
Impersonation attacks, also known as imposter scams, involve fraudsters pretending to be someone trustworthy: such as government officials, business representatives, family members, or celebrities, to trick victims into sending money, sharing personal information, or granting access to accounts. These scams often use phone calls (vishing), emails (smishing/phishing), texts, or spoofed caller ID. They frequently target older adults due to factors like accumulated savings, potential cognitive vulnerabilities, social isolation, and greater trust in authority figures or family.
FTC data indicates a sharp rise in severe cases among adults aged 60+: Reports of losses of $10,000 or more to government/business impersonation scams increased more than four-fold from 2020 to 2024. Losses exceeding $100,000 per victim rose eight-fold, from $55 million (2020) to $445 million (2024). Total reported losses to these impersonation scams for older adults reached around $700 million in 2024.
These crimes are difficult to prosecute due to international law & attackers being generally in hard to reach legal zones. This is why we need to fix the issue in real-time and this is where our tool will intervene. By giving an easy way to confirm authentication & the validity of requests, we will be able to attack the problem, at source.
This is a never ending problem that will never be fixed until we find a new way of going about quick seamless authentication that isn't based on voice or image. With AI, deepfakes and a never-ending suite of tools & techniques to dissimulate identity, we need a real-time tool to ensure we are speaking with the person or business who claims to be speaking with us. We must ensure trust.
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