FinTech News

Charlie Introduces SpeedBump Fraud Protection Feature

by Kyle BurbankJun 24, 2024

A FinTech that helps prevent adults from falling victim to scams and fraud is adding a new feature to further that cause.

About SpeedBump:

Today, Charlie announced the launch of its SpeedBump feature. This tool combines alerts, pauses, and real-time education to help protect older adults who may be vulnerable to scams and fraud.

SpeedBump may be activated when Charlie customers take certain actions, such as adding a payee, making larger transfers, or logging in from unknown devices. For example, when a new payee is added or a login comes from a new device, a six-hour pause is implemented on the user’s account while money transfers of $100 or more (even to established payees) will result in a one-hour speedbump. During these pauses, customers have the option to stop payment if it is fraudulent or allow it to continue if it is legitimate.

In addition to pause activities, SpeedBump also provides customers with notifications via the app, email, and text. These are coupled with educational correspondence informing users about common forms of fraud and helping them to determine if they may be experiencing a similar scenario.

About Charlie:

Charlie is a neobanking platform designed specifically for older adults (62 and older). As part of their platform, the FinTech offers its FraudShield suite of features — which now includes SpeedBump. Meanwhile, other benefits of the service include the ability to access Social Security funds three to five days early. The account has no monthly fees and currently offers 4% earnings on average monthly balances.

What they’re saying:

Discussing the need for this new feature, Charlie founder and CEO Kevin Nazemi explained, “The proliferation of AI has created a new frontier of fraud, where criminals can impersonate financial institutions, businesses, and even victims’ loved ones via email, text, and voice with just a few clicks of a button. AI has unleashed a disturbing new wave of financial fraud and scams on this population, leaving them more vulnerable than ever.”

Nazemi continued, “With billions stolen from older Americans every year and fraudsters becoming more sophisticated, we believe it is our responsibility to build impactful technology to empower our customers to get the most out of their money and keep it safe. SpeedBump is the next frontier in helping older Americans protect themselves in this growing war.”

My thoughts:

As Nazemi notes, scams that target older adults are growing more sophisticated, leading even savvier individuals to fall victim to these schemes. With that in mind, giving these customers the ability to take their time, slow down, and go through the various channels to determine whether or not they are being scammed before the money is sent could make a big difference. These features also perfectly align with Charlie’s noble goal of creating a neobank that helps protect older adults financially. Hopefully SpeedBump and the rest of the FraudSheild suite can do just that.

Author

Kyle Burbank

Head Writer ~ Fioney

Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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