AI is Helping Banks to Fight Elder Abuse

U.S. based banks reported a 12 percent increase in elder abuse from 2017 to 2018, a number thought to be low since banks are not required to report abuse unless it reaches a certain threshold; in the past 5 years cases of elder abuse have jumped by more than 50 percent; the most common scams involve dating websites and work at home rouses that convince people to provide their details; typically loved ones and caregivers are the most common people to perform the scams; banks are taking a number of approaches like warning staff inside branches and using AI technology to spot patterns in spending, though more thought is needed to understand what would be an anomaly for that person. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.