Securing Digital Banking for Seniors - Preventing Elder Financial Exploitation Using AI

Digital banking has revolutionized the mode of banking in the past decade. Instead of people going to the bank, digital banking via web, mobile, tablet has now reached at people's home at their fingertips. However, this also has brought in significant cyber threat of financial exploitation particularly impacting the senior people. Senior people are more vulnerable to financial exploitation compared to their younger counterparts due to several factors such as cognitive decline due to age, unfamiliar with social engineering attacks, trouble with navigating complex user interfaces etc. This paper proposes a dual technique to protect senior population from financial exploitation leveraging artificial intelligence as the backbone - an AI-driven education and awareness model and an AI-powered financial assistant to prevent fraud during transaction. The financial assistant uses a voicebased alerting system to maximize the possibility of fraud prevention improving the general security posture during financial transaction particularly safeguarding the seniors. The education and awareness model on the other hand, provides adaptive education to the seniors, thus reducing the possibility of being compromised while using digital banking channels. This dual solution strategy ensures the elderly population can confidently and safely use digital banking platforms, striking a balance between security and accessibility. This paper contributes to the essential area of cybersecurity for the aging population and provides a practical solution for financial institutions to adopt and protect their senior customers from financial exploitation.