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Combatting AI: Over $1 Billion in Losses for Older Americans in 2022

Scammers targeting older Americans are increasingly using Artificial Intelligence (AI) that is encouraging victims to send money, resulting in over a billion dollars in losses in 2022, according to a recent study. The report, which was conducted by the Government Accountability Office (GAO) revealed that AI-facilitated scams have become more rampant, as perpetrators have become more adept at getting around traditional fraud measures. In 2022 alone, losses resulting from such scams rose by more than 100%, reaching over a billion dollars in total. One reason for this increase is the sophistication of AI-driven scams. For example, AI-based voice recognition technology makes it easier for fraudsters to fool elderly victims into thinking they are speaking to a legitimate person. AI-based prediction models also make it easier for scammers to anticipate elderly victims’ behavior before they even know it themselves. This makes it easier for fraudsters to build trust before swindling elderly victims out of their money. In response to this trend, GAO recommends a number of measures for improving the prevention of such scams. These include better consumer awareness, increased security for online transactions, and collaboration between government agencies and the private sector to strengthen the fight against such fraud. Statistics show that elderly Americans are far more likely to be targeted by scammers than younger generations – making them prime targets for AI-aided fraud schemes. It is therefore essential that measures to combat such scams are continuously evaluated and improved upon to minimize their risk. By taking the necessary precautions and updates, we can ensure that seniors are not victimized by these sophisticated scams, and that their hard-earned money is kept safe.