Brett and I have had clients who have been victims of a financial scam. We want to do whatever we can to help prevent this from happening to others. The best way we know how is to provide information.
True Link, a San Francisco based company, has developed a VISA card that can be personalized with a fraud blocker. An adult child or spouse can set up a True Link Visa card for a loved one.
How it works:
True Link maintains a growing database of scams and problematic merchants. This offers an extra layer of protection on a True Link Card.
- Set a maximum amount per charge
- Block purchases from specific stores and types of merchants
- Allow only transactions made in person
- Receive instant alerts about charges that might be suspicious but shouldn’t be blocked outright
- Disable or limit ATM withdrawals
Your loved one can use the card wherever VISA debit cards are accepted. If any suspicious charges do occur, you’ll be notified immediately via email or text message.
You can adjust your fraud blocker on your True Link account as often as you wish and even temporarily block the card entirely without canceling the account or requesting a new card.
In our opinion, True Link offers a great way to help your loved one maintain their independence, but at the same time help protect their financial assets. To get more information or order a card go to www.TrueLinkCard.com.
Recognize Warning Signs that your loved one may be a victim of financial abuse:
- Unexpected or frivolous purchases or spending
- Packages in the mail, unwanted magazines, unexpected renovations
- Complaints about inability to pay bills or overdraft schemes
- Discussions about “sure thing” investment schemes
- Discussions about giving or lending large amounts of money to friends or family members.
Know the Scams
- Medicare Fraud
- Telemarketing scams
- Investment Schemes
- Sweepstakes/Lottery Scam
- Grandparent Scam
- Unscrupulous Charities
- Door-to-door / service providers
- Hidden or recurring charges from online and TV orders
Take Preventative Steps
- Register on the Do Not Call List by calling 1-888-382-1222 from the Senior’s phone.
- Review bank and credit card statements together for any suspicious or recurring charges.
- Inform Seniors of common scams and what to do if they think they are being scammed.
- Post a cautionary note by their telephone.
FBI’s Full list of Scams: fbi.gov/scams-safety/fraud/seniors
Better Business Bureau: bbb.org
Local Law Enforcement
Adult Protective Services: napsa-now.org
Eldercare Locator: eldercare.gov or call 1-800-677-1116