LogicMark Leverages AI and Game Theory Patents to Combat Elder Abuse and Financial Fraud
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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Roughly one in ten Americans 60 or older has been the victim of some form of elder abuse in their lifetime, while older adults lose a staggering $28 billion each year to financial fraud. LogicMark Inc., the provider of personal emergency response systems, health communication devices and technology for the growing care economy, is leveraging its patents in AI and game theory to find a more reliable way to detect and prevent these issues. The company has been enabling seniors to live independently through its suite of devices, software and AI technology for almost 20 years.
To protect from elder abuse and fraud, LogicMark holds patents focused on detecting incentive misalignment in caregiving environments, which occurs when the goals of paid caregivers conflict with their clients' best interests. Its patents analyze the activities and motivations of every party involved in elderly care using AI and machine learning. The system first uses AI to assess the goals, interests and behaviors of all individuals involved in caregiving to determine what their alignment should be. Then game theory AI applications simulate multiple scenarios to determine if there are any misalignments of interests between caregivers, family members, friends or agencies involved in the care.
The technology can identify real-world problems through behavioral tracking. Consider a situation where an elderly person's family hires an agency to provide five hours of daily care starting at 8:00 a.m. LogicMark's device records that the caregiver did not arrive at 8:00 a.m. and didn't stay for five hours. This is recognized as a misalignment of interests and is reported to the family for follow-up with the agency. In another example, when someone is being cared for by a family member responsible for buying groceries, the system can detect unusual spending patterns. If the weekly grocery bill suddenly increases from $150 to $280 over several weeks, the incentive misalignment and game theory AI detects this change and alerts the family.
With elder abuse continuing to grow and financial fraud costing the nation tens of billions of dollars annually, tools like LogicMark's technology are increasingly necessary. The company's approach represents an innovative application of artificial intelligence and behavioral analysis to protect vulnerable populations. By tracking and modeling behaviors using AI, LogicMark can identify misalignments in activity that may lead to suboptimal care for elderly individuals. This technology helps surface issues that families might otherwise remain unaware of, providing an additional layer of protection in caregiving relationships.
Curated from NewMediaWire
