A Southampton, UK, financial services firm has issued a credit card aimed at seniors suffering from dementia. The tech-based vehicle from Sibstar provides customizable spending limits, cash withdrawal protocols and even freeze/unfreeze capabilities, all managed through an app entrusted to a close family member.
A Credit Card Designed for Seniors with Dementia
The brainchild of Sibstar’s Jayne Sibley aims to empower vulnerable adults to maintain financial independence and control in the face of cognitive decline.
“Sibstar is not just a debit card; it’s a lifeline for families navigating the complexities of dementia,” Sibley notes. “We preload the card with a chosen amount of money, and the accompanying app, nestled on the caregiver’s phone, becomes the control center.”
The app’s functionality gives real-time notifications to caregivers, reporting their loved one’s spending habits without intruding on their autonomy.
Financial Independence: Combating Fraudulent Activity and Minimizing Risks
“It’s about giving back,” Sibley says. “This is about saying: It’s your life. It’s your money. You spend it for yourself and by yourself for as long as possible,” Sibley emphasizes, underscoring the mission to empower individuals dealing with dementia.
When questioned about fraud prevention, Sibley confidently details the security measures in place. “You can switch off phone and online transactions. Scammers calling on the phone won’t succeed if these transactions are switched off.”
She further stresses that the card holds only the preloaded spending money, minimizing potential losses in case of fraudulent activity.
How FinTech is Adapting to the Rise of Senior Consumers
According to the National Institutes of Health, elderly consumers are expected to triple by 2050, a statistic that has Sibstar on high alert.
“We are the only ones entirely dedicated to serving vulnerable adults. We understand them better than anyone else, because this is all we do,” asserts Sibley.
As Sibstar looks ahead, Sibley outlines ambitious goals for 2024. “We want to secure three or four key partnerships across the banking sector, charitable sector, and public sector. We hope to build our reach and enable Sibstar to be used by as many people as possible.”
Read more about the Sibstar credit card for seniors from MSN here.
