EverSafe Newsletter
Providing thought-provoking articles, commentary and general information on issues related to aging and financial health.
Tools to Protect Senior Investors
EVERSAFE CITED IN INVESTMENT NEWS
An article in July’s Investment News highlights litigation involving an Atlanta senior who was the alleged victim of exploitation at the hands of a neighbor. Fidelity Investments, in an effort to protect a client they deemed to be vulnerable, put a hold on her accounts—which totaled over $1 million. The alleged victim, a 71-year-old woman, brought a lawsuit against the firm, claiming that she was not vulnerable and that Fidelity’s actions caused her financial hardship in that she was unable to pay for m
edical care or make home repairs. The piece, by Bruce Kelly, illustrates the challenges faced by firms when dealing with older investors who may be vulnerable due to cognitive impairment. The article references EverSafe in its coverage of new tools to prevent elder fraud and exploitation. It also covers new regulatory initiatives like FINRA Rules 2165 ad 4512 and the Senior Safe Act, which should assist firms in their efforts to prevent potential fraud schemes targeting older, impaired investors. Broker dealers and financial advisors can access a Trusted Contact form, pursuant to FINRA Rule 4512, on the EverSafe website.
LEGISLATIVE UPDATES
HOUSE PANEL PASSES BILL REQUIRING THE SEC
TO ESTABLISH A SENIOR INVESTOR TASK FORCE
On July 11, the House Financial Services Committee approved H.R. 6323 entitled “The National Senior Investor Initiative Act of 2018.” This legislation is a measure that would require the SEC to establish an internal task force focused on protecting senior investors. It also requires that the Government Accountability Office conduct research on the economic costs of elder financial exploitation. The Securities Industry and Financial Markets Association (SIFMA) supports this bill, noting that elder financial abuse and cognitive decline in senior investors is a “top priority.” SIFMA’s letter of support on the legislation can be found here.
The New Yorker Highlights Elder Fraud
“MY MOTHER AND HER SCAMMER”
A heartbreaking piece in New Yorker magazine outlines the author’s personal experience when his mother fell for a “lottery scam.” David Owen’s mother believed that she had won a multi-million dollar cash prize from Publisher’s Clearinghouse. In fact, she was being targeted by criminals, and her investment firm did not freeze her accounts or stop the first of several erratic transactions—despite the warning signs. The article provides the anatomy of a scam, with seniors citing loneliness as a major factor in describing what led them to pursue a relationship with a stranger—which resulted in their victimization.
Dementia–by the Numbers
WOMEN HIT MORE THAN MEN
New studies are focusing on the differences between male and female Alzheimer’s patients. 500 million people in the world currently live with some form of dementia. By 2050, that number is expected to double. Most of those afflicted with the syndrome are women. In the US, women are now more than twice as likely to develop Alzheimer’s disease as they are breast cancer, according to research published by the British Broadcasting Corporation. The article suggests that menopause, depression, and the stresses of caregiving may affect the prevalence of dementia in women.
SCAM ALERTS
SOCIAL SECURITY ADMINISTRATION ADVISORY
The Social Security Administration (SSA) has issued a warning about an ongoing impersonation scam. The Inspector General has received a number of complaints from consumers reporting that they have received calls from individuals 
purporting to be from the SSA, in which an automated recording states that the call recipient’s Social Security number has been “suspended for suspicious of illegal activity.” A telephone number is provided so that those affected can “resolve” the issue, with the caller warning that if the problem is not settled, the consumer’s assets will be frozen. This is a phishing scam. When callers contact the number provided, they are asked for personal information, including their Social Security number, date of birth, or home address. Suspicious calls from anyone claiming to be from the SSA should be reported to the Office of the Inspector General at 1-800-269-0271 or online via https://oig.ssa.gov/report.
Phony Charity Charged with Exploiting Veterans’ Causes
MILLIONS RAISED THROUGH MISREPRESENTATIONS TO DONORS
Federal and state agencies have charged the founder of “Help the Vets, Inc.,” Neil G. Paulson, Sr., for raising millions of dollars in a mail and telemarketing scheme that marketed bogus veterans’ causes to scam donors. According to law enforcement officials, most of the $20 million that Americans donated to Paulson’s various charities, operating under names like Veterans Emergency Blood Bank and Vets Fighting Breast Cancer, went to fundraising, administrative expenses, and to Paulson’s own salary and benefits. Consumers should research charities before making donations. A list of groups that have been the subject of lawsuits involving individuals allegedly lying to donors with respect to veterans’ causes can be found in the following AARP Bulletin article covering the Paulson scam.
Advocate’s Guide for Assisting Victims of Fraud
RESOURCE MANUAL FOR CAREGIVERS & PROFESSIONALS
Last month, the Financial Industry Regulatory Authority (FINRA) and the National Center for Victims of Crime (NCVC) updated their 2013 guide for advocates assisting victims of financial abuse. This manual gives caregivers, aging professionals, and law enforcement a list of tips and resources on how to respond to cases of suspected fraud. The free booklet includes case management tools, instructions on how to freeze a victim’s credit, and referrals to government entities and non-profits focused on fraud and elder financial abuse. A pdf version of the guide can be downloaded here.
