LogicMark Deploys 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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Approximately one in ten Americans aged 60 or older has experienced some form of elder abuse during their lifetime, while older adults lose an estimated $28 billion each year to financial fraud. LogicMark Inc., provider of personal emergency response systems and health communication devices, is addressing this persistent challenge through its patented artificial intelligence and game theory technology.
The company holds patents focused on detecting incentive misalignment in caregiving environments, which occurs when the goals of paid caregivers conflict with their clients' best interests, potentially leading to abuse or fraud. LogicMark's technology analyzes the activities and motivations of every party involved in elderly care using AI and machine learning to ensure all participants are acting in alignment with the person's safety and security.
The system employs AI and machine learning to assess the goals, interests, and behaviors of all individuals involved in caregiving to determine their proper alignment. Game theory AI applications then simulate multiple scenarios to identify any misalignments of interests between the various players—including the person receiving care, caregivers, family members, friends, or agencies involved in the care process. The objective is to consistently ensure the best possible outcome for the person requiring care, with any detected misalignments being flagged and reported to appropriate individuals.
In practical application, the technology can identify discrepancies in care provision. For instance, if a family hires an agency to provide five hours of daily care beginning at 8:00 a.m., LogicMark's device records whether the caregiver arrived on time and remained for the contracted duration. Any deviation from the agreed-upon schedule is recognized as a misalignment of interests and reported to the family for follow-up with the agency.
Another scenario involves financial monitoring through potential partnerships with services like grocery delivery platforms. If weekly grocery expenses for an elderly person historically averaged $150 but steadily increased to $280 over six weeks under a granddaughter's care, the incentive misalignment and game theory AI detects this pattern change inconsistent with past behavior and alerts the family. This could indicate personal purchases or simply reflect changing grocery preferences, but in either case, the system surfaces the issue for family resolution.
Without such technology, families might remain unaware of caregiving discrepancies or financial irregularities. LogicMark's approach represents a pioneering application of AI to prevent elder mistreatment and financial exploitation in caregiving environments. By tracking and modeling behaviors using artificial intelligence, the company can identify misalignments in activity that may lead to suboptimal care for elderly individuals. As elder abuse continues to grow and financial fraud costs the nation tens of billions of dollars annually, such technological solutions address a critical need in the care economy.
Curated from NewMediaWire
