Roughly one in ten Americans aged 60 or older has experienced some form of elder abuse, and older adults lose an estimated $28 billion each year to financial fraud, according to recent data. Despite ongoing efforts, these problems persist largely because they are difficult to detect, especially when multiple parties are involved in caregiving. LogicMark Inc. (OTC: LGMK), a provider of personal emergency response systems and health communication devices, is applying its patents in AI and game theory to address these challenges.
LogicMark has been developing technology to help seniors live independently for nearly two decades. Its patents focus on detecting incentive misalignment in caregiving environments—situations where a paid caregiver's goals conflict with the client's best interests, potentially leading to abuse or fraud. The company's system uses AI and machine learning to analyze the activities and motivations of every individual involved in an elderly person's care, including caregivers, family members, friends, and agencies.
The process begins with AI assessing the goals, interests, and behaviors of all parties to determine what alignment should look like. Then, game theory AI applications simulate multiple scenarios to identify any misalignments of interest between the care recipient and others. If a misalignment is detected, it can be flagged and reported to appropriate individuals, such as family members.
Real-world examples illustrate how the technology works. In one scenario, a hired caregiver fails to arrive on time or stay for the agreed duration; LogicMark's device records this discrepancy and alerts the family. In another, a granddaughter responsible for grocery shopping sees weekly bills rise from $150 to $280 over six weeks; the AI detects this pattern change and notifies the family, who can then investigate whether the increase is due to personal purchases or changing preferences.
By tracking and modeling behaviors, LogicMark aims to pioneer the use of AI to prevent elder mistreatment and financial exploitation. With elder abuse on the rise and financial fraud costing tens of billions annually, tools like these are increasingly necessary. As LogicMark continues to develop its technology, it positions itself at the forefront of leveraging AI to protect vulnerable seniors.