Free Credit Freezes for Consumers
CONGRESS PASSES NEW LAW
Congress passed legislation in May to protect consumers against identity theft by removing fees associated with credit freezes. Currently, consumers need to pay between $2 and $10 per credit bureau to freeze their credit—depending on the state. Thanks to the new law (S.2155 – Economic Growth, Regulatory Relief, and Consumer Protection Act), consumers will soon be able to freeze their credit at no cost. In the meantime, Consumers Union outlines the costs per state here for freezing your primary credit reports: Equifax, Experian, and TransUnion.
“Digital Banking 2018” Conference in Austin
HOWARD TISCHLER GIVES REMARKS ON FINTECH INNOVATIONS
At the Digital Banking 2018 Conference in Austin, Texas, EverSafe CEO Howard Tischler, was a presenter on a panel entitled “Innovating for the Forgotten Generation.” The session was led by Theodora Lau, Founder, Unconventional Ventures and co-presenters included, Brad Kotansky, Founder and CEO, Onist Technologies, and Catherine Flax, CEO, Pefin. The speakers discussed the potential for innovators to have a transformative impact on the 50-plus generation since they make up more than $116 billion of revenue in traditional banking in the US, but are frequently left out of conversations involving emerging technology and innovation.
EverSafe Highlighted in Forbes
“TRUSTED ADVOCATE” SERVICE PROTECT PARENTS
An article from Next Avenue, also published in Forbes this month, outlines the growing problem of elder financial abuse in America. The findings from the recently-published Wells Fargo Elder Needs Survey were highlighted, emphasizing that baby boomers and their parents are avoiding important conversations about the prevalence of scams targeting seniors. The Next Avenue author suggests that this type of discussion should take place sooner rather than later and include:
- Asking a parent to consider a financial power of attorney;
- Using a service like EverSafe to analyze and identify irregular financial activity and then notify a designated “trusted advocate,” such as a parent or caregiver, when erratic transactions occur;
- Signing a parent up for automated direct deposits of funds;
- Assigning a “trusted contact” at each financial institution where parents bank, so that steps can be taken to notify that individual if there is suspicious activity.
FBI Crime Report on Scams
2017 FINDINGS RELEASED
According to a recent McKnight’s Senior Living article, the FBI reported last month that older adults age 60 and older lost more than $342 million to internet scams in 2017. According to their Internet Crime Report, the FBI’s Internet Crime Complaint Center received a total of 49,523 complaints from older adults last year. Findings released in this report indicate that the top three crimes reported by victims included non-payment (where goods and services are shipped but payment is never rendered), non-delivery transactions (where payment is rendered but goods or services are never received), personal data breaches, and phishing scams. Consumers who wish to access the report or file a complaint with the Center can visit its website.
SCAM ALERTS
CELL-PHONE ACCOUNT FRAUD
Cell-phone account fraud is a rampant threat. A Consumer Reports piece takes a closer look at this widespread scam. Alarmingly, between 2016 and 2017, the number of victims of fraudulent mobile-phone accounts rose 63% to about 
340,000 Americans. By opening an unauthorized cell-phone account in a consumer’s name, a scammer can drain that victim’s bank account, use their personal information to sign up for credit cards, and sell their phone number to other criminals.
To avoid this scam, consumers can freeze their credit information, which is typically used to open a cell-phone account, by visiting the National Consumer Telecommunications and Utilities Exchange. Another protective measure is to use a PIN number for your account which can be obtained by contacting your cell-phone service provider directly. Finally, by using a credit monitoring service like EverSafe, consumers can be alerted in real-time to an un-authorized credit check by a cell-phone provider.
WEAAD Global Summit
LEADERS GATHER AT THE SEC IN DC ON JUNE 5TH
The 4th Annual Global Summit and 13th Anniversary of World Elder Abuse Awareness Day (WEAAD) was observed on Tuesday, June 5th at the Securities and Exchange Commission (SEC) building in Washington, D.C. The Summit was convened by the National Adult Protective Services Association, the National Center for Victims of Crime, and the International Network for the Prevention of Elder Abuse. The day started with the spring meeting of the Elder Justice Coordinating Council, which began with remarks by U.S. Health and Human Services Secretary Alex Azar, Attorney General Jeff Sessions, and SEC Chairman Jay Clayton. In the afternoon, speakers included WEAAD Chairperson Betty Malks, and WEAAD Founder Elizabeth Podnieks, PhD. Topics on the program included Canadian Initiatives to Address Elder Financial Abuse, and Improving the Financial Health of Older Adults with Data Sharing.
ABA Foundation Releases Free Guide
BANKERS ASSOCIATION ADDRESSES ELDER FINANCIAL EXPLOITATION
This month, to highlight World Elder Abuse Awareness Day on June 15th, the American Bankers Association (ABA) Foundation released a free guide with helpful information, resources, and tools for preventing elder financial abuse. The manual outlines the most common scams targeting seniors and provides suggestions on what banks can do to help protect older adults—including forming partnerships with law enforcement agencies and Adult Protective Services. For more information on senior-focused banking protections and the Safe Banking for Seniors Program visit: www.aba.com/seniors.
