Scams targeting older Americans have cost over one billion dollars in losses in 2022. Artificial Intelligence (AI) is playing a major role in this increasingly sophisticated crime. A reported three hundred thirty-two thousand cases of fraud and other financial exploitation have been reported by older Americans this year, a seventy-five percent increase from 2019.
The technology behind the latest breed of scams is more sophisticated than ever before. For example, the use of voice-cloning technology allows fraudsters to impersonate a victims friend or family member. AI-based software can also be used to create personalized emails that look like they are coming from a trusted source.
The big tech companies are taking notice and have made major investments in AI and machine learning technology to help protect older Americans. Google, for example, recently announced its Advanced Protection Program, which includes two-factor authentication and proactive detection of fraud. Microsoft also recently announced its Cybercrime Helpline, which is designed to help people affected by scams and fraud.
AI is just one small part of the larger picture of fraud and financial exploitation of older Americans. The problem is systemic and it requires the collaboration of government, law enforcement, and technology companies to make a lasting change.
In addition to investing in AI, companies, nonprofits, and other organizations are working to raise awareness of this issue. One example of this is AARP’s Operation Stop Scams campaign, which is designed to educate people about scams and provide assistance to those who’ve been targeted by scammers.
As the population of older Americans continues to grow, so does the risk of scams and financial exploitation. AI can play a major role in stopping these scams, but the only way to truly make a lasting change is to raise awareness and create a more secure environment for seniors.