is available here. The Committee shared a listing of the top 10 current types of scams targeting older adults in the United States. They included: fraud schemes involving IRS impersonators, government grant scams, unscrupulous sweepstakes offers, robocalls, computer “technology support” fraud and the “Can You Hear Me?” scam. The full book is available here. Consumers who suspect that this kind of activity is occurring can report it to the Senate Committee’s Fraud Hotline at 1-855-303-9470.

SCAM ALERTS

TIPS FOR PREVENTING IRS TAX FRAUD

Given the recent Equifax breach, in which more than half of Americans’ personal information was exposed, it’s important to be on the lookout for fraudsters who may have enough information to file a false tax return in a victim’s name. A popular IRS scam involves fraudsters who submit the phony return to obtain a refund. Social Security numbers were among other data exposed in the massive breach, which helps pave the way for this kind of scheme. Are there ways to protect consumers? Many experts say that the best thing one can do is to file early. Filing early may very well beat the scammer at his or her own game.

Another tip? The IRS offers identify theft protection PIN numbers, which are used to prevent a fraudster from filing a phony tax return with a stolen Social Security number. This six-digit number must be used whenever one

files with the IRS. Finally, monitoring financial accounts has never been more critical. Scammers open unauthorized depository (e.g. checking, savings) accounts in victims’ names, and use these accounts to deposit their phony refunds. Credit monitoring alone will not alert consumers to these illegitimate depository accounts. Using a technology platform that alerts consumers to unauthorized depository accounts in their name can shut down the IRS phony refund scheme. More information on how seniors may be targeted for tax fraud can be found here.

2018 What’s Next Boomer Business Summit

The What’s Next Boomer Business Summit will take place on Wednesday, March 28th in San Francisco during the annual American Society on Aging conference. The Summit, produced by Mary Furlong and Associates, brings together Fortune 100 companies, leading startups, and established nonprofit organizations who are innovating in the longevity marketplace. EverSafe CEO Howard Tischler will join a panel on “Financial Caregiving in the Longevity Economy,” alongside well-known journalist Kerry Hannon, Susan Weinstock from AARP, and Surya Kolluri from Bank of America/Merrill Lynch. Use 20% off discount code FOM2018WN and reserve your seat at: www.boomersummit.com

Financial Planning for Aging Parents

EVERSAFE CITED AS IMPORTANT STEP IN KIPLINGER ARTICLE

As highlighted in a recent Kiplinger’s piece, it’s important to talk to parents about their finances and the way they’d like their assets to be managed as they age. This article outlines important considerations for talking with parents about protecting their hard earned savings. They include:

Asking parents to share information about the nature and location of accounts in the event there is an emergency or they become incapacitiated. They may also wish to share the names and contact information for their financial services professionals, such as a financial advisor, broker, or accountant;
Setting up automated bill payments to avoid the stress of arrears and consequences of non-payment;
Considering the appointment of a durable power of attorney, which may avoid the need for a guardianship or conservatorship if your loved one becomes unable to manage their finances.

Kiplinger also recommends using EverSafe to monitor accounts more efficiently and receive alerts when suspicious activity does occur.

Protecting Your Assets & Your Identity After the Equifax Breach

A timely article in Forbes outlines advice from EverSafe’s Liz Loewy on strategies for dealing with fallout from the recent Equifax data breach. Loewy reminds consumers that applying for a Credit Freeze, which should be filed at all three credit bureaus, is a generally a more restrictive option than initiating a Fraud Alert with the bureaus. With an alert, which lasts for 90 days (unless renewed), businesses issuing credit must take steps to verify the customer’s detect issues that the human eye may miss.
Many Americans continue to struggle with the aftermath of the Equifax breach. A recent Washington Post article advised readers to take the important step of creating a “my Social Security” account as soon as possible so that scammers don’t create a phony account first. One indicator that your information has been compromised is if you encounter issues creating that account. This may mean that a scammer has already used your personal information to apply for retirement or Medicare benefits in your name. The author suggests looking for additional protection tips by visiting StaySafeOnline.org.