Elder Fraud a National Epidemic
EVERSAFE CITED IN BLOOMBERG
A Bloomberg piece this month explores the devastating physical and mental health decline experienced by older adults who are victimized by scammers. It tells the story of Marjorie, who lost hundreds of thousands of dollars before family members discovered that
she had been targeted. Ultimately, Marjorie took her own life. The Bloomberg article quotes EverSafe COO Liz Loewy and other experts in outlining the scope of the elder fraud crisis. As in Marjorie’s case, many older adults choose to keep the exploitation a secret from friends and family, enabling criminals to prolong their schemes. Although federal funding to combat elder abuse and exploitation remains limited, 39 states have added financial exploitation to their legislative sessions in the past year and more than half have passed legislation or adopted resolutions to help protect older adults.
2018 Elder Needs Survey Report
WELLS FARGO RELEASES NATIONAL DATA—RESEARCH HIGHLIGHTED IN MONEY MAGAZINE
Wells Fargo recently published research entitled the Elder Needs Survey after evaluating data derived from interviews of more than 1,500 older Americans, including senior citizens and adult caregivers. The results of the study were compelling. Nearly half of the seniors reported that they knew someone who had been the victim of a scam, but only 1 in 10 felt that they were vulnerable to exploitation. And although more than half of adult children believe that helping parents is “what families are for,” 34% report that they feel uncomfortable discussing the topic of 
money in a family conversation involving advance planning.
A piece in TIME Money Magazine highlighted the Wells survey and focused on the importance of having a family conversation that includes the subject of financial protection. COO Liz Loewy, who presented remarks at the launching of the Wells research, suggested that when initiating the idea of a family conversation, the messaging shouldn’t necessarily be centered on aging and the possibility of dementia in the future. “Don’t make it about fraud or getting older,” Loewy suggested. She recommended that seniors and their adult children start by making an ‘emergency contact list’ of sorts, including information regarding where they do their banking and the names of their attorney, Power of Attorney, financial advisor, CPA, and other vital contacts—to be shared in the event of a crisis. Offering to trade this kind of data should help put the conversation on equal footing and may end up being useful to all parties, Loewy noted. “You will have to deal with the discomfort now, or you will end up dealing with the consequences later,” warned Kez Wold, who oversees Texas Adult Protective Services. As the article points out, those consequences are not just financial—research from the University of Texas demonstrates that there is a link between elder fraud and health issues, including depression and even mortality.
Breakthroughs in Long-Term Care
23rd ANNUAL NEW YORK STATE ELDER LAW FORUM
More than 250 government leaders, health care providers, attorneys, financial and insurance advisors, elder care advocates and long-term care professionals will gather in Latham, New York on May 31st for the 23rd Annual Elder Law Forum. Howard Tischler, Founder and CEO of EverSafe, will speak on a panel entitled, “Disruptive Solutions: How NextGen Companies are Using Technology to Reshape the Future of LTC.” View the full agenda for the forum here and reserve your spot today by registering here.
SCAM ALERTS
Two new scams are popular right now:
COUNTY CLERK SCAM CALL
TIME Money warns readers to be on the lookout for phone calls that appear to be from an official from a local government entity like a county clerk’s office. The recipient of the call believes that they are the subject of litigation, being fined, or that there may even be a warrant for their arrest. The scammer may ask for the victim to pay a “fine” by purchasing reloadable debit cards or gift cards.
UNPAID PARKING TICKET SCAM
Another similar phone scam currently on the rise involves a caller claiming to be from a local sheriff’s office, with a directive for the call recipient to pay outstanding parking tickets. The exploiter uses scare tactics to induce the victim into giving their credit card information. This type of call should always be viewed as a suspicious communication.
AARP BankSafe Initiative
TRAINING FOR FINANCIAL SERVICES PROFESSIONALS
On May 16th, AARP unveiled their BankSafe pilot program in Washington, D.C. The groundbreaking program is a training initiative designed to help financial services professionals learn how to identify and respond to suspected elder financial abuse. A pilot overview infographic is available here. The program, which is free, interactive, and self-paced, was developed with input from EverSafe and more than 200 bank and credit union experts across the country. The pilot is underway in Arizona, California, Colorado, Florida, Georgia, Illinois, Minnesota, Ohio, Oregon, Tennessee, Utah, and Vermont.
LEGISLATIVE UPDATES
SENIOR SAFE ACT—EXPECTED TO BECOME LAW
On Tuesday, May 22, the House approved the Senior Safe Act, legislation which encourages investment advisors, brokers, and financial services firms to report cases of suspected financial exploitation of senior clients to regulators and other authorities by offering immunity from federal privacy laws. The Act also promotes the development an
d implementation of training sessions on elder fraud prevention for client-facing professionals. It’s expected to be signed by President Trump by the end of May.
ROBERT BLANCATO TESTIFIES ON CAPITOL HILL
The American Society on Aging’s former Chair, Bob Blancato, testified before the House Appropriations Labor-HHS Subcommittee on April 26th on behalf of Elder Justice Funding. Mr. Blancato, representing the Elder Justice Coalition, testified in support of $25 million in funding for the HHS Administration for Community Living (ACL) Elder Justice Initiative as well as for $500,000 for a new Advisory Board on Elder Abuse, Neglect, and Exploitation as called for in the Elder Justice Act. He concluded his testimony by saying, “The problem of elder abuse is not stopping—nor should we be stopping our commitment to combat it.” Watch the video here.
