Charlie has announced the launch of FraudShield, suite of fraud protection tools built exclusively for the needs of Americans over 62. This announcement follows on from recently reported news that Charlie had raised $23m in a funding round.

FraudShield is free of charge for all Charlie customers. Tapping into older Americans’ static habits, patterns and preferences, Charlie has designed a product that looks to protect the vulnerable. Charlie believes that the financial services industry has been building anti-fraud features without considering how older Americans live their day-to-day lives. Therefore Charlie believes it can stop fraud before it gets close to potentially vulnerable people.

Kevin Nazemi, co-founder and CEO of Charlie, said: “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 behaviours.”

Sleep mode means the card can go to sleep when customers are not using it. This stops unexpected card transactions when their card is sleeping. Online limits let users block all online transactions if they do not use their card online. If they only use it for Amazon, Charlie will block all other online merchants while keeping selected sites clear. Customers can set a maximum daily amount for card and ATM withdrawals, with confidence that only they can exceed those limits.

Users can also set international limits. By default, Charlie keeps out international transactions. This is due to only 2% of legitimate transactions being international for the average American over the age of 62. But these can be turned back on when travelling abroad.

Further benefits include receiving a text after each transaction and a clear review of each transaction. Smart alerts let customers know when their regular bills change by an unusual amount and smart suggestions offers ideas for new protections on customer accounts, based on their spending activity.

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