NEW YORK— With AI-fueled scams targeting older adults and with families being scammed out of $29 billion in 2024 alone, according to the FTC, along with new research on the intersection of brain health, age, and finance, the fintech Carefull said it has launched GreyMatter, a proprietary artificial intelligence engine “built to detect, prevent, and predict the complex risks of aging and money.”
According to the company, GreyMatter is the AI intelligence layer powering Carefull’s financial safety platform, which is said is 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.”
Evolving System
Carefull said 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,” Co-Founder and Co-CEO Todd Rovak said in a statement. “Aging is complex, mutli 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.”
Responding to Fire With Fire
Since 2020, Carefull said it has been building the industry’s first AI platform focused on aging and money, an area long overlooked by traditional fraud systems. The company said its solution 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.”
Next Step
GreyMatter, the company said, 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,” Carefull said. “Beyond flagging transactions, GreyMatter detects a never-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.”
‘Built Every Day’
“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,” Co-Founder and Co-CEO Max Goldman said in a statement.
A New Era of Longevity Finance
Carefull said GreyMatter will soon unlock a new category it is calling “longevity finance, where banks, advisors, governments, and nonprofits can collaborate to bring safety, trust, and dignity back into financial aging.”
Waiting List Formed
The company said GreyMatter is continuously evolving, reflecting its commitment to building the future of financial safety.
“To support this continued growth, Carefull has established a waitlist for organizations—from financial institutions to insurance, retail, telecommunications, utilities, universities, and more—to partner and collaborate in this shared mission,” the company said. “With aging recognized as a societal challenge that touches everyone, the goal is to bring more organizations to the table and keep advancing the work together.”
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