AI Technology Targets Elder Abuse and Financial Fraud in Caregiving Environments
TL;DR
LogicMark's AI technology provides families with a competitive advantage by detecting caregiver fraud early, potentially saving thousands in financial losses and ensuring proper care.
LogicMark's system uses AI and game theory to analyze caregiver behaviors, detect incentive misalignments, and flag anomalies through continuous monitoring of care activities and spending patterns.
This technology creates a safer world for seniors by preventing elder abuse and financial exploitation, ensuring vulnerable adults receive proper care and maintain their dignity.
LogicMark's AI can detect when a caregiver arrives late or grocery bills suddenly double, using game theory to spot suspicious patterns in caregiving scenarios.
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Approximately one in ten Americans aged 60 or older has experienced some form of elder abuse during their lifetime, while older adults collectively lose $28 billion each year to financial fraud. LogicMark Inc., a provider of personal emergency response systems and health communication devices, is addressing this persistent problem through its patented artificial intelligence and game theory technology designed to detect incentive misalignment in caregiving environments.
The company's patents focus on identifying situations where the goals of paid caregivers conflict with their clients' best interests, potentially leading to abuse or fraud. Using AI and machine learning, LogicMark's system analyzes the activities and motivations of all parties involved in elderly care, ensuring alignment with the person's safety and security. The technology first assesses the goals, interests, and behaviors of all individuals in the caregiving arrangement, then uses game theory AI applications to simulate multiple scenarios and detect any misalignments between caregivers, family members, friends, or agencies and the person receiving care.
In practical applications, the system can identify and report discrepancies in care provision. For example, if a family hires an agency to provide five hours of daily care starting at 8:00 a.m., but LogicMark's device records that the caregiver arrived late and didn't stay for the full duration, this misalignment of interests would be reported to the family for follow-up with the agency. The technology also monitors financial patterns, such as detecting unusual increases in grocery bills when a family member takes over shopping responsibilities, alerting the family to potential personal purchases or changing preferences that require discussion.
LogicMark has been developing these technologies for nearly 20 years, building on its expertise in personal emergency response systems and care economy solutions. The company's approach represents a significant advancement in elder protection, moving beyond traditional monitoring to actively identifying and flagging potential mistreatment through behavioral analysis and pattern recognition. With elder abuse continuing to grow and financial fraud costing the nation tens of billions of dollars annually, such technological interventions address a critical need in the caregiving ecosystem. The original content was published on https://www.benzinga.com and the press release can be viewed at https://www.newmediawire.com.
Curated from NewMediaWire
