A human life packs together a myriad of different experiences into it, and yet nothing has ever managed to beat our experience of growing on a consistent basis. We say this because the stated reality has already fetched the world some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident in recent times, and assuming one new GRC-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.
Charlie, , the new standard for 62+ banking services, has officially launched its comprehensive and personalized suite of fraud protection tools called FraudShield, which is exclusively designed for people aged 62 and above. According to certain reports, the stated suite taps into older Americans’ static habits, patterns, and preferences, to better understand and protect them against unique iterations of fraud. But what will Charlie’s brand-new FraudShield bring on a granular level? Well, for starters, the product comes decked up with an ability to put your Charlie card to sleep whenever you are not using it. Such a mechanism can go a long way in blocking any unwarranted transactions. Next up, in case you are not the one who likes to shop online, FraudShield gives you an option to block all online transactions, thus greatly reducing the surface for attack by a threat actor. Complimenting the same is an option to select particular merchants where you prefer to shop online. Once you select the merchant/s, FraudShield will automatically block all the other ones. Then, we have the prospect of setting spending limits where users can set a maximum daily amount for card and ATM withdrawals. This feature becomes more relevant in the event of a card theft, considering users themselves can freely exceed the limit to address any pressing needs. Charlie’s latest brainchild also brings to the fore a sense of caution for international transactions. With data indicating that only 2% of legitimate transactions are international for the average American 62+er, FraudShield keeps out international transactions pretty much by default. However, it can be swiftly turned back on, if Charlie is informed regarding a potential international journey on your part. Moving on, the product also pledges to offer transaction notifications for all money movement in and out of customers’ accounts. The stated element is given further significance under Charlie’s bid to review and rewrite every transaction description in a way that is easily understood by every user. This includes using clear company logos, alongside plain and easy-to-comprehend language. Interestingly enough, customers can also install a trusted family member as a second set of eyes to receive important alerts i.e. change of address, or a payee being added to bill pay. Rest assured, these fraud alert co-pilots still cannot access your account information or transaction details, and also they will not be able to spend any funds. Having covered transaction notifications at length, we now must talk about how the service can also notify you when your regular bills charge an unusual amount, ensuring that errant changes don’t slip under the radar.
“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,” said Kevin Nazemi, co-founder and CEO of Charlie.
Hold on, we still have a few bits left to unpack. Another way through which FraudShield tries to shore up the defense around your finances talks to a functionality that lets you upload a photo as a marker for any suspicious activity. Basically, users will see the stated photo every time they log into Charlie.com. In an event the photo they uploaded is not there, they can call the company right away to instigate immediate response. Beyond that, even when you come across a something like a suspicious email, you can forward it to Charlie’s team and expect a response within 24 hours. To support this facility, there will be available a CallSync feature that displays a real-time notification in your Charlie app, available for those times when Charlie needs to call a customer. This is meant to help you verify whether the person on the other end is actually a representative from the company or not. Now, while it does have a specified set of measures in place, FraudShield also has the means to offer ideas for new protections on customer accounts, based on their spending activity and broader patterns of fraudulent activity being observed across the web. Rounding up the highlights is a NortonLifeLock™ identity and credit monitoring subscription, which Charlie gives to you free of cost as a part of its Charlie Visa® Debit Card benefits. The company also doesn’t charge any extra fee for the FraudShield suite of solutions in question.
Contextualizing the significance of such a suite is a report where it’s claimed that more than a whopping $28 billion is stolen from older Americans each year.
“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. FraudShield is a breakthrough in protecting older Americans from devastating financial fraud,” said Nazemi.