Rhetoriq

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