CUNA Strategic Services Announces New Alliance Provider

MADISON, WI – May 29, 2024 – CUNA Strategic Services is pleased to announce its new alliance with Carefull, an AI-powered financial protection platform that safeguards credit union members against elder fraud, everyday money mistakes, and misuse of funds by someone they trust. This collaboration aims to help credit unions by protecