Innovation That Matters

Credit card protects seniors from fraud

Nonprofit & Social Cause

The True Link card monitors payments made by elderly users and instantly alerts carers or relatives when a suspicious transaction is made.

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The elderly population are one of the most vulnerable when it comes to financial fraud, and statistics show that this exploitation costs seniors around USD 2.9 billion a year. In order to provide a barrier between older people and scammers, the True Link card monitors payments and instantly alerts carers or relatives when a suspicious transaction is made.

The card is a Prepaid Visa that can be loaded with funds by relatives or the cardholder themselves. Each payment is then safeguarded by being run through an intelligent algorithm that uses current data about scams and unsafe merchants, blocking any outgoings that may be fraudulent. Carers can also personalize how strict the protection is, setting a maximum single payment limit and blocking particular stores or websites. Carers also receive instant alerts on their smartphone when a potentially fraudulent payment is made, and can make a decision whether to allow it to go through. True Link is free for the first 12 months, and USD 20 a year after that.

The True Link card could ensure that at-risk older people don’t end up losing the capital they have to support themselves in older age, while also allowing them to maintain their financial freedom. With the rise of web-enabled fraud and identity theft, are there ways to protect economically vulnerable citizens from online crime?

Spotted by Murtaza Patel, written by Springwise



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