Personal Finance
Charlie Introduces FraudShield Platform for Older Adults
Soon after teasing the addition of a fraud prevention platform, Charlie has announced the launch of FraudShield.
About FraudShield:
Charlie, a banking service built for adults over 62, has debuted its new FraudShield platform. This suite of features is meant to help older adults protect themselves from financial scams and other issues.
The first feature included in FraudShield is Sleep Mode. With this option, users can shut off their debit card off when they’re not using it. That way, no unauthorized transactions can happen. Meanwhile, the platform also includes a number of spending limit tools, including online transaction limits, international limits, and more.
Another option is the ability for Charlie users to receive text messages any time a transaction is made. Similarly, customers can set up smart alerts to be notified about suspicious activity. Additionally, users can add family members who will also receive important alerts but won’t have access to other account information nor have the ability to spend funds from the account.
More Charlie news:
The arrival of FraudShield comes on the heels of Charlie announcing a new round of investment. Last month, the company revealed that it had raised a $23 million Series A led by TTV Capital. At the time, the startups noted that it planned to launch additional fraud protections — which has now come to fruition.
What they’re saying:
Commenting on the need for FraudShield, Charlie co-founder and CEO Kevin Nazemi noted, “Far too many older Americans are devastated by financial fraud every year in the United States and they deserve protections designed specifically for their unique needs and behaviors… FraudShield is a breakthrough in protecting older Americans from devastating financial fraud.”
Nazemi went on to highlight some of the features of the offering, explaining, “Consider something as simple as online limits: if a Charlie customer only shops online at Amazon, all other online transactions can be simply toggled off. Or Co-Pilot: many older Americans are hesitant to share their banking information with their families, so we’ve made it simple for them to have a partner on the account to help watch for fraud without handing everything over. Or even having a photo of a grandchild on their homepage -many people 62+ get scammed by fake but real-looking bank websites – but Charlie allows them to add a personal touch to their page, so they always know where they are.”
My thoughts:
Looking at the features that Charlie has come up with as part of FraudShield, it’s clear that they’ve really thought through the issues that affect older adults and found ways to help protect them. The result is a pretty impressive suite of tools that I think could truly be useful. While I still have my doubts about how well some senior citizens will adjust to using a neobanking app overall, I do hope that Charlie can make a difference and protect more older Americans from fraud.
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