Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, April 25, 2019

Hot Tech Solutions to Keep Older Adults Safe From Financial Abuse

ElderlawThe estimates of elder financial abuse losses very depending on the source, but they range from $3 to $40 billion per year. The National Adult Protective Services Association estimates that 90% of abusers are family members or trusted others. Sadly, the Association also reports that only 1 in 44 cases of financial abuse are reported to the authorities, and that 1 in 10 cases are so devastating that the victim must turn to Medicaid because their savings were annihilated.

A company called SilverBills is attempting to keep vulnerable older adults safe from financial abuse with an application assisting in paying their bills. The founder was a practicing attorney, Marci Lobel-Esrig, that witnessed first-hand the large number of elders that were taken of advantage of, especially by the Bernie Madoff scandal. The app is concierge bill pay service with a subscription model in which, after signing a contract, an older person’s bills are managed by the company. They currently have a partnership with the New York Department for the Aging, which allows them to offer their service free to those who qualify.

Another company assisting older citizens in EverSafe, which monitors bank accounts, savings and investment accounts, credit cards and credit information. It also works on a subscription basis and offers a free trial.After establishing a baseline from historical financial behavior, they can identify erratic activity, anomalies like unusual withdrawals, missing deposits, and changes in spending patterns. A third company entering this protection sphere is TrueLink, which offers prepaid Visas that can be partnered with trusted family members or even attorneys, guardians, fiduciaries, care managers, home care providers, and daily money managers.

See Sara Zeff Geber, Hot Tech Solutions to Keep Older Adults Safe From Financial Abuse, Forbes, April 23, 2019.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2019/04/hot-tech-solutions-to-keep-older-adults-safe-from-financial-abuse.html

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