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.
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.
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.
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