i2c Supports Prepaid Card Geared to Protect Seniors from Scams (Aug. 6, 2013)
Aug. 6, 2013
Although many senior citizens use prepaid cards, such as those issued for Social Security benefits delivery or the AARP Card, there’s a new card on the market that’s using fraud mitigation tools to help protect seniors from financial scams.
i2c Inc., a Silicon Valley-based provider of cloud payment processing, today announced that it’s providing True Link Financial with prepaid processing and advanced fraud mitigation services for its recently launched True Link prepaid card. The True Link card is designed to protect senior citizens from financial scams and abuse while preserving their financial independence, according to an announcement. Consumer Action, a consumer education and advocacy group, estimates that while seniors 60 and older make up 15 percent of the U.S. population, they account for roughly 30 percent of fraud victims.
“Senior citizens lose billions each year to scams and dishonest marketing tactics,” said Kai Stinchcombe, True Link Financial CEO. “We launched the True Link prepaid card to help senior citizens and their families fight back against these financial threats and protect their hard-earned life savings.” Using i2c technology, the card provides the ability to personalize fraud settings and determine specific types of transactions or merchants to block. Additional features include free customer service to resolve unauthorized charges and alerting family members of suspicious transactions via text message.
“The i2c platform has an integrated fraud engine with configurable settings that each of our clients can customize to meet their needs,” Melissa Telli, i2c’s director of marketing and communications, tells Paybefore. “Using these settings, they can set thresholds for disallowing transactions and lock down accounts automatically when suspicious transactions are attempted. The idea is to stop the fraud before it happens as opposed to after losses have occurred, as is the case with older legacy platforms.”