$30B in fraud targeting seniors, Carefull raises $16MM to protect elderly
Lex Sokolin
Managing Partner @Generative Ventures | ex Consensys Chief Economist & CMO | Fintech, AI, Web3
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AI: Carefull lands $16.5M to shield seniors from financial fraud
Carefull has raised $16.5MM in Series A funding, bringing total funds raised to $19.7MM, as it builds tools to prevent financial fraud targeted at seniors. Currently, seniors lose $28.3B to criminals annually. Further, 72% of scams are perpetrated by people known to the victims, such as advisors, friends and family. Seniors are often targeted for their socioeconomic circumstances, lack of technical proficiency, and even the declining state of their health.
Carefull focuses on the association between cognitive decline and financial vulnerability. Research indicates that there is a link between potential early warning signs of certain neurological disorders and financial issues. For instance, Johns Hopkins research shows that missing payments could indicate the beginnings of dementia, with those affected by Alzheimer’s developing subprime credit up to six years before their diagnosis.?
Carefull’s solution is using AI to scan customer financial accounts to identify activity indicative of financial exploitation. Its models claim to be able to identify behavioral and anomalous financial patterns, which are then flagged for the user or financial institution. Beyond algorithmic monitoring, Carefull also assists with negotiating and canceling bills, performs identity and credit monitoring, and reviews home titles quarterly to identify fraud and tampering. Carefull also works with banks and asset managers as customers, compiling the issues faced by their users to give a holistic view of threats and trends. For instance, Carefull may notice that users within a particular town are falling victim to mortgage scams and can flag this to the relevant institution to identify culprits or to provide warnings to users within that geography.??
Carefull sells directly to customers for $299 a year or $29 a month, with enterprise plans available for advisors and wealth managers that enables them to offer the service to clients for free. We like Carefull for its psychological research approach to financial fraud. There are other competitors in the AI fraud detection space, including Fraugster and Hawk AI, but this is the first player we have seen specifically focusing on the challenges faced by seniors. Not only does it help those more vulnerable who may not have the necessary support, but it also takes the workload off of caregivers who may be talented at elderly care, but not at personal financial management and/or fraud detection.??
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Helping you make sense of going Cashless | Best-selling author of "Cashless" and "Innovation Lab Excellence" | Consultant | Speaker | Top media source on China's CBDC, the digital yuan | China AI and tech
1 年Great that you focused on seniors Lex. This is a world wide problem and China has big problems with this too! In fact getting seniors and youth onto CBDC hard wallets with more limited spend is a goal of the digital yuan project.
Thought Leader @ Wiser! | Self-Published Author, Emerging Technologies
1 年Interesting story about Carefull and the use of tech to prevent the scamming of vulnerable older people
Thank you for sharing this post about scams and generative AI research. While it may not be directly related to aged care, it's always important to stay informed about various topics. Keep exploring and learning, and remember that at AgedCareKB, we believe specialized AgedCare Knowledge should always be Free. Join today and put the power of hundreds of topics and peer-reviewed articles in your team's hands.
Prompt Trainer (How to think about AI and the Future) | I train professionals to be #GenAI Masters! | Multidisciplinary Communications and Innovation | Business and Metaphysics | #ContentCreation #BreakingNews
1 年Long Take ?? few!
Managing Partner @Generative Ventures | ex Consensys Chief Economist & CMO | Fintech, AI, Web3
1 年For the full newsletter, view here: https://lex.substack.com/p/fintech-carefull-raises-16mm-to-battle CC: Spiros Margaris Efi Pylarinou Mohamed Roushdy, MBA Theodora Lau Urs Bolt Richard Turrin Bo Brustkern Peter Renton Christopher Tedrick Jason Mikula Alex Johnson Marcel van Oost Props: Laurence Smith Matthew James Low Farhad H. Daniel Marques Bo Brustkern