EverSafe Introduces First Technology Solution Designed to Combat Elder Financial Exploitation

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Oct 29, 2014, 06:37 ET

COLUMBIA, Md., Oct. 29, 2014 /PRNewswire/ -- EverSafe today publicly introduced a new technology service that combats the financial abuse too often perpetrated against older Americans. Elder financial exploitation is a growing epidemic and is estimated to be a multibillion-dollar problem in the United States.

EverSafe helps promote the financial independence of seniors by applying technology to detect fraud at its source.

The EverSafe service is a proactive financial defense network™ that helps detect unauthorized credit card use, unusual cash withdrawals, missing deposits, changes in spending patterns, identity theft and more. Designed for seniors, EverSafe's suspicious activity alerts were developed in consultation with experts on aging, law enforcement, banking and finance.

Howard Tischler, EverSafe's founder and CEO, developed the service after his mother was financially exploited. "I saw the devastating effect it had on my mother and my family and resolved to apply technology to help prevent this tragedy from happening to others," said Tischler.

More than 10,000 Americans turn 65 every day, and according to a recent survey, more than 20 percent of Americans 65 and older are financially exploited. Called the ultimate betrayal, abusers range from telemarketers, scam artists and petty thieves to family, friends and trusted professionals. "Almost everyone has a story about an older relative or friend who has been victimized," said Tischler. "Abuse often starts small and escalates. EverSafe uncovers the problem before a lifetime of savings disappear."

EverSafe scans bank and investment accounts, credit cards and credit reports on a daily basis. The service then analyzes every financial transaction using sophisticated exploitation-prevention software. When suspicious activity is identified, the senior and/or family members or trusted representatives are notified.

When EverSafe was unveiled to the banking and financial industry at FinovateFall 2014 in late September in New York City, Bank Technology News selected it as "one of the seven strongest tech ideas from Finovate, day one."

For more information, visit www.EverSafe.com.

Contact:

Chris Grover
EverSafe
301-482-0277

Photo - http://photos.prnewswire.com/prnh/20141028/154957

SOURCE EverSafe