Part of the problem under existing laws is that banks and other financial institutions are limited in the amount of information they can share, says Robert Rowe, vice president and associate chief counsel of the American Bankers Association.
“It is important for financial institutions to look at this because this is one of their largest growing customer bases,” Loewy says. “There is some research that indicates that being financially exploited can shorten life. At the same time, one in three seniors die with some form of dementia.”
Most people have relationships with several financial institutions, says Howard Tischler, CEO of EverSafe, noting that independent companies are starting to pull this data together. “People need this information before disaster strikes,” he says.