Filene Research Institute and True Link recently called on credit unions to participate in prototype testing for the True Link Card—a prepaid debit card aimed at preventing elder fraud.
The True Link Card, which combines the functionality of a debit card with a dashboard view of a household’s finances, allows caretakers to safeguard an older person from making spending mistakes and becoming victims of schemes like sweepstake scams and fake charities.
A free informational webinar will be held for credit unions interested in participating in testing on May 22 from 1-2:30 p.m. CST. To register, visit the True Link webinar registration link.
Acting as the administrator of the True Link Card, a trusted person can monitor spending, block purchases at certain stores, auto-reload the card from a linked account, receive alerts of suspicious charges and adjust spending limits.
To assist account administrators with preventing elder financial fraud, True Link is currently compiling a database of merchants and scams. Cards will be issued with the name of the person who will be using the card, limiting use to that individual.
In order to sign up for the card, customers must apply for the Visa-branded True Link Card, though no credit checks are required. After True Link approves an application, the card is mailed to the cardholder who can finish the set up. Cards can be funded via direct deposit of Social Security or pension or via a checking account.
The card is available for a monthly fee of $10. Cardholders can use the card free-of-charge to make purchases, receive cash-back or to withdraw cash at an ATM located within the U.S.