I really think there should be a startup that integrates with Plaid pulling all bank transactions to build AI models for this.
I think real time alerts or daily summaries sent to trusted caretakers. Another layer is having the caretaker approve of the transactions. Can think of this as 2 factor authentication where they'd have to hack multiple phones or accounts for a successful scam.
For example, seeing multiple gift cards would be suspicious. Or if you know your parents never take out more than 100$ from the ATM.
Sometimes though they willingly scam themselves. My dad gave this real life scammer 30k in advance payment in return for future caregiving services. We told him she was scamming us and he didn't care. When she asked him for more money to buy a new car he finally realized she was truly scamming him.
I think real time alerts or daily summaries sent to trusted caretakers. Another layer is having the caretaker approve of the transactions. Can think of this as 2 factor authentication where they'd have to hack multiple phones or accounts for a successful scam.
For example, seeing multiple gift cards would be suspicious. Or if you know your parents never take out more than 100$ from the ATM.
Sometimes though they willingly scam themselves. My dad gave this real life scammer 30k in advance payment in return for future caregiving services. We told him she was scamming us and he didn't care. When she asked him for more money to buy a new car he finally realized she was truly scamming him.