After Brian Roundtree’s parents fell victim to a scam where they wired $34,000 to fraudsters pretending to be their grandson in trouble, Roundtree was inspired to create aiShield, an innovative solution aimed at preventing older adults from being targeted by digital scams. The rise of fraudulent activity, totaling $10 billion in reported losses last year alone, is a growing concern, with experts suggesting that the actual number could be significantly higher as many victims choose not to report these crimes out of embarrassment. Scammers are becoming increasingly sophisticated and are leveraging AI technologies to impersonate loved ones or trusted entities, causing their targets to act irrationally due to heightened emotions and urgency.
Older adults are commonly targeted by scammers due to their vulnerability and susceptibility to persuasion. AiShield, co-founded by Roundtree and Kevin Allan, uses generative AI to intercept and detect fraudulent calls to mobile phones, providing a layer of protection for its users. By screening incoming calls and monitoring outgoing communications for red flags associated with scams, aiShield aims to give older adults the tools to recognize and avoid falling prey to fraudulent schemes. The startup plans to operate as a mobile virtual network operator, utilizing existing carrier networks while providing its own service to customers.
Law enforcement and policymakers are starting to take notice of the prevalence of digital fraud and are implementing initiatives to track and prosecute repeat offenders. Public education campaigns are being launched to raise awareness of these crimes, while startups like aiShield are developing technology-driven solutions to combat fraud at a consumer level. Roundtree and Allan’s previous experience in the startup space, coupled with their expertise in AI and technology, positions aiShield to make a meaningful impact in the fight against digital scams. With a proof-of-concept technology already developed, aiShield is seeking funding from angel investors to further develop and market their product within the next 12 months.
The landscape of anti-fraud companies catering to both corporate and consumer markets is expanding, with a focus on scam prevention and identity theft protection. Companies like Aura, Robokiller, and Hiya are among those working to safeguard individuals from falling victim to fraudulent activities. With increased awareness and efforts to address digital fraud as a serious crime, there is hope that progress will be made in combatting these schemes. The White House has taken steps to address this issue, recognizing the importance of treating digital fraud as a property and violent crime that can have profound impacts on individuals’ lives.
As scams and fraudulent activities continue to evolve and become more sophisticated, the need for innovative solutions like aiShield becomes increasingly apparent. By leveraging AI technology to detect and prevent fraudulent communications, aiShield aims to empower older adults to protect themselves from falling victim to these crimes. With a focus on providing a user-friendly service that enhances awareness and protection from scams, aiShield is poised to make a positive impact in the fight against digital fraud and protect vulnerable individuals from financial loss and emotional distress.
