Everyone has the right to age on their own terms. Unfortunately, older adults are victimized every day. Research shows that 1 in 5 seniors has been financially exploited, but only 1 in 44 cases is actually reported to authorities. It's a multi-billion dollar problem.
What's the solution to this growing epidemic? At EverSafe, we believe that it's a team effort. Whether it's your parent, grandparent, older client or a friend - you can play an important role in making sure that your loved ones or clients have control of their assets and are kept safe and sound from predators.
Consumer Reports recommends having "financial institutions send monthly statements to a trusted family member or a professional advisor to check for inaccuracies and fraud."
We agree. A unique feature of EverSafe is the option to assign family members and/or trusted advocates a role in assisting in the monitoring of the member's financial accounts. With EverSafe, analysis of all of the senior's accounts is provided on a daily basis to allow for a timely review.
Family members and advocates are provided with "read-only" access to assigned accounts. They can't move funds. They simply stand ready to step in and help when suspicious activity is detected.
Compare this to what happens at the bank. When seniors need assistance in managing their money, the only option that financial institutions typically offer is adding another individual to their accounts. A "joint account" means that both the senior and the other account holder share ownership of the funds, which may make the account subject to additional taxes, creditors and potential unauthorized use of funds. "Read-only" access from EverSafe offers seniors control and independence without the risk and financial implications of a joint account. And since EverSafe gives its members the option of keeping account balances hidden -- seniors get both added protection and privacy.
We believe that transparency is a deterrent to financial exploitation. A member can easily add more than one relative or advocate to assist in the monitoring of suspicious activity. Whenever erratic activity is detected, the assigned individuals receive an alert and can assist in tracking the issue through resolution.
At EverSafe, our goal is to ensure that your older relatives and clients live a long and healthy life, free from the indignity and devastation that accompanies financial exploitation and identity theft. We are confident that trusted family members and advocates can play a vital role in helping make that happen.