Elder Abuse Prevention & Protection Act

LEGISLATION PASSES THE HOUSE

As reports of financial exploitation and scams continue to spread across the nation, new legislation will improve law enforcement efforts against criminals who target older adults. This bill, created by Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa), was recently approved by lawmakers and is now awaiting the President’s signature. Once signed, the law will require that each federal district have at least one assistant U.S. attorney assigned to oversee cases involving elder abuse, and the Justice Department will be required to train FBI agents with respect to issues facing older victims. Criminals would also face enhanced penalties for telemarketing and email scams directed against seniors.

Additional legislation to keep an eye on is H.R. 3885, the Senior Citizen Protection Act of 2017, which was introduced at the end of September. This bill would create an elder abuse registry and provide funding to states for operating their own such list.

CEO Howard Tischler on Cheddar

FOR CYBERSECURITY, “FIGHT FIRE WITH FIRE”

During an interview on the live news network Cheddar, EverSafe CEO Howard Tischler informed the audience that over 1,000 data breaches, in addition to the Equifax hack, have occurred this year alone. To fight against criminals who use technology to hack into systems with personal data, Tischler advises consumers to use technology, like EverSafe monitoring, to protect themselves.

Abuse of Guardianship Laws

NEW YORKER MAGAZINE REVEALS DISTURBING CASES

According to a piece in the New Yorker, “In the United States, a million and a half adults are under the care of guardians, either family members or professionals, who control some two hundred and seventy-three billion dollars in assets.”Unfortunately, current laws relating to guardianship and conservatorship fall short in serving adults who need the most protection. Without a comprehensive compilation of data on the issue of guardianship exploitation, those who are most vulnerable remain at risk in the system. There are a number of initiatives focused on protecting incapacitated persons, including the founding of the national organization Americans Against Abusive Probate Guardianship, which is a small but important step toward shedding light on this pervasive issue.

SCAM ALERTS

OBITUARY IDENTITY THEFT

The unfortunate truth is that fraudsters often target older adults when they’re at their most vulnerable. Scammers scan obituary notices to locate critical identifying information which enables them to steal the deceased person’s identity. The IRS has put together a list of ways to protect against this kind of identity theft:

Ask the credit bureaus to put a “deceased alert” on your loved one’s credit report by providing them with a death certificate;
Avoid putting personal information in the obituary (i.e. birth date or a mother’s maiden name);
Send the IRS a copy of the death certificate;
Look at the IDTheftCenter.org website for more protection information. Type “deceased” into the search box on that website.

AVOID FACEBOOK SCAMS

According to a 2016 Pew Research Center study, well over half of Americans over the age of 65 use Facebook. This social media platform has become a powerful tool of communication and helps many older adults connect easily with friends and family, which can decrease isolation and the health risks associated with loneliness. That being said, Facebook users need to keep apprised of online scams that are currently being used on that platform. Here are a few:

A phony Facebook Messenger chat box message is sent from a name the seniors recognizes, with an emoji icon and a short link (“bit.ly” or “t.cn”). If you click this link, malware will redirect you to other dangerous website pages;
Offers of “free” airline tickets for “liking” an advertisement;
Bogus coupons come from seemingly reputable organizations like Home Depot or Sears. The user will then be asked to share the coupon with friends and directed to fill out a survey that requests sensitive personal information.

Preventing elder financial abuse often requires a team effort. Continue to educate older loved ones about social media scams to keep them connected – but protected.

EverSafe can help you implement the “Trusted Contact” rule!

Are you a Broker-Dealer or a registered representative of a broker/dealer firm? Then you’re probably aware that FINRA (the Financial Industry Regulatory Authority) amended Rule 4512 and implemented FINRA Rule 2165, effective February 5, 2018. This means that broker dealers, upon the opening of an account, will be required to take steps to obtain the name of a “Trusted Contact,” who may be contacted regarding issues related to those accounts.EverSafe’s exclusive Trusted Advocate feature makes it easy. We’ll take care of obtaining Trusted Contacts’ name(s) and contact information for you, ensuring they are notified. We can add fraud monitoring, with alerts to “Trusted Contacts,” if requested.

Please email TrustedContact@EverSafe.com if you are interested or have questions.

