The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes have human names and use popup features to encourage engagement. Some chatbots use more complex technologies marketed as “artificial intelligence,” to generate responses to customers.
Communities across the nation are working to prevent and respond to elder financial exploitation, which threatens the financial security of millions of older adults each year.
The Consumer Financial Protection Bureau (CFPB) helps state and local organizations create and develop Elder Fraud Prevention and Response Networks, often working with partners to host in-person convenings of local or regional stakeholders.
But what happened during the COVID-19 pandemic, when people were no longer able to convene in person? When reported fraud and scams hit an all-time high? And what happens when scammers target traditionally underserved populations? Here is how the CFPB and elder justice advocates adapted to meet the moment.