Greenlight, a money and safety app for families, has launched Family Shield, its newest subscription plan designed to help caregivers protect seniors from financial fraud and ensure their physical safety. Family Shield streamlines financial account monitoring and alerts, provides protections against fraud (including deceptive transfer fraud), identity theft, and money management errors, and offers remote features to help ensure senior safety.
There has been a massive rise in financial and digital threats, including scams, identity theft, fraud, and age-related money management mistakes, with financial exploitation costing adults 60 and over an estimated $62 billion in 2023. Additionally, personal safety issues are on the rise, with more than 200,000 adults 65 and older injured in car crashes each year, and adults simultaneously caring for their children and aging parents are increasingly overburdened by managing these risks. Greenlight’s Family Shield plan is helping solve the problem by protecting vulnerable, aging parents or dependent adult loved ones’ finances and health through new financial protections and real-time location alerts.
Key features include:
Financial account monitoring and fraud and scam alerts: Caregivers can link their senior loved ones’ accounts — including checking, savings, investing, and credit cards —and get alerts for suspicious activity like suspected fraud, scams, or financial mistakes. They can also view balance and transaction details in one dashboard and add another adult for extra oversight.
Deceptive transfer fraud and identity theft insurance coverage: If a family member is convinced to send money to an impostor acting as a trusted person or business, deceptive transfer fraud insurance may help reimburse them up to $100,000. If a family member’s identity is used to take out loans, apply for credit cards, or apply for financial services under their name, recover expenses up to $1 million.
Credit, identity, and dark web monitoring: Family Shield also provides timely alerts for suspicious activity related to identity or personal data usage so families can act quickly if their accounts are compromised.
Personal safety and connection: Caregivers can see their senior loved ones’ locations and get alerts when they arrive and leave places. With SOS alerts and crash detection with 911 dispatch, older adults can get help in an emergency, and when they are on the road, caregivers can track their trip status and safety through real-time alerts and driving reports.
Greenlight debit card: Caregivers can choose to get a debit card for their senior loved ones with spend controls and money transfers, real-time transaction alerts, and purchase protection, ensuring their older loved ones are spending safely and wisely.
Educational resources for caregiving: Caregivers often feel overwhelmed and unsure where to begin with legal, financial, and daily tasks. Family Shield offers comprehensive guides, FAQs, tips, and checklists to help caregivers proactively teach senior loved ones how to prevent scams and money mishaps.
“Greenlight’s Family Shield plan was inspired by families who were already adapting our tools to care for seniors,” said Tim Sheehan, co-founder and CEO of Greenlight. “By listening to their needs and learning about their challenges, we identified an opportunity to elevate our mission, empowering families to navigate money and life together across all generations.”
Greenlight’s debit card and money app have helped more than 6.5 million parents and kids manage family finances safely while learning critical financial skills like how to earn, save, spend wisely, and invest.
Family Shield is available via the app or online here: greenlight.com/family-shield. In addition, financial institutions that already partner with Greenlight will now have the chance to offer their clients enhanced protection for their senior loved ones.