Equifax Breach

CNN REFERENCES EVERSAFE IN PIECE ON 5 THINGS TO DO RIGHT NOW

Equifax discovered a data breach on July 29, 2017 and on August 2nd hired a professional cybersecurity firm to assist the company in understanding what had happened, according to CNN. The firm determined that breaches occurred between May 13 and July 30, 2017. Hackers had access to customer names, Social Security numbers, birthdates, addresses, and in some cases driver’s license numbers as well. An estimated 143 million people in the US were affected by the breach. A CNNMoney article outlined strategies for protecting against fraud, including the importance of monitoring services like EverSafe for identifying suspicious activity in financial accounts and credit report data. Consumers should not rely solely on credit report monitoring to determine whether they have been victimized. Liz Loewy, EverSafe’s General Counsel, told CNN, “Sometimes there’s theft that never makes it to the credit report.”

In a recent Time Money article on the breach, EverSafe’s CEO Howard Tischler was asked about what consumers should do in the wake of the breach. He opined that “A credit freeze will only block the opening of a new account…what about an existing account, or your bank account, or investing accounts?” The piece referenced EverSafe as a “more comprehensive” security system.

Natural Disaster Protection

IN THE WAKE OF HURRICANES HARVEY AND IRMA, BE VIGILANT

Although we’ve all heard heartwarming stories of individuals helping one another rebuild in both Texas and Florida, there are also reports of criminals exploiting the misfortune of those who survived these storms. According to the Federal Trade Commission, consumers need to do research before giving to a charity. Following a natural disaster, be sure to avoid organizations that ask for donations in cash or a wire transfer, or express thanks for a pledge you haven’t made. Consumers should also beware of communications that appear to be from known businesses or utilities, with a slight change in the name. If you do suspect criminal activity, take time to report it here. The North American Securities Administrators Association (“NASAA”) has shared three fraud protection tips for storm survivors:

— Delete all emails and social media messages from senders you do not recognize;

— Low or no-risk investment offers are red flags, do not respond to these solicitations;

— Before responding to any offer, contact your state securities regulator to make sure that the seller is licensed. Contact information by state is here.

Retirement Security can be Compromised by Fraud

1 IN 18 OLDER ADULTS FALLS VICTIM TO SCAMS

A recent survey conducted by the NASAA concluded that most state securities regulators have witnessed an increase in senior financial fraud and abuse in the past year. And the victims include consumers who don’t suffer from cognitive impairment. In fact, research from the American Journal of Public Health found that 1 in 18 ‘cognitively intact’ older adults will fall victim to financial fraud. EverSafe can help seniors identify the warning signs of exploitation on financial accounts and credit reports by alerting members, and their designated loved ones and professionals, to potential fraud—to ensure that their nest egg doesn’t fall prey to scammers.

AARP Fraud Prevention Quiz

INCREASE YOUR KNOWLEDGE AND PROTECT LOVED ONES

AARP provides excellent resources on current scams as well as information on strategies that will help prevent fraud. An 8 question AARP fraud quiz tool was recently posted to the Washington Post website. The tool outlines the importance of adult children educating themselves about current scams and then sharing that information with their aging parents. Adults over the age of 60 are less likely to report fraud, a problem that can be curtailed if families spend more time talking about prevention.

SCAM ALERTS

FBI “QUESTIONNAIRE” SCAM

Beware of an email scam that purports to be a message from the IRS and/or the FBI about a new law on tax compliance. There is a link in this email to a “questionnaire” that, once clicked by the victim, enables the scammer to seize control of their computer. If you do have a personal tax issue, the IRS will contact you by U.S. mail. This scam email may look like this, according to AARP:

SMART PHONE HACKING

A recent Pew Research Study found that the number of older adults over the age of 65 who own smart phones has increased by 24 percentage points (from 18% to 42%) since 2013. According to experts, phone scams increase in the wake of natural disasters. Be especially aware of callers who claim to be helping victims of the recent hurricanes. Hackers are targeting these smart phones but some simple rules can protect against exploitation:

— Keep the screen of your phone locked and avoid using “open” Wi-Fi networks in public places;
— Update your phone’s operating system and security software frequently;
— Only download “apps” from official stores like Google Play or the Amazon app store;
— Do not reply to or click links in text messages from numbers you do not recognize.

With respect to protecting yourself against elder fraud, as Ben Franklin
once said, “An ounce of prevention is worth a pound of cure!”