World Elder Abuse Awareness Day
JUNE 15th DAY OF EDUCATION AND ADVOCACY
World Elder Abuse Awareness Day (WEAAD) was launched on June 15, 2006 by the International Network for the Prevention of Elder Abuse and the World Health Organization at the United Nations. The 2018 WEAAD is on June 15th and provides communities across the globe an opportunity to better promote an understanding of abuse and neglect of older adults by raising awareness about the cultural, social, economic, and demographic processes that contribute to abuse and neglect. An education and advocacy WEAAD toolkit for organizations can be found on the USC Center on Elder Mistreatment website here.
Silicon Valley Boomer Venture Summit
INVESTMENT AND OPPORTUNITY IN THE LONGEVITY MARKET
The 15th Annual Silicon Valley Boomer Venture Summit, hosted by Mary Furlong and Associates will take place at the Claremont Hotel in Berkeley, California from June 20-21. This is the longest running conference in the longevity marketplace. Participants will network with angel, seed, corporate, venture and growth investors. The Summit includes a $10,000 Business Plan Competition for entrepreneurs. Submissions are being accepted here until June 1st. Register today for early bird ticket prices!
Support for Single Seniors Without Children
NEW YORK TIMES CITES EVERSAFE AS FRAUD PREVENTION TOOL
Last month, the New York Times published an article about the growing number of older adults who are aging without the support of adult children. The piece shared that approximately 22% of people age 65 and older are either childless or not currently in touch with their adult children. Without a traditional support system, these individuals will likely be more reliant on supportive technology services and non-familial social networks to protect their life savings as they age. These tools will help ensure that seniors’ advance planning and end-of-life wishes will be fulfilled, especially in the event of physical or cognitive decline. The piece recommends that tools like EverSafe be considered to protect their financial well-being.
The Costs of Financial Caregiving
FRAUD MONITORING PLAYS A CRITICAL ROLE
With the growing aging demographic, caregiving has become the new normal. According to the National Alliance for Caregiving, there are currently about 36,000 caregivers in the US and more than half of them provide some degree of financial support. For financial caregivers, the monthly costs of providing medical assistance, food, and personal-care items for loved ones can be prohibitive. Taken together, these budget items can cost caregivers more than $500 each month, according to a recent CNBC article. In that about 47% of caregivers report that they stepped into this role unexpectedly, an important first step toward avoiding the budgeting burdens associated with caregiving is to be proactive in discussing loved ones’ plans for the future, including financial planning and fraud prevention, while they are in good physical and cognitive health.
SCAM ALERTS
New Medicare Card Fraud
SCAMMERS TAKING ADVANTAGE OF RECIPIENT
The Centers for Medicare and Medicaid Services (CMS) will be removing Social Security Numbers from all Medicare cards by April 2019 in an effort to prevent identity theft. A unique Medicare Number will replace the Social Security Number. This 
month, CMS has started to mail these new cards to recipients and a number of scams have already been reported:
- Recipients should disregard any messages they receive about an “activation process” or a fee. The only thing they need to do is ensure their correct mailing address is on file with the Social Security Administration;
- Medicare does not call individuals via telephone to ask for information verification. This type of call is likely a scam, and can be reported to 1-800-MEDICARE;
- Never share bank information with anyone purporting to be from Medicare. Medicare is not providing “refunds” for old cards.
A Flurry of Major Data Breaches
CONSUMER INFORMATION STOLEN
In the last several weeks, a number of data breaches at major businesses have been reported in the news. The hacks have compromised customers’ personal information and underscore the need for monitoring financial accounts, including checking, savings, investment, and credit card accounts—as well as credit report data. The breaches include:
- 5 million Saks and Lord & Taylor customers who had their credit/debit card data stolen;
- A breach affecting 150 million users of the Under Armour app called MyFitnessPal;
- Personal information of millions of customers exposed by Panera Bread;
- Credit card information affecting hundreds of thousands of Delta Air Lines and Sears customers;
- Capital One configuration data (IP addresses, administrative credentials, passwords) was leaked by analytics firm Birst in January. No consumer information was lost, but the breach provides a roadmap for hackers.
Standard credit report monitoring will not alert consumers to suspicious activity in depository and credit card accounts. Consumers who are concerned should step-up efforts to keep an eye on their own and family members’ financial activity with vigilant monitoring.
AARP Launches Podcast
“THE PERFECT SCAM” 12-EPISODE SERIES
On April 5th, AARP announced the launch of a weekly podcast about a number of alarming scams currently facing older consumers. Every episode will include exclusive interviews with scam victims, professional con artists, and experts. Listeners will walk away with tips on how to better protect themselves from fraud and abuse. The series is available at AARP.org/ThePerfectScam.
EverSafe Presents at Boomer Summit
FINANCIAL CAREGIVING IN THE LONGEVITY ECONOMY
At this year’s 15th Annual What’s Next Boomer Business Summit in San Francisco, hosted by Mary Furlong and Associates (MFA), EverSafe CEO Howard Tischler presented on a panel alongside well-known journalist Kerry Hannon, Susan Weinstock, Vice President of Financial Resiliency Programming at AARP, and Surya Kolluri the Managing Director at Bank of America/Merrill Lynch. Mr. Tischler relayed his personal experience involving his mother after learning that she had been 
exploited, which inspired him to develop the EverSafe platform. He emphasized the need for family members to understand that an individual’s ability to manage their finances starts to decline, on average, at age 53.
