True Link Raises $3.4 Million to Develop Debit Card to Help Fraud Protection for the Elderly
True Link Financial has been working on a debit card solution for seniors that will help protect them against identity theft. The startup recently scored an extra $3.4 million in funding which could significantly improve the card’s features.
The card helps provide the elderly with scam and fraud protection. It allows for certain purchases, blocks specific merchants and alerts the cardholder about charges as they occur.
In the True Link program, seniors are given a debit card that has spending limits, ATM withdrawal limits and other fraud prevention features in place. In most cases, this card is controlled by a family member or caregiver who can adjust the limits on the card to fit the person’s needs. If an unauthorized charge comes in for a large sum of money, it will be declined and the senior’s money will remain intact.
The service costs $10 per month as well as some additional fees for specific transactions.
The new financial support for True Link will go toward creating better algorithms for fraud identification, and it will help the company build a stronger customer base. Some of the most noteworthy contributors to the startup include Cambia Health Solutions, Initialized Capital, Collaborative Fund, Kapor Capital and Generator Ventures.