EverSafe can help you implement the “Trusted Contact” rule!
Our exclusive Trusted Advocate feature makes it easy.
We’ll take care of obtaining Trusted Contacts’ name(s) and
contact information for you, ensuring they are notified. We can add fraud
monitoring, with alerts to “Trusted Contacts,” if requested.
Please email TrustedContact@EverSafe.com
if you are interested or have questions.

Bipartisan Bill Passes Senate

ELDER ABUSE PREVENTION AND PROTECTION ACT

At the beginning of this month, the Senate passed bipartisan legislation entitled The Elder Abuse Prevention and Protection Act of 2017, which was introduced by Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Senator Richard Blumenthal (D-Conn). There will now be an increase in training available for federal investigators as well as prosecutors to assist in their oversight of elder abuses cases. Penalties will also be put in place for criminals, including mandatory forfeiture. More coverage of the bill passage can be found here.

JPMorgan CFSI Lab Fintech Interview

Q & A WITH HOWARD TISCHLER, EVERSAFE CO-FOUNDER

The Financial Solutions Lab (FinLab) at the Center for Financial Services Innovation (CFSI), with founding lab partner JPMorgan Chase, interviewed EverSafe co-founder Howard Tischler in a recent article on their website. Howard talked about what inspired him to create EverSafe and his optimism in light of recent initiatives focused on vulnerable seniors from regulators like the Financial Industry Regulatory Authority, the Financial Crimes Enforcement Network, the U.S. Securities and Exchange Commission and state securities administrators.

Financial Abuse Protection

DANGERS OF GUARDIANSHIP AND FAMILY FEUDS

Across the globe, data shows that much of the financial abuse older adults suffer is carried out by a loved one or friend. A recent New York Times piece reported on Government Accountability Office research which found that guardianship proceedings across the United States are rife with exploitation victimizing older, vulnerable adults. State courts will typically appoint guardians or conservators to support those who are most vulnerable, but all too often the judicial system is used to commit financial abuse against the alleged incapacitated person requiring protection. A recent Forbes article points out that non-abusing caregivers often end up paying, on average, $36,000 to help their loved one recover from abuse. How can one avoid the pitfalls of guardianship and potential family feuds? Setting up a monitoring protocol that involves more than one trustworthy relative and/or professional is one way to start.

SCAM ALERTS

SOCIAL SECURITY CHECKS

Are you a Social Security beneficiary or do you know of one? You should be aware of the latest scheme where criminals pretend to work with the Social Security Administration and then offer a purported increase to Social Security checks based on cost-of-living calculations. CBS reported in an article last month that these phony agents will ask the unsuspecting beneficiary to “validate” private information including their social security number, birth date and parents’ names which are then used to change direct deposit information and steal funds from the beneficiary. If you or the beneficiary is unsure about whether a scam is taking place, call the Social Security Administration directly at their headquarters at 1-800-772-1213. Report suspicious calls to the Office of Inspector General at 1-800-269-0271.

STRUGGLING HOMEOWNERS

Last month, the Washington Post reported on a California scam targeting homeowners who were having trouble paying their mortgage. Criminals posed as new lenders offering a mortgage modification and then directing that homeowners send a “reinstatement” fee in cash and monthly trail payments thereafter. Beginning in 2011, these scammers took $11 million from thousands of unsuspecting homeowners. They were convicted and then sentenced to prison time last month, but the victims are still dealing with the emotional and financial impact of the fraud.

Stopping Junk Mail…

HELPFUL STRATEGIES TO PROTECT YOUR FINANCES

Are your/your loved ones’/your clients’ physical and digital mailboxes full of unwanted solicitations and junk? A recent article in The Spectrum outlines a list of helpful strategies to stop this type of mail:

For physical mail that is unwanted, contact the U.S. Postal Inspection Service at 1-877-876-2455 and report it
If you have been scammed by fake charities in the past, check the organizations for validity by using CharityNavigator.org and Give.org before sending any money
The Direct Marketing Association has options for consumer opt-out service for a small fee that can reduce unwanted mail.

