SpeedBump integrates pauses, alerts, and real-time education to safeguard customers during vulnerable moments prone to fraudulent activity.
According to Charlie, research indicates that awareness plays a crucial role in mitigating fraud risks. Customers who are informed about specific scams are significantly less likely to fall victim – reducing engagement by 80% and potential financial losses or data breaches by 40%. With financial fraud disproportionately affecting older Americans, who collectively lose over USD 28 billion annually, SpeedBump is designed to help customers with timely information to protect their assets.
SpeedBump operates by activating during critical actions that heighten fraud risks, such as adding new payees, conducting transactions exceeding USD 100, or logging in from unfamiliar devices. Upon detection of these actions, SpeedBump initiates strategic delays to mitigate potential fraud.
SpeedBump includes ‘The Pause,’ which introduces a six-hour delay for new payees and a one-hour delay for transactions over USD 100. This delay allows customers crucial time to assess and potentially halt fraudulent activities before funds are irreversibly transferred from their accounts.
Additionally, customers receive real-time alerts across multiple platforms – such as the app, email, and text – informing them of the activation of SpeedBump, the reasons for the delay, and guidance to contact Charlie's support team for further assistance.
Moreover, SpeedBump provides immediate, context-specific education on prevalent fraud schemes associated with detected actions. This empowers customers to make informed decisions and recognise potential scams promptly.
Charlie aims to revolutionise fraud protection for older Americans through these integrated measures, ensuring they remain informed and equipped to safeguard their financial well-being in an increasingly digitised and vulnerable landscape.
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