EverSafe is a web application that monitors seniors’ financial accounts, credit reports, and other data sources for fraud, identity theft, and age-related issues.
According to AARP, 45 million Americans serve as caregivers for older relatives, and nearly 18.5 million of them also provide financial caregiving. But keeping an eye on a loved one’s finances can be tricky. What if there was a way for the elderly (and their caregivers) to protect their life savings in the same way they safeguard their homes, cars, and personal property?
EverSafe is a machine learning system that uses algorithms to detect and monitor financial activity, then identifies erratic behavior based on historical spending patterns.
- When EverSafe detects abnormalities – like missing deposits, changes in spending, unusual investment activity, or unauthorized account openings – the app alerts the member, as well as their designated trusted advocate.
- EverSafe assesses a member’s historical financial activity when they enroll to establish a personal profile.
- Financial transactions (bank, investment, credit card, and credit report data) are analyzed on a daily basis.
- The app also addresses the user’s financial health to help them plan and ensure that they don’t outlive their savings.
FINANCIAL HEALTH FOCUS
According to AARP data, the average fraud victim loses $120,000. EverSafe believes it can preserve and improve the financial health of the elderly by automating alerts on fraud and suspicious behavior.