Financial services trend: Keeping Fraud at Bay

November 8, 2013
2 min read


The True Link card is a prepaid Visa for seniors that instantly alerts the user or their relatives in the case of a suspicious transaction.

The card can be loaded with money by the cardholder or their relatives. Every transaction that is made is then run through an algorithm in order to block any outgoings that could potentially be fraudulent. Users can control how strict this protection is, whether by setting a maximum amount per transaction or blocking certain websites.

Keep it true

The senior population is set to skyrocket in the coming years. The UN has predicted that by the year 2050, one in every six individuals will be aged 65 or over and this will rise to one in five in the US and one in four in the UK.

But just because people are living for longer, it doesn’t mean they’re necessarily staying in good health right to the end. We’ve seen a rise in long-term degenerative conditions such as Alzheimer’s and dementia. The oldest old are likely to put a significant strain on healthcare resources as well as their families. Indeed, according to Mintel’s Marketing Financial Services to Millennials US 2012 report, some 37% of 18-24s say that they expect to be a primary caregiver for a parent or other relative in their lifetime.

As a result, we’ve seen governments and companies look for ways to help seniors maintain their independence for as long as possible: from clothing that can monitor older citizens to smart housing and robotic aides.

The True Link card is part of this movement. It provides an additional security net to the ones put in place by financial brands that is sure to give peace of mind to both older citizens and their families. Brands and businesses across all sectors would do well to take action on this issue sooner rather than later. Those that offer smart and simple ways for the quality of life of this aging demographic to be improved are sure to benefit from a boost in sales.
This is an observation from our Inspire trend Without a Care which looks at how consumers and companies alike must shoulder the responsibility of an ageing society.

For the latest trends and observations on Inspire click here.

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