Information on Preventing Elder Fraud

TIPS FOR PROTECTION

This comprehensive and informative visualization from comparitech contains interesting data on current elder financial abuse statistics in the US. The article outlines helpful tips on protecting at-risk older adults from scams, identity theft and financial fraud. Below is a preview of the full infographic:

EVERSAFE SELECTED FROM 300 APPLICANTS

EverSafe continues to receive accolades and acknowledgements in the media regarding their selection as a fintech innovator for the Financial Solutions Lab (FinLab) at the Center for Financial Services Innovation (CFSI) with founding lab partner JPMorgan Chase & Co. An article in The DC Inno Beat showcased EverSafe as one of the eight startups selected for the program. American Banker shared the exciting news, as did the Baltimore Business Journal and the EconoTimes, Finextra, and Banking Technology.

Federal Communications Commission Considers Updating Regulations

Last month, Financial Advisor IQ ran an article discussing a regulation adjustment being considered by the FCC. If approved, the change proposed by marketing company All About the Message, LLC, would permit companies to leave messages in a consumer’s voicemail inbox without ringing the recipient’s phone. EverSafe ’s Liz Loewy is quoted in the piece expressing concern about the change saying, “…the telephone can be a dangerous weapon—especially with vulnerable seniors.” She suggests that professionals help their older clients who may be vulnerable by having them placed on do-not call lists and considering auto-call blockers like Nomorobo.

EverSafe was pleased to support Mary Furlong and Associates in their production of the 14th Annual Silicon Valley Boomer Venture Summit and Business Plan Competition on July 20th at the Claremont Club & Spa. The event attracts leaders in the fields of aging and health and brings together forward-thinking entrepreneurs and venture capitalists to share information about innovative products for the global longevity marketplace. CNBC covered this successful event in a recent article.

Protection Against Financial Fraudsters

PRIORITIZING SECURITY IN RETIREMENT

A recent piece published by The Hill explains the importance of protecting one’s nest egg from exploiters and references an important study by the North American Securities Administrators Association (NASAA). The article underscores the magnitude of the elder fraud epidemic and the importance of addressing the role that advisers can play in detecting exploitation.

Debit Card Dangers

MONITOR FOR UNAUTHORIZED TRANSATIONS

The convenience of using a debit card, compared to using cash or checks, means that many consumers are using their card at multiple locations a day to withdraw funds or make purchases. According to FICO, there has been a significant increase in the percentage of debit cards that have been compromised. Between 2015 and 2016 there was a 25% rise in the number of businesses reporting debit card compromises. A Washington Post article highlights the potential dangers of using a debit card too frequently and offers several ways to protect your assets from criminals:

Use ATMs that are connected to the debit card’s financial institution
Avoid ATMs that look strange or have pieces that can be removed—crooks can place “skimming” machines on ATMs that will steal your card information

Finally, it’s crucial that consumers diligently monitor debit cards, credit cards and financial accounts. EverSafe ‘s comprehensive monitoring platform goes beyond the typical fraud alerts issued by banks. The service tracks customers’ and their loved ones’ accounts for erratic activity—and permits them to designate a trusted family member or professional to receive alerts. This exclusive feature provides peace of mind to financial caregivers and anyone using a debit card in today’s world.

SCAM ALERTS

PHONY UTILITY BILLS

Since many consumers receive bills for their use of power, heat and water, it’s easy for scammers to use this avenue to trick their targets. Don’t be fooled! One example of this scam is a call from a purported utility company that threatens to turn off power or water because a payment has been missed. The fraudster demands an immediate wire or credit card payment. Alternatively, a scammer may claim that they can help you save money on a utility bill by saying a grant is available or that assistance can be given if a large amount of what is owed is paid up front. Education is crucial in preventing scams targeting seniors and other family members—keep yourself and them informed.

Attention Broker-Dealers

TRUSTED CONTACT

Are you a Broker-Dealer or a registered representative of a broker/dealer firm? Then you’re probably aware that FINRA (the Financial Industry Regulatory Authority) amended Rule 4512 and implemented FINRA Rule 2165, effective February 5, 2018.

This means that broker-dealers, upon the opening of an account, will be required to take steps to maintain a record of contact information for a “Trusted Contact” person who may be contacted regarding issues related to those accounts. Pursuant to the new rule, the broker-dealer will be required to inform the client that information may be disclosed to the Trusted Contact person regarding possible financial exploitation related to the account(s), and to confirm specific information related to the client’s current contact information, health status, and/or the identity of any guardian/conservator, executor, trustee, or power of attorney.

