New Credit Card Protects Against Elder Fraud

elder fraud

Credit card fraud targets seniors

Every day, scammers and slick marketers dupe older adults out of $40 billion a year. Changing Medicare rules and confusion about federal benefits make older adults easy prey for these sharks.

Many caregiver friends have told us that their mom or dad has been scammed over the phone or by email. Up until now, there weren’t many options to combat these types of elder fraud.

 

Visa card that discreetly monitors spending

True Link is a prepaid Visa debit card that works just like a regular Visa debit card.

The card helps you protect your older adult from scams and unwanted charges, but doesn’t take away their financial independence and won’t be embarrassing to use.

True Link can block purchases from specific stores or merchants. It can also set purchase maximums and send immediate alerts if suspicious charges are made.

 

How does the True Link Visa work?

The True Link card is funded from your older adult’s checking account or direct deposit of Social Security.

You personalize the fraud blocker and can set a maximum per charge amount, restrict stores or merchants, restrict to in-person transactions only, and disable ATM withdrawals.

The first year is free, but after that there’s a $20 annual fee. We think that’s a small price to pay to prevent losses from fraud or irrational spending.

 

A few improvements we’d like to see

It would be great if True Link worked with your older adult’s existing credit cards so adding the service would be seamless. For now, you do have to open another credit card account.

In the future, it would also be great if we could add additional people to receive alerts – like a sibling or spouse who could help you keep an eye on Mom or Dad’s spending habits.

 

Bottom line

True Link is an innovative and practical solution that helps you keep your older adult from becoming a fraud victim. It also keeps you up-to-date on potentially unwise spending that can devastate your older adult’s budget.

 

By DailyCaring Editorial Staff
Image: Mail Online

 

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