Ms. Weinstock shared that 1 out of 6 American employees currently provides some level of care to a family member or friend. The growing longevity marketplace was highlighted by Mr. Kolluri who noted that consumer spending by those over the age of 60 across the globe will reach $15 trillion annually by the year 2020. In fact, Merrill Lynch now offers a longevity investment option for its clients and offers its financial advising staff a longevity training certificatefrom the University of Southern California Leonard Davis School of Gerontology.
On June 20-21, MFA will continue this dialogue on the growing importance of the longevity economy when they host the Silicon Valley Boomer Venture Summit at the Claremont Hotel in Berkeley, California.
Regulatory Updates–Calling all Broker-Dealers
NEW FINRA RULES PROTECT AGING INVESTORS
February 5, 2018 was the effective date for the enactment of FINRA Rules 4512 and 2165. In sum, broker dealers are now required to make reasonable efforts to obtain the name(s) and contact information of a designated “Trusted Contact” upon the opening or updating of a customer’s account(s), and they can now place a temporary hold on disbursements if they suspect financial exploitation in certain cases. These new regulations provide a perfect opportunity for broker dealers to involve customers’ Trusted Contacts in fraud monitoring. If you are looking for a template of a Trusted Contact Form from the EverSafe Toolkit, go to https://www.eversafe.com/trusted-contact/. For more information about using EverSafe to implement the “Trusted Contact” rule, contact: TrustedContact@EverSafe.com. Additionally, FINRA has a frequently asked questions section of their website to assist in the implementation of the Rules.
Older Americans Month 2018
“ENGAGE AT EVERY AGE” DURING MAY
First recognized by President John F. Kennedy in 1963, May is Older Americans month. The 2018 theme is to “Engage at Every Age.” TheAdministration on Aging and the Administration for Community Living are emphasizing the importance of participating in activities that enrich the physical, mental, and emotional well-being of older adults. The Older Americans Month website includes a useful resource library—including a direct link to the Consumer Financial Protection Bureau’s financial security webpage, with information on scams and fraud-prevention tips.
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.
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 Advisor Magazine Highlights EverSafe
FINTECH CITED AS A TOOL TO COMBAT ELDER FRAUD
Financial technology, known as “fintech,” is technology innovation that offers an alternative to traditional methods in the delivery of financial services. And financial institutions are beginning to embrace fintech solutions in their quest to prevent and identify signs of exploitation, especially with respect to vulnerable adults. A Financial Advisor Magazine article this month explores the benefits of using technology to enhance fraud protections for consumers as well as detecting issues related to cognitive capacity. In the article, EverSafe’s CEO Howard Tischler, and COO Liz Loewy, outline the critical importance of financial technology in preventing fraud and abuse. “[To] identify financial exploitation, advisors and banks need to be able to spot patterns in withdrawals and anomalies in financial accounts, things often invisible to people,” Loewy said. The importance of monitoring financial accounts was also underscored. “People need this information before disaster strikes,” Tischler emphasized.
Raymond James Announces New Retirement Tools
EVERSAFE ADDED AS LONGEVITY PLANNING RESOURCE
The wealth management firm Raymond James has announced the addition of a suite of new longevity planning resources to its 7,500 
financial advisors nationally. According to the announcement, the offerings were selected based upon insights and feedback from a group of 40 advisors at the firm. The tools include new and existing applications as well as business relationships developed to support advisors as they assist clients with financial planning healthcare, end-of-life wishes, and fraud and identity theft protection (EverSafe). Raymond James is already receiving positive feedback about the longevity planning resources, which advisors are calling “invaluable” in helping them meet the needs of clients in a more holistic way.
SCAM ALERTS
PHONY LOAN MATCHING WEBSITES
For consumers who have been denied a bank loan because of a low credit score, websites that market lending opportunities with purportedly high approval rates can look like an appealing alternative. However, many of these websites collect personal information from consumers and then sell it to predatory lenders or others on the Black market. Don’t be fooled, follow these tips to avoid being scammed:
- Don’t rely on a single online loan matcher to do research for you;
- Before sharing any personal information, carefully research lenders by looking online for their ratings from other consumers as well as their rating on the Better Business Bureau website;
- Contact the Federal Trade Commission to report any suspicious activity.
Legislative Updates
SENIOR SAFE ACT MOVES FORWARD IN CONGRESS
On Monday, January 29th, H.R. 3758, the Senior Safe Act, passed the House of Representatives. This bill, which will now head to the Senate, is sponsored by Representative Krysten Sinema (D-Arizona) and Representative Bruce Poliquin (R-Maine). The bill:
- Encourages individuals and financial institutions to report suspected instances of elder fraud;
- Incentivizes firms to train employees to find and stop financial exploitation;
- Enables financial services providers (banks, credit unions, investment advisors, etc.) to better communicate with law enforcement agencies when they suspect fraudulent activity;
- Grants immunity to those who report suspected abuse to regulators and law enforcement.
ELDER JUSTICE COALITION RESPONDS TO BUDGET
In response to the Bipartisan Budget Act of 2018, H.R. 1892, which has been signed into law, the Elder Justice Coalition has called on Congress to use a portion of the $63 billion increase in non-defense discretionary spending to combat mounting financial exploitation and elder abuse in the United States. House and Senate appropriators are working on the details of this omnibus appropriations bill now and have an opportunity to include funding for the programs authorized in the Elder Justice Act more than seven years ago.
Conference at Goodwin Procter
EVERSAFE PRESENTS AT ELDER FRAUD PROTECTION SEMINAR
FOR LEGAL AND FINANCIAL SERVICES PROFESSIONALS
Earlier this month, EverSafe presented on a panel at an event at Goodwin Procter which was co-hosted by the Securities Industry and Financial Markets Association (SIFMA) in Boston. The symposium focused on ways in which industries can work together to identify and prevent fraud across an aging demographic. Legal and compliance professionals attending the seminar heard from regulators, aging and medical professionals, government officials, and financial services about emerging issues relating to older clients, including signs of diminished cognitive capacity.
EVERSAFE WILL ALSO BE PRESENTING AT THESE UPCOMING EVENTS:
- American Bankers Association
Wealth Management and Trust Conference
February 25-26, in Orlando
- What’s Next Boomer Business Summit
“Financial Caregiving in the Longevity Economy”
March 27-28, in San Francisco
- American Society on Aging (ASA) Conference
March 26-29, San Francisco
Please call 1-888-575-3837 for more details!
FEBRUARY 5th IS HERE!
EverSafe can help you implement the “Trusted Contact” rule. Are you a Broker-Dealer or a registered representative of a brokerage firm?
As of February 5th, FINRA (the Financial Industry Regulatory Authority) Rules 4512 and 2165 require broker dealers, upon the opening of an account and routine and customary updating process, to take reasonable steps to obtain the name of a “Trusted Contact” who may be contacted regarding suspicious activity related to the client’s account(s).
EverSafe’s exclusive Trusted Advocate feature makes it easy. We have Trusted Contact forms we can share, and assist in reaching Trusted Contacts to ensure they are notified. We can add fraud monitoring, with alerts to Trusted Contacts, if requested.
Please email TrustedContact@EverSafe.com
or call 1-888-575-3837 if you are interested or have questions.
Maryland Launches “PROTECT” Week
CAMPAIGN PARTNERS INCLUDE EVERSAFE
The state of Maryland launched its first ever “PROTECT Week” this month to help educate residents about elder financial abuse and how to take steps to protect seniors and families against fraud and scams. Five 
years ago, Maryland passed a law requiring financial institutions to report suspected financial exploitation of adults who are 65 years of age and older. The launch of PROTECT week demonstrates the state’s commitment to ending elder financial abuse. The week kicked off with talks from Maryland’s Attorney General Brian Frosh, Maryland Comptroller Peter Franchot, and EverSafe’s Liz Loewy. Other events during January 8-12 included a Tele-town Hall with Guidewell Financial hosted by AARP Maryland, a policy presentation at Holiday Park Senior Center about fraud prevention, and a gathering at the Charlotte Hall Veterans Home to share tax assistance information and resources on financial well-being. Free and low-cost resources for those interested are available at: www.PROTECTweek.com.
New Fraud Prevention Tool for Law Firms
EVERSAFE AND ELDERCOUNSEL COLLABORATE TO SERVE OLDER CLIENTS
ElderCounsel provides over 1,000 law firms across the United States with online tools, educational programs, and practice-building skills needed to grow their elder law practice. Their services include document-drafting 
software, an educational platform with online and live events, marketing services, and peer network support involving a vast number of attorneys. EverSafe is proud to announce their partnership with ElderCounsel, which will provide firms with a comprehensive fraud and identity theft prevention tool that can be offered to clients at a discounted rate.
2018 Financial Health Resolutions
TIPS FROM THE FINANCIAL INDUSTRY REGULATORY AUTHORITY
The beginning of a new year is a good time to take a closer look at what’s not working when it comes to your finances. The Financial Industry Regulatory Authority (FINRA) provides the following guide to improve your financial health this year:
- Take the time to create a household budget and track it closely;
- Set both short-term and long-term goals for your savings plan;
- Check your credit report. You can check once every 12 months at each of the three credit bureaus – Equifax, TransUnion and Experian and at Annual Credit Report.com which is run by the three bureaus;
- If you have an investment portfolio, consider rebalancing based on performance and;
- Create a process for organizing important financial documents and shredding those you no longer need to remove “financial clutter.”
EverSafe is the perfect tool to help you keep your financial resolutions for 2018. It enables users to organize their finances, and monitor family members’ financial accounts, credit cards, and credit reports daily for irregular activity suggestive of fraud or issues related to financial capacity.
SCAM ALERTS
IRS WARNS OF FRAUD DURING TAX SEASON
The Internal Revenue Service (IRS) has outlined several scams that are prevalent during tax season. Schemes involving fraudsters who make telephone calls and claim to be IRS agents are most common. They may purport to correct an IRS error, collect an overdue tax payment, or suggest that a larger refund is on its way if personal information is “confirmed.” This type of call should be ignored as the IRS will use the mail if a taxpayer owes a payment. Email communications including the phrase “you must update your IRS e-file immediately” should also be disregarded. Fraud involving the IRS should be reported by emailing: phishing@irs.gov. Many IRS scams can be avoided by filing tax returns as early as possible to foil the exploiters who are attempting to receive phony refunds with stolen personal information. And individuals who are victims of identity theft should contact the IRS to inform them about the fraud and receive an identity protection pin number to use when they file.
