Edward Jones has integrated Carefull's financial safety platform into its advisory toolkit, providing AI-powered monitoring for more than 9 million clients through its network of over 20,000 advisors. The technology scans accounts for suspicious transactions and behavioral shifts linked to scams, operating silently in the background to complement human advice.
The system flags self-inflicted errors, particularly those associated with aging, and can route alerts to designated family members without ceding account control. David Gunn, head of U.S. and Canada business units at Edward Jones, stated that the initiative combines trusted guidance with proactive safety measures to protect clients during vulnerable moments.
The move comes as financial fraud escalates. The FBI's 2025 Internet Crime Report, released in April, documented nearly $21 billion in losses from cyber-enabled crimes, up from $16.6 billion in 2024. Individuals over 60 suffered $7.75 billion in losses, a sharp increase from $4.88 billion the prior year, with 201,266 complaints filed by that age group.
Cognitive decline compounds the threat. A March study by the Life Insurance Marketing and Research Association found that nearly 30% of adults over 65 experience diminished cognitive capacity, with financial management often deteriorating first. LIMRA estimated average household wealth losses of roughly $124,000 due to missed payments, fraud, and poor decisions.
Carefull co-founder Todd Rovak emphasized that families need proactive tools to detect risks early and involve trusted loved ones. Edward Jones is not alone in adopting the platform; Osaic partnered with Carefull last year to equip its advisor network with similar fraud and scam protection tools.
Industry surveys underscore low fraud preparedness. A CFP Board study released this month revealed that 62% of Americans have encountered financial fraud, yet only 37% feel confident identifying all its forms. The CFP Board survey also found that 29% are unsure they could detect a fraud attempt in time.
Research from Edward Jones and Morning Consult, published in November, found that 26% of Americans describe themselves as fraud victims, and nearly half have either experienced it or know someone who has. The partnership with Carefull aims to address these gaps by layering technology onto advisor relationships.
Earlier this year, Edward Jones also acquired a minority stake in Quicken to enhance advisor tools, signaling a broader push into digital integration. The Quicken investment aligns with efforts to provide clients with comprehensive financial management capabilities.
The fraud detection rollout follows a pattern of industry consolidation around security. Elder fraud losses have spurred legal shifts, including increased conservatorship filings, as advisors seek to protect aging clients.
