Application of Artificial Intelligence to Curb Fraud Among the Elderly

Abstract

The new technologies are being developed due to the rapid AI growth, which is ready to use in the fight against financial fraud, especially for such vulnerable communities as the elderly. This paper focuses on how AI technologies can be implemented in various areas of fraud protection surpassing from machine learning algorithms and natural language processing up to facial recognition. The paper sets out an analysis of existing AI-based fraud prevention methods, highlighting their advantages and disadvantages, and advices on improving their functional efficiency. The application of publicly available datasets for fraud detection shows that AI can get high accuracy in dealing with suspicious activities. And though it exists, its concerns of privacy data, personal bias, and the necessary adaptation of the system for the use of seniors with poor digital skills. The paper ends with a number of approaches for the development of ethical, transparent, and user-friendly AI systems which will enable older people to make deliberate decisions concerning the prevention of scams.