From Scams to Safety: Carefull’s Shield for Seniors

By: Anneken Tappe · October 13, 2023 · Reading Time: 2 minutes

Financial Frontline

Fintech startup Carefull, which has made it its mission to combat senior citizen fraud, has raised $16.5 million in a Series A funding round.

The platform seeks to shield seniors from the ever-growing threats of scams, fraud, and costly financial blunders. The company works with banks to ensure that their senior clientele are safeguarded from potential financial exploitation.

Elderly Exploitation

Defrauding senior citizens creates losses in the billions. According to Carefull, losses from digital fraud, scams, and identity theft totaled an estimated $8.8 billion in 2022.

Even more disconcerting, more than 70% of these scams are orchestrated by individuals familiar to the victims, be it family, friends, or advisors.

Securing Seniors

To solve this problem, Carefull analyzes financial behaviors and patterns unique to the aging population, promptly detecting and addressing any financial threats through its collaborations with partner banks and asset managers.

As populations age, services like those Carefull provides could continue to gain traction. And as the platform continues to grow and evolve, it promises safer finances for seniors and peace of mind for their caregivers and loved ones.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender