EverSafe selected as one of eight start-ups in CFSI Financial Solutions Lab’s 2017 class
Announcement comes on the heels of recent AARP Innovation@50+ Lab Consumers’ Choice Award
COLUMBIA, MD. (June 20, 2017) — 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. EverSafe, a fraud monitoring platform that focuses on the financial health of seniors and their families, uses artificial intelligence to detect scams, identity theft and age-related issues. The platform then alerts seniors and their family members to suspicious activity.
EverSafe was among eight companies selected from more than 300 applicants for the highly competitive program. The start-ups “represent the most promising group of early stage financial technology innovators that are improving Americans’ financial health,” according to CFSI.
“We are happy to welcome EverSafe into this year’s class,” said Ryan Falvey, Managing Director at CFSI, which manages FinLab. “Over the last three years, we have been incredibly impressed by the quality of applicants, and this year was more competitive than ever. We look forward to seeing what EverSafe can do with the additional support of the Lab program.”
“Elder financial abuse is our nation’s hidden epidemic. We are honored to join the FinLab as we continue to pursue our mission to help America’s seniors and their families protect their financial health,” said Howard Tischler, co-founder and CEO of EverSafe.
An estimated 10,000 Americans turn 65 every day, and nearly 1 in 5 seniors are financially abused.¹ With the average loss per victim at $120,300,² “it is more important than ever for seniors and caregivers to take extra steps to protect against fraud and identity theft,” said Liz Loewy, EverSafe’s co-founder and general counsel.
“Protecting older Americans from financial exploitation is everyone’s responsibility,” said Debra Whitman, Chief Public Policy Officer at AARP. “We applaud the CFSI and JPMorgan Chase at the Financial Solutions Lab for their support of innovative fintech solutions that protect consumers as they age. Taking steps like using technology to monitor accounts and create alerts are essential to stop this growing form of abuse before it ever happens.”
The announcement comes shortly after EverSafe was awarded a Consumers’ Choice award at AARP’s Innovation@50+ LivePitch. 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 pitch and product.
The full event video and highlights of EverSafe’s AARP pitch can be found here.
Get more information about how EverSafe protects finances at www.eversafe.com.
About the Financial Solutions Lab
The Financial Solutions Lab is a $30 million, five-year initiative managed by the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co. to identify, test and expand the availability of promising innovations that help Americans increase savings, improve credit, and build assets. The lab will launch a series of competitions to identify solutions to specific consumer financial challenges. It will provide incentives for entrepreneurs, businesses, and nonprofits to enhance financial products and services that address these challenges and improve consumers’ financial health. For more information, visit http://finlab.cfsinnovation.com/.
About EverSafe
EverSafe protects the financial health of seniors and their families against scams, fraud and identity theft and alerts members to age-related issues. Using artificial intelligence and machine learning, EverSafe analyzes bank and investment accounts, credit cards and credit reports as well as other data sources, for unusual activity across accounts and institutions. Alerts are issued to members as well as “trusted advocates,” who serve as an “extra set of eyes.” EverSafe provides personalized referrals and expert remediation assistance to members as needed. Learn more at www.EverSafe.com and on Twitter @EverSafeSeniors.
¹ Investor Protection Trust Survey: Elder Investment Fraud and Financial Exploitation
² AARP’s BankSafe™ Initiative: A Comprehensive Approach to Better Serving and Protecting Consumers