RAISE Family Caregivers Act
LEGISLATION PASSES THE SENATE
On January 8th, the United States Senate passed the Recognize, Assist, Include, Support and Engage (RAISE) Family Caregivers Act (S.1028/H.R.3759). This bill, which was signed into law on January 23rd, provides essential support services to family caregivers who help older adults and people living with disabilities to continue living independently in the community. The legislation requires the Secretary of Health and Human Services to put in place a strategy for supporting family caregivers in financial security and workplace issues. Learn more about how this will impact you from this Next Avenue blog.
Benefits for Credit Union Members
NJ CREDIT UNION LEAGUE OFFERS EVERSAFE TO ITS MEMBERS
This month, EverSafe and the NJCUL Services Corporation announced a partnership to help credit union members in New Jersey protect their customers’ finances and credit from exploitation—and minimize their vulnerability from data breaches. The NJCUL aggregates and distributes selected premier products and services that empower their credit union members. The collaboration with EverSafe offers monitoring that gives members access to enhanced protection, including personalized financial and identity theft monitoring, daily scans of the Dark Web, alerts that can be directed to designated trusted advocates, a consolidated family dashboard, and fraud resolution/identity restoration.
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.
if you are interested or have questions.
Aging, Cognition & Financial Health Conference
EVERSAFE PRESENTS AT THE FEDERAL RESERVE BANK IN PHILADELPHIA
Last month, EverSafe presented at a conference in Philadelphia that brought together financial services professionals, regulators, and aging professionals to discuss “Aging, Cognition, and Financial Health.” The event, co-hosted by thePhiladelphia Fed and the Penn Memory Center at the University of Pennsylvania, focused on a number of issues including the startling lack of official information-gathering pertinent to elder abuse and exploitation, the relationship between diminished capacity and financial acumen, as well as ways fraud and risk tools can be enhanced to detect fraud in later life. The conference addressed timely and important challenges, given that approximately five million Americans are currently living with Alzheimer’s disease.
Senior Safe Act Making Headway
LEGISLATION APPROVED BY SENATE COMMITTEE
On December 5th, the Senate Banking, Housing, and Urban Affairs Committee voted 16-7 to approve the Senior Safe Act which will serve to encourage financial advisors, investment advisors, insurance companies and depository institutions to report elder financial exploitation without violating privacy laws. The Committee reviewed the Act as part of its markup of The Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155). The next step is for S.2155 to be considered in the Senate in early 2018, followed by a vote in the House and then if it is passed, the Senior Safe Act would become law as part of this larger banking regulation bill. The Senior Safe Act is based on an initiative in Maine that included educating financial services professionals to be more vigilant in identifying signs of fraud and exploitation when interacting with senior clients. Of course, a number of states currently have statutes mandating that professionals at financial institutions report suspected elder financial abuse—click here to learn the reporting requirements in your state.
MD Arrest & Conviction—a Typical Case of Elder Fraud
HOUSEKEEPER STEALS MONEY FROM 90-YEAR-OLD CLIENT
Last month, a housekeeper and her husband were convicted of swindling $1.2 million over three years from their 90-year-old Montgomery County client who suffered from dementia. The criminals, sentenced to 55 years in prison, were apprehended after bank officials became suspicious regarding large, erratic withdrawals from the accounts of the victim, now deceased. “This case of elder fraud is somewhat typical,” according to Liz Loewy, a former prosecutor and now general counsel at EverSafe. “We’re not always fully aware when we start to lose the ability to manage our money as we age. Financial institutions need to enhance their analytics to identify more scams at their inception, and consumers should consider forming a team to keep an eye on each other’s accounts.”
SCAM ALERTS
GRANDPARENT GIFT CARDS
An older couple living in Queens, New York was recently scammed for more than $20,000 in a scheme known as the Grandparent Scam. The victims received an urgent phone call from an individual claiming to be an attorney who was representing their grandson after a car accident. The scammer informed the couple that legal fees had to be paid, and directed them to send gift cards purchased from the retail store Target. Once the couple realized that they had been conned, their efforts to obtain a refund were unsuccessful. Target now has a Fraud Prevention Page and other retailers are beginning to post signs in stores warning of gift card scams. Family members and clients should be educated about this scam, with a caveat that any professional who requests payment via gift cards should be viewed with suspicion.
HOLIDAY SAFETY TIPS
Online shopping has become increasingly popular as shoppers prefer to make purchases from the comfort of their homes where they can quickly compare prices and locate good deals. The Financial Industry Regulatory Authority (FINRA) encourages customers to stay safe when shopping for the holidays online. Some of their tips include:
- Skipping public Wi-Fi—It’s easier for hackers to locate passwords and financial information when consumers use Wi-Fi that is on a public network at venues like coffee shops, hotel rooms and airports;
- Thinking before you click—Many phishing emails are sent during the holidays—they are often disguised as special offers with URL links leading to phony websites;
- Monitoring statements—Consumers should keep a close watch on bank and credit card statements to identify fraud as quickly as possible.
2018 What’s Next Boomer Business Summit
UNDERSTANDING THE LONGEVITY ECONOMY
Now in its 15th year, 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 to meet the interests and needs of the aging baby boomer population. Registration is now live! Reserve your seat at: www.boomersummit.com.
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.
