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 a staggering $28 billion each year to financial fraud. LogicMark Inc. (OTC: LGMK), a provider of personal emergency response systems and health communication devices, is leveraging its artificial intelligence and machine learning patents to develop more reliable detection methods for these persistent problems.
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.
LogicMark's system first uses AI and machine learning 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 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 system's intent is to always ensure the best possible outcome for the person needing care, with any detected misalignments flagged and reported to appropriate individuals.
In practical applications, the technology can identify concerning patterns that might otherwise go unnoticed. For instance, if an elderly person's family hires an agency to provide five hours of daily care starting at 8:00 a.m., LogicMark's device can record and report when the caregiver fails to arrive on time or doesn't complete the full duration of care. Similarly, the system can detect unusual financial patterns, such as when a weekly grocery bill suddenly increases from $150 to $280 over several weeks under a family member's care, alerting the family to potential personal purchases or other issues requiring attention.
With elder abuse continuing to grow and financial fraud costing the nation tens of billions of dollars annually, tools like LogicMark's patented technology represent a significant advancement in protecting vulnerable older adults. The company's approach to using AI and game theory to model behaviors and identify misalignments in caregiving activities addresses the core challenge of detecting abuse and fraud that has proven difficult to solve through traditional methods. This technology could substantially impact how families and agencies monitor care quality and financial transactions involving elderly individuals, potentially reducing the substantial economic and personal costs associated with elder mistreatment.
Curated from NewMediaWire
