Shades of Grey: Financial Fraud Prevention for Seniors

Fraud detection is complex and the amount of data that needs to be
mined and analyzed is massive. AI shows great promise in being able
to move from detecting fraud after the fact, to predicting and
preventing it before it happens. This will serve to minimize the
financial exposure of the older adults, and preserve their
dignity.

In this episode of Shades of Grey, Theodora Lau and Arunkumar
Krishnakumar talk to Liz Loewy, Co-Founder and Chief Operating
Officer at EverSafe. Eversafe leverages historical financial
behavior across different bank accounts to build personal profiles,
and analyzes daily transactions to identify anomalies including
missing deposits and late bill payments, which can be indicative of
potential cognitive decline, and likelihood of falling victim to
financial exploitations. Suspicious activity alerts are then sent
out to both the older adult and his/her designated “trusted
advocates”. 

Liz, Theo and Arun discuss how critical it is to protect the ageing
population from financial frauds. The age and the amount of assets
held by older adults make them prime targets for financial
exploitation: the 50-plus account for thirty percent of the U.S.
population, holding over seventy percent of deposit balances. In
addition, 10,000 people turn 65 on a daily basis – so much as that
by 2030, one in five Americans will be 65 or older. 

Listen in to hear more interesting insights on Fraud prevention in
a growing market.

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