EverSafe can assist in implementing this new rule. Our “Trusted Contact” form is available at no cost, and we can notify the contact person about their designation and provide comprehensive fraud monitoring so that they receive alerts to erratic activity on clients’ accounts. Please contact TrustedContact@EverSafe.com for more information.

EverSafe is a Winner in Financial Solutions Lab Competition

JPMORGAN CHASE AND CENTER FOR FINANCIAL SERVICES INNOVATION

The Financial Solutions Lab (FinLab) at the Center for Financial Services Innovation (CFSI) with founding lab partner JPMorgan Chase & Co. recently selected EverSafe for its next class of fintech innovators. More than 300 companies applied for the Financial Solutions Lab competition and EverSafe was one of eight companies selected to receive $250,000 and join the Financial Solutions Lab, which provides mentoring and resources for scaling businesses. The start-ups “represent the most promising group of early stage financial technology innovators that are improving Americans’ financial health,” according to CFSI. Business Insider highlighted the winning companies in an article this month.

The announcement comes shortly after EverSafe was awarded a Consumers’ Choice award at AARP’s Innovation@50+ LivePitch in Mountain View, California. The event brought together ten finalists in the financial technology start-up space, chosen from hundreds of submissions, to compete in front of investors, AARP members and a distinguished panel of judges. The Consumers’ Choice winner was chosen by an audience of over 500 attendees who voted on their favorite product.

Reuters Cites EverSafe as Elder Fraud Prevention Tool

Columnist Mark Miller focuses on the issue of fraud affecting older victims in a recent article for Reuters. The piece provides an outline of what regulators and aging professionals are doing to prevent older investors from being scammed. EverSafe is referenced as a tool that guards against financial fraud targeting seniors using software that monitors accounts for irregular activity.

Financial Institution Shares
Educational Video on Elder Fraud Prevention

Fidelity Investments has emerged as a leader in their campaign to alert consumers to the signs of elder financial abuse. A recent video focusing on how to detect fraud provides pragmatic tips for seniors and their trusted caregivers. One of their recommendations is to monitor loved ones’ finances by using services like EverSafe, which serves as an “extra set of eyes” in keeping financial accounts secure.

World Elder Abuse Awareness Day

EVERSAFE PRESENTED AT SEVERAL CONFERENCES

WEAAD 2017 once again focused global attention on the problem of physical, emotional, and financial abuse of older adults. A recent Huffington Post piece outlines the importance of this day. EverSafe was proud to be a presenter at several events during WEAAD week. EverSafe opened the annual NYC Elder Abuse Conference at the New School in Manhattan; EverSafe also presented in Philadelphia at the Safe Banking & Financial Management Tips for Seniors forum; and EverSafe presented for the National Adult Protective Services Association’s Third Global Summit at the SEC in Washington DC.

SCAM ALERTS

CELL PHONE RINGTONES

Don’t be fooled by a scam in which you receive a text message inviting you to download a new ringtone by responding to the message or calling a 1-800 number. People who have answered the text message have been charged a fee or later learn that they were enrolled in services without their authorization. More cell phone scams to avoid can be found here.

ONLINE SURVEY SPAM

It isn’t uncommon to find advertisements on the internet that promise “easy money” to those who are willing to spend a few moments to fill out an online survey. Many companies offering this service are scammers. Here are a few ways to spot them:
• Does the company ask that you pay a “small fee” first to access their survey?
• Can you find the company’s name through research online?
• How long is the survey? Legitimate online surveys are typically lengthy.

UNCLAIMED MONEY

This scam can take the form of an email that offers to locate unclaimed money as long as the purported account holder pays a small fee, buys a membership or calls a certain number. It is important to know that there are legitimate websites that can provide information as to unclaimed funds and their owners. You should check these sites before opening and/or responding to such an email. Those websites are: www.unclaimed.org and www.missingmoney.com.