Financial Tips from Global Finance Expo
NEXT AVENUE RECOMMENDS EVERSAFE
Last month, innovative financial media leaders, bloggers, and podcasters gathered in Dallas at the world’s largest annual financial expo called “FinCon.” Among those in attendance was Next Avenue journalist Diane Harris, who wrote an informative piece highlighting a few of the best tips she picked up at the conference. One of her key takeaways was how 
important it is for consumers to leverage technology to protect their financial health, especially in the wake of the Equifax breach. Harris cited EverSafe as an important fraud prevention tool for monitoring consumers’ financial accounts—as well as their credit. Other tech services referenced by Harris included BluePrint Income, which offers a unique income annuity that will guarantee a stream of income upon retirement, and Take Command Health, which analyzes customers’ doctors and prescriptions, via a Turbo Tax—like questionnaire, and then recommends the best plans for them, both on and off the health care exchanges.
FBI Specialist: How to Respond to Elder Fraud
Elder abuse is now a focus of the FBI. In a recent interview, journalist Bob Sullivan shared insights from FBI Victim Specialist Debbie Deem about what to do if there is reason to believe a senior is being targeted for fraud. One important legislative development she shared: federal law now states that telemarketers 
cannot use Western Union, MoneyGram, or gift cards as a means of payment on phone solicitations. Consumers should be made aware that both Western Union and MoneyGram have departments where complaints relating to scams or suspicious activity can be filed. Deem also recommends contacting your state’s Adult Protective Services unit if there is evidence that a senior is being financially exploited or seems to be in trouble. You can find more information by visiting http://www.elderjustice.gov/. Finally, it always pays to educate older clients and family members about the signs of elder fraud and identity theft. Concerned consumers can report fraud to the Federal Trade Commission by visiting their website here.
AARP Hosts Family Caregiving Summit
40 MILLION AMERICANS ARE FAMILY CAREGIVERS
Mark your calendar for Tuesday, December 12th when a livestream will be available from AARP’s Caregiving Summit. Experts and industry leaders at the event will include, Sheila Marcelo, CEO of Care.com and Chief Science Officer at IBM Watson Health, Shahram Ebadollahi.
Speakers will address the topics of Policy, Technology, Work, and Community as they relate to the needs and responsibilities of America’s family caregivers. Click here to watch the event live next month.
Aging and Fraud Reports
RECENT REPORTS SHARE CRITICAL DATA
The American Bankers Association (ABA) Foundation‘s “2017 Older Americans Benchmarking Report: Findings from a Survey
of Banks outlines the growing commitment of financial institutions to fight fraud and financial abuse targeting older adults. Although individuals over the age of 50 account for just a third of the U.S. population, they make up 61% of bank depositors and hold 70% of deposit balances. This makes seniors a prime target for criminal activity. The good news? According to the report, about 70% of banks now require specialized training for their frontline staff to identify suspicious activity.
FINANCIAL CAREGIVING REPORT
“The Journey of Caregiving: Honor, Responsibility and Financial Complexity” is another recent study published by Merrill Lynch in partnership with Age Wave. This piece focuses on a rapidly growing population of “informal caregivers” in the U.S. who have no formal training but are the primary caregiver of a friend or relative. Despite the recognition that this kind of relationship can take its toll when it comes to the health and fiscal well-being of the caregiver, 77% of survey respondents said they would “gladly” do it again. A big part of this picture are the so-called “sandwich generation” caregivers, who are also tasked with caring for their own children: 47% of adults age 40-59 are simultaneously raising children and caregiving for aging parents. Juggling multiple responsibilities can compromise the caregiver’s employment opportunities and advancement as well as the ability to save for retirement, according to the study. And caregivers who assist their older parents and adult kids in managing their money face an even bigger challenge. Using technology to keep an eye on loved ones’ finances can greatly ease this task. EverSafe’s “trusted advocate” feature is a perfect caregiving tool.
SCAM ALERTS
AVOIDING HOLIDAY FRAUD
The Consumer Financial Protection Bureau has compiled a comprehensive list of tips to help seniors and their loved ones avoid fraud and exploitation during the holidays. Additionally, EverSafe has information about ways to avoid scams during the season. A few tips:
- Be wary of any charity seeking donations that refuses to provide information about its identity or proof that the contribution is tax-deductible. Check its authenticity by visiting Charity Navigator or GuideStar;
- Consider opting to use credit cards, as opposed to debit cards, for shopping. Credit card protection will usually limit a consumer’s liability to $50 (if there is any liability) in charges if the card is lost or stolen. This isn’t necessarily true when debit cards are used fraudulently. The Electronic Fund Transfer Act provides some protection, but consumers can lose far more than $50 and funds are pulled immediately when the card is swiped.
- Avoid storing credit card information online with stores where purchases are being made. If hackers breach the system of that store, private information can be compromised. In 2013, for example, the retail giant Target experienced a cyber-attack that put the private credit card information of 41 million customers at risk.
Learning that one’s personal and financial data has been exposed can certainly spoil the joy of giving—so remind family members and clients to stay vigilant.
VETERANS AT RISK
The AARP has launched Operation Protect Veterans, in partnership with the U.S. Postal Inspection Service, to help loved ones identify scams targeting veterans. A recent survey by AARP found that 16% of American veterans have lost money to scams over a five-year period. For more information, and to learn how to protect the veterans in your life, visit their new website.
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.
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 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.
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 Considered 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.
