LOS ANGELES--(BUSINESS WIRE)--Today, Charlie, the bank for 62+ Americans, released Family FraudShield, a first-of-its-kind conversation guide to help Americans talk with their older parents and relatives about financial fraud this holiday season. The guide is designed to help families understand the financial fraud crisis affecting older Americans, covering an array of topics, including common scam tactics, fraud warning signs, understanding the most common scams, and strategies for safeguarding their financial health, all in just five minutes. Family FraudShield is free and can be found at charlie.com/family-fraudshield.
Financial fraud is having a devastating impact on older Americans, and emerging technologies, like AI, are making it increasingly difficult to detect and prevent. Each year, over $28 billion is stolen from seniors, with the average victim losing $35,000. The emotional impact is equally severe, with 65% of victims experiencing stress, anxiety, sleep disturbances, and depression.
As families gather this holiday season, many remain unaware that older Americans are being targeted by fraud, leaving their loved ones at significant risk. Discussing sensitive financial topics can be challenging; addressing them in person, with care and understanding, is vital. And with fraud incidents spiking during the holiday season, there's never been a more urgent time to have these crucial conversations.
Using the latest research, data, and news, Family FraudShield allows families to learn about financial fraud in just five minutes, all on their computer, tablet, or phone. The guide prepares users for meaningful conversations with their parents and relatives by providing crucial context about the financial fraud crisis affecting older Americans. It offers tailored advice on how to approach the conversation based on their relative's personality, along with practical tips to ensure the discussion is both productive and compassionate.
The next section of the guide is interactive and brings families together to learn about financial fraud and share their own insights, experiences, and concerns. This section covers:
- The scope and severity of the financial fraud crisis in America.
- How technology increases vulnerability for everyone.
- The tactics fraudsters use to target their victims.
- Key warning signs of potential fraud.
- The most common scams including grandparent, romance, sweepstakes, tech support, and phishing scams.
- Immediate actions to take to protect yourself.
- What to do if you become a victim of fraud.
- Strategies for maintaining ongoing financial health and security.
- How to turn what you've learned into practical action.
Research shows that when people are aware of a specific scam, they are 80% less likely to engage with it, and if they do engage, they are 40% less likely to lose money or sensitive information. Family FraudShield provides families with the latest information about financial fraud, so they are empowered to work together to protect their money and keep each other safe.
Financial fraud causes extensive and long-lasting harm to victims, costing them money, financial security, and time and creating inconvenience and a devastating emotional impact. Nearly half of older Americans live paycheck-to-paycheck, and over 17 million American adults over 65 are economically insecure. A major fraud can wipe them out entirely, but minor fraud has negative impacts as well, often making it hard for victims to pay their bills on time, afford everyday items like groceries or gas, and can cause major inconveniences like replacing their cards, their phone and updating all of their billing information across various accounts. Fraud victims also report feeling sad and ashamed after an incident, experiencing loss of confidence, anxiety, and depression.
Family FraudShield is Charlie’s latest effort to empower older Americans to make the most out of their money and keep it safe. In June, Charlie launched SpeedBump, a proprietary combination of pauses, alerts, and real-time education introduced at the exact moments customers are most vulnerable to fraud. Last November, Charlie launched FraudShield, a comprehensive, personalized suite of fraud protection tools built exclusively for the unique needs of 62+ Americans.
About Charlie
Charlie is the place for older Americans to get the most out of their money and keep it safe. Charlie uses machine learning technology and an expert, US-based customer service team to study older Americans’ unique financial habits, needs, and vulnerabilities. These insights inform the features and functions Charlie designs to provide them with financial flexibility and protection. With faster access to their Social Security check, groundbreaking fraud protection, competitive earnings on deposits, no monthly fees or minimums, and intuitive, age-optimized product design, Charlie customers have the financial peace of mind they deserve. Banking services provided by Sutton Bank; Members FDIC. To learn more, visit Charlie.com.