Tech-enabled Bill Paying

EverSafe is working with a new technology company called SilverBills, which helps clients pay their bills accurately and on-time. SilverBills receives and scrutinizes bills and ensures that they are paid correctly. Clients no longer need to open envelopes, write checks or remember deadlines. If you or your loved one is interested in learning more about SilverBills, call 866-653-4427. If you mention EverSafe, you’ll receive 25% off the first month’s fee.

AARP Innovation@50+
EverSafe Wins Consumer Choice Award!

2017 LIVE PITCH COMPETITION

On April 12-13, 2017 in Mountain View, California, AARP hosted their 6th annual live pitch competition for startups in the Caregiving Health Technology and Financial Technology sectors. Jean Chatzky, financial journalist, joined our group (above). The full press release from AARP can be read here. EverSafe was proud to be a winner of the 2017 Consumer Choice award.

Are you a Mandated Reporter for Elder Abuse?

2017 STATE ELDER ABUSE MANDATED REPORTING CHART

All 50 states have statutes addressing whether individuals are mandated to report cases of suspected elder abuse. In some states, the reporting requirements are widespread. In others, only a limited group of individuals are mandated reporters. 29 states now require financial services professionals to report elder fraud. Need to know more?

—Contact us at info@eversafe.com if you’d like us to send the most current 2017 State by State Elder Abuse Mandated Reporting Chart.

World Elder Abuse Awareness Day (WEAAD)

12TH ANNIVERSARY AND THIRD GLOBAL SUMMIT

Save the date! The United Nations has designated June 15th as WEAAD to focus global attention on the problem of physical, emotional, and financial abuse of older Americans. The World Health Organization estimates that 4 to 6% of seniors suffer from some form of abuse. This year’s WEAAD theme is Understand and End Financial Abuse of Older People: A Human Rights Issue.

EverSafe is proud to be presenting at a number of events to honor WEAAD:

—Boston: Aging Investor Protection Summit on June 13th.

—NYC: 12th Annual NYC Elder Abuse Conference on June 14th.

—Philadelphia: Ralston Center on Wednesday on June 14th, 9-11am.

—DC: NAPSA Securities and Exchange Commission Building on June 15th.

—NYC: HelpAge USA, A Conversation With Meryl Gordon on June 22nd.

SCAM ALERTS

SOCIAL SECURITY REPLACEMENT CARDS

A number of online companies have recently started offering consumers the opportunity to replace a lost or stolen Social Security card for a fee of $30. Beware! Replacement cards are in fact free. The Social Security Administration will replace a card at no charge for anyone who has misplaced their card or changed their name due to marriage or divorce. All forms can be found on their website by clicking here.

GOOGLE DOCUMENTS PHISHING

A recent phishing scam took place earlier this month involving the popular Google Docs application. If you receive an email you weren’t expecting with a link to a Google Document, don’t open it! If you have received such an e-mail and clicked the link, be sure to go to the Permissions page on Google and revoke access to “Google Docs” and then change your password. You can report phishing scams to Google here.

SOCIAL MEDIA SCAMS

The AARP Fraud Watch Network has published top phishing scams to look out for on social media sites. Posts that promise a reward or prize for completing a survey or those that appear to offer free or highly discounted products and services should be viewed with great caution. Fraudsters can also use a fake live-stream link to lure users to click so that they are redirected to a scammer-run website where personal information is compromised.

Cybersecurity

PUBLIC DATA BREACHES—NOTICE OR PREVENTION?

An emphasis is being given to notifying the public and media when a public data breach has taken place, rather than putting policy and laws in place that make it easier to prevent such an event from occurring in the first place. As a recent TechCrunch article points out, “While notice always will play a role in remediating harm, policymakers should shift their focus to preventative measures, such as more robust and clearer data security standards and incentives for investments in cybersecurity.” EverSafe prioritizes this prevention mindset by stopping exploiters in their tracks before a lifetime of savings is depleted.

