Fueled by artificial intelligence, new scams and fraud schemes targeting older adults are evolving daily, costing families over $29 billion in 2024 alone, according to the FTC. In parallel, research continues to shed more light on the intersection of brain health, age, and finance. Today, Carefull, the company redefining financial safety for older adults and their families, announced live from the Money20/20 stage the launch of GreyMatter, its proprietary artificial intelligence engine built to detect, prevent, and predict the complex risks of aging and money.
GreyMatter is the AI intelligence layer powering Carefull’s financial safety platform, used by financial institutions nationwide to help families spot early signs of financial risk, from scams and fraud to cognitive decline and elder abuse, before small issues become lasting harm. GreyMatter is an evolving system trained on millions of transactions and behavioral data points to identify what traditional fraud and risk systems typically miss.
“Social engineering, industrialized scam organizations, and now AI… the latest tactics and technologies now prey directly upon those who once protected us,” said Todd Rovak, Co-Founder and Co-CEO of Carefull. “Aging is complex, multi-stakeholder, and is more about behavior, brain health, and family relationships than it is about transactions alone. AI presents an unprecedented opportunity to combine these elements to create a massive positive impact.”
Fire, Meet Fire
Since 2020, Carefull has been building the industry’s first AI platform focused on aging and money, an area long overlooked by traditional fraud systems. Carefull stops elder fraud by putting a preventative solution directly in the hands of customers, detecting and resolving concerning patterns, before the “big one” that irreparably harms a family. GreyMatter represents the next step in Carefull’s mission, delivering new proprietary intelligence and expanded behavioral insight to support older customers in a manner Carefull calls “oversight without overreach.”
GreyMatter brings innovation to the rapidly evolving fraud landscape filled with romance scams and emotional manipulation schemes. Beyond flagging transactions, GreyMatter detects an ever-growing set of more than 60 behavioral and complex risk patterns, including forgetfulness, potential vulnerability, decline in judgment, and even potential financial exploitation by a trusted person. To do this, Carefull pulls in insights from the ecosystem of medical research, data science, psychology, and of course, financial fraud prevention.
“GreyMatter wasn’t built once—it’s built every day. It learns, adapts, and gets smarter with every new transaction, behavior and emerging scam. That’s how we stay one step ahead of the problem: by crafting a system that never stops learning how to protect its users,” said Max Goldman, Co-Founder and Co-CEO of Carefull.
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