NEWS
Florida, a popular destination for retirees, has become a prime target for financial scams. A new FBI report reveals Florida ranks second in the nation for elder fraud, with over $3.4 billion lost by seniors in 2023 alone. Investment schemes, tech support scams, and romance scams were the most frequent methods used to exploit Florida’s vulnerable older population.
Source: CBSNews
SITUATION ANALYSIS
This surge in elder fraud exposes the need for stronger safeguards. Seniors are often targeted due to their trust, limited technical knowledge, and potential for cognitive decline. Shame and a fear of being judged can also prevent them from reporting these crimes, allowing fraudsters to continue their schemes.
CHALLENGES
- Protecting Vulnerable Populations: Seniors are often targeted due to trust, limited technical knowledge, and potential cognitive decline. Developing effective safeguards to protect them is crucial.
- Overcoming Reporting Barriers: Shame and fear of judgment can prevent seniors from reporting scams, hindering investigations and prosecution.
- Combating Evolving Scams: Fraudsters constantly develop new tactics, requiring ongoing law enforcement vigilance and public education.
WHY iCOGNATIVE?
iCognative offers a novel approach to combatting elder fraud by analyzing brainwave activity during questioning. Individuals are presented with stimuli related to the suspected scam, and iCognative measures the P300 wave, a brain response that occurs when someone recognizes familiar information. By analyzing these brainwaves, iCognative can potentially detect hidden knowledge or involuntary responses that a suspect might not consciously reveal. In the fight against Florida’s elder fraud epidemic, iCognative could be a valuable weapon:
- Unmasking Masterminds: iCognative could be used to analyze brainwaves of suspected scam ring leaders. While they might try to fabricate stories, involuntary P300 responses to details only someone truly involved in the scheme would know could expose their deep understanding of the fraudulent operation.
- Following the Money Trail: iCognative could be used with individuals suspected of laundering money stolen from seniors. Analyzing brainwaves while they are presented with financial records or transaction details related to the scam might reveal recognition of specific accounts or transfers, aiding investigators in tracking stolen funds.
- Identifying Recruiters: Fraudulent schemes often rely on lower-level individuals to recruit new victims. iCognative could be used with these suspects to analyze brainwaves while they are shown photos or descriptions of known victims. A P300 response could indicate prior contact or knowledge of the targeted individuals, helping investigators identify a wider network of those involved in the scams.
iCognitive presents a promising tool in the fight against elder fraud. By analyzing brainwaves, it could expose hidden knowledge from criminals, track stolen money, and identify those targeting vulnerable seniors.
Source: Brainwave Science