Exciting Initiatives—Bright Health

PROTECTING YOURSELF AND LOVED ONES FROM FRAUD

Bright Health is a new and innovative health insurance option in Colorado striving to deliver the best healthcare experience through personalized technology and meaningful relationships. In a recent interview with Liz Loewy, our General Counsel, Bright Health asked for recommendations on preventing fraud. The answer? Click here to read more.

whealthcare planning

FINANCIAL MANAGEMENT

whealthcare planning is a platform of applications that enable financial advisers to more effectively serve and protect older adults and their families. The platform consists of three planning modules and extensive educational materials for both financial advisers and their clients. The modules include:

—FINANCIAL CARETAKING PLAN—Financial management and decision-making assistance
—WHEALTHCARE RISK PROFILE—Questionnaire and analysis to identify risk traits for clients
—LONG-TERM CARE PLAN—Establishes end-of-life living preferences to estimate care costs

Please check out the whealthcare planning site for more valuable tools and training materials.

Welcome to EverSafe’s first newsletter!

Retirement Protection

AVOID SCAMS—MONITOR ACCOUNTS

“Technology will see things that you don’t see as an individual.”

– Howard Tischler, EverSafe Founder

It’s no secret that scammers today are doing everything in their power to take advantage of seniors with ever—changing and sophisticated schemes that compromise their life savings. New scams target brokers, use misleading letters referencing Social Security and involve phone calls that threaten litigation.

These fraudsters will not rest until they succeed. Recent articles in Investment News and Nasdaq, make clear that the best way to protect assets from these types of assaults is with a monitoring system, like EverSafe, that can alert customers to potential threats.

News for Broker-Dealers

SEC APPROVES PROTECTION FOR SENIOR INVESTORS

The SEC recently approved a FINRA rule, effective February 5, 2018, that, in substance, will require broker-dealers to make reasonable efforts to obtain the name of a “Trusted Contact Person” who may be contacted about a customer’s account.

The new rule also clarifies that FINRA broker-dealers may place a temporary hold on transactions involving the disbursement of funds or securities from accounts of adults who are 65 and older, or adults who are 18 and older when the broker-dealer reasonably believes that he or she has a mental or physical impairment rendering them unable to protect his or her own interests and the broker-dealer believes that financial exploitation of that adult is occurring, has been attempted or will be attempted as long as certain conditions are met.

Read more about the new rules here:

2165. Financial Exploitation of Specified Adults

4512. Customer Account Information

Advisors, need assistance in figuring out how to implement the “Trusted Contact” rule? EverSafe can help!

Our exclusive Trusted Advocate feature makes it easy. We’ll take care of obtaining “Trusted Contacts'” name(s) and contact information for you, ensuring that they are notified. We can add fraud monitoring, with alerts to “Trusted Contacts,” if requested.

Please email TrustedContact@EverSafe.com if you’re interested or have questions.

Data Breaches

LOSS OF PROTECTED INFORMATION

An important part of being an informed consumer, especially when financial exploitation is rampant, is to seek out information about large scale confidential information breaches at institutions.

Some of the latest stories include:

—1.4 M Affected in Data Breach at Illinois Employment Department

—Protect Yourself from a Hospital Data Breach

—Study: Risk of Data Breaches at Hospitals is Greater at Larger Facilities

Are you a Mandated Reporter for Elder Abuse?

2017 STATE ELDER ABUSE MANDATED REPORTING CHART

All 50 states have statutes addressing whether adults are mandated to report cases of suspected elder abuse. In some states, the reporting requirements are widespread. In others, only a limited group of individuals are mandated reporters. 29 states now require financial services professionals to report elder fraud. Need to know more?

Contact us at info@eversafe.com if you would like to receive the 2017 State by State Elder Abuse Mandated Reporting Chart.

Caregivers & Financial Abuse

ADVISING CAREGIVERS & FAMIILIES

According to a recent study, caregivers who provide assistance to a senior who experiences financial abuse report $36,000 in average losses as a result of the victimization. There are several key steps that caregivers can take to protect themselves and those they love from abuse and exploitation, which include becoming an educated consumer and using technology to monitor checking, savings, investment and retirement accounts.

Advocacy

CRIME LEGISTLATION INTRODUCED

The 2010 Elder Justice Act made progress in educating the public and professionals working with the seniors about the warning signs of financial abuse and other crimes. An important advance in recent weeks has been legislation introduced by Senator Susan Collins (R-Maine), the Senior$afe Act of 2017, to improve the reporting of fraud and education of seniors to recognize signs of exploitation. Senator Collins, who leads the Senate Special Committee on Aging, shared that fraud costs seniors approximately $2.9 billion annually.