According to a 2015 True Link Financial Report, over $36 billion are lost each year from elder financial abuse. Seniors with dementia are particularly at risk, and there is an increase in fraud by the guardians and conservators who look out for the protected person's finances.
Courts appoint guardians and conservators, so courts are under pressure to increase oversight and reduce financial exploitation. The Minnesota court system leads the nation with its online system in which conservators report each financial transaction once per year.
Our challenge was to: (1) help identify fraud faster so that you don't reach the end of the year online to realize that the funds in the estate are gone; and (2) apply data analytics to millions of transactions to help a limited number of court investigators prioritize high-risk cases.
Our solution solves these problems with a real-time platform that send notifications to court authorities when high-risk transactions occur. We also delivered analytic tools to red flag questionable entries in large data sets.