Across the USA.
"Each year, elderly and cognitively impaired Americans lose billions of dollars due to innocent spending mistakes, fraudsters and rip-off artists. And unfortunately, the caregivers of these victims—most often their children—bear the brunt of correcting these mistakes. In fact, True Link was formed because the founder and CEO's grandmother, Ruth, faced just such financial difficulties."
"…one fledgling company considers older adults such a promising market that it is about to offer a prepaid Visa card, called True Link, specifically intended for seniors. Highly customizable, it will permit the administrator (a trusted family member) to set per-purchase or per-day spending limits or cap A.T.M. withdrawals. It can block charges to individual merchants or charities or whole categories, like magazine subscriptions."
–New York Times source: newoldage.blogs.nytimes.com
The True Link Card is a prepaid debit card and unlike a credit card there are no interest fees on purchases. Since it is a debit card it may be helpful in preventing credit card fraud or identity theft. The card is issued in the elderly persons’ name and only they are authorized to use the card.
Loved ones may worry about mistakes elderly can make when it comes to their finances such as falling victim to senior fraud, senior scams, and financial scams. Threats may include:
Buying unnecessary products on TV
A trusted person can keep an eye on elderly loved ones accounts by viewing a ‘spending monitor.’ The account can be set up to block certain types of charges and send
mobile alerts about suspicious activities.
If a loved one detects any suspicious activity, True Link’s customer service team is available to help resolve any fraudulent purchases.
The True Link Card can help elderly protect their assets by:
- Blocking purchases at specific stores or merchant categories.
- Setting or adjusting spending limits.
- Receiving alerts of suspicious charges.
- Auto-reload from a linked account on a schedule or as needed.
- Having access to a database of suspect merchants and scams.
True Link aims to protect seniors and safeguard their finances by fighting against senior scams, senior fraud and spending mishaps. The program can also provide peace of mind to caregivers by giving them a way to protect the finances of aging loved ones.
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WATCH VIDEO ON TRUE LINK