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The FBI Internet Crime Complaint Center (IC3) received more than 101,000 reports of scams and fraud against people ages 60 and older in 2023, causing seniors to lose over $3.4 billion. And those ...
Defrauding seniors has long been a favorite pastime of scammers -- especially during the holiday season -- but it has really picked up steam in recent years. Elder fraud losses have increased ...
Elder financial abuse is a type of elder abuse in which misappropriation of financial resources or abusive use of financial control, in the context of a relationship where there is an expectation of trust, causes harm to an older person. The Older Americans Act of 2006 defines elder financial abuse, or financial exploitation, as “the ...
Fraud detection is a knowledge-intensive activity. The main AI techniques used for fraud detection include: Data mining to classify, cluster, and segment the data and automatically find associations and rules in the data that may signify interesting patterns, including those related to fraud. Expert systems to encode expertise for detecting ...
When it comes to financial scams, seniors are among the most frequent targets -- to the tune of $2.9 billion in lost money a year in the United States, according to the U.S. Senate Special ...
Accounting scandals are business scandals which arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating ...
Consumers lost more than $3.3 billion to fraud last year, up a whopping 83% from the year before, according to the FTC. Column: We're living in a golden age of scams as fraud reports surge amid ...
Utility scam. Utility scams are fraudulent acts where a perpetrator calls or arrives unannounced at a utility customer's house in an attempt to take money or sell unnecessary energy accessories through misrepresentation. Often, the fraud involves telling the victim that he or she owes the utility company money and that their power, gas, or ...