Anti-scam AI technology is enabling seniors to protect their finances so they can live independently in their own homes.
This article explores the increasing vulnerability of seniors in the U.S. who choose to age independently at home, particularly concerning financial scams. With scams against the elderly on the rise, traditional measures are proving inadequate. However, AI technology is emerging as a promising solution, offering tools that can proactively identify and block scams in real-time, thereby safeguarding seniors' financial assets. These AI tools, such as Hiya Protect and the Genie App, not only block malicious activities but also educate seniors on how to protect themselves.
Independent Aging and The Growing Concern of Scams: Exploring AI Solutions
As individuals age, many are faced with the decision of where to spend their golden years. While some opt for the comfort and security of a managed care facility or active aging community, the vast majority are choosing to age independently at home.
Choosing to age independently can be both empowering and challenging for Seniors. A significant challenge is the surge of scams targeting this vulnerable group. Especially prevalent in the US, these scams present significant financial dangers, often draining a lifetime of savings. This piece explores the concerning trend of scams aimed at the elderly and how technological advancements in AI may offer a beacon of hope.
The Silent Epidemic: Scams Affecting U.S. Elders
In comparison to other countries, American seniors tend to have substantial assets These funds, accumulated over a lifetime, often in the form of retirement savings, pensions, and property holdings, make Seniors attractive targets for fraudsters.
The Federal Trade Commission (FTC) reported that, since 2021, older Americans reported staggering increases in losses due to different scams: investment scams saw a rise of 213% with losses amounting to $147 million, business impersonation scams surged by 134% causing $151 million in losses, and government impersonation scams escalated by 109% leading to $122 million lost.
While many countries face similar challenges, the scale and intricacies of scams in the US stand out. The US operates under a federal system where both the state and federal governments can enact and enforce laws. This sometimes leads to discrepancies in regulations from one state to another, allowing for scammers to exploit loopholes.
Furthermore, The US banking industry has not fully embraced anti-scam technologies, leaving a sizable segment of the senior population vulnerable. In stark contrast, the UK is advancing legislation that holds banks accountable for any financial fraud against their customers. This proactive approach compels UK banks to integrate sophisticated anti-scam measures.
AI: A Beacon of Hope
Despite many governments and companies attempting to find a solution to this problem, time and again they come up short as scammers are constantly changing their strategies.
In comes AI technology, offering a potential solution. Innovations in the tech industry have given birth to AI solutions that promise not just to block scams, but to proactively educate seniors, ensuring their financial assets are defended against fraudulent activities.
As scams continue to evolve, AI tools remain a beacon of hope, offering real-time, adaptive solutions to protect our elderly from digital and real-world threats.
Let’s dive deeper into how specific AI products are making a significant difference.
· Scam & Spam Call Identification and Blocking
· Hiya Protect employs machine learning to proactively search and neutralize fraudulent calls. Working in real-time, Hiya’s AI examines data like the originating carrier, its past reputation, the originating country, and network signature, so it can detect potential scams.
· The Genie App is another tool that puts an end to scam and spam calls. With an accuracy of 99%, Genie’s AI can engage unknown callers, analyzing their voice, language, and behavior to detect malicious intent. When Genie identifies a scammer, the call is blocked instantly.
· Aura - Spam Call & Message Protection offers seniors a robust defense against phone scammers. With its AI-powered Call Assistant, it smartly blocks spam and screens incoming calls, preventing phishing schemes that aim to extract money or personal details.
· Phishing Email and Text Message Detection
· The Genie App has an "Ask Genie" feature that scans emails and texts for scam signs, and it sends periodic messages about potential scams to keep users informed. Genie can differentiate between legitimate and phishing messages and emails, based on patterns like specific phrases, URLs, or structures.
· Vade, with its state-of-the-art AI-driven email protection, safeguards an impressive 1.4 billion mailboxes worldwide, processing an astounding 100 billion emails daily. This vast volume continuously refines its AI, helping to counteract emerging threats like phishing and malware.
Conclusion
As more seniors choose to age in place, independently, their reliance on technology, especially digital communication tools, increases. In such a landscape, the role of advanced AI tools becomes vital. By providing real-time, adaptive solutions, these AI tools empower seniors with the autonomy they desire while ensuring their financial safety and security. As scams become more sophisticated, these tools act as vigilant guardians, ensuring that our elderly can lead independent lives without constantly fearing digital exploitation or deception.
References :
Davis, M. R. (2021). Despite Pandemic, Percentage of Older Adults Who Want to Age in Place Stays Steady. AARP. Link
Gill, M. (2023). Senior scam statistics 2023. Comparitech. Link
MacKay, J. (2023). 12 Alarming Senior Citizen Scams: What You Need to Know. Link
Federal Trade Commission (FTC). (2022). FTC Issues Annual Report to Congress on Agency’s Actions to Protect Older Adults. Link
The Guardian. (2023). UK banks to reimburse fraud victims under new rules, regulator confirms. Link
Davis, G. (2021). FCC, T-Mobile, Verizon, and Other Telcos Can't Stop Robocalls From Appearing | Mitigation Plans Now Required! Tech Times. Link
Hiya Protect. (2023)
Genie. (2023). https://www.lifesgenie.com
Aura. (2023). https://www.aura.com/spam-call-message-protection
Vade. (2023). https://www.vadesecure.com/en/email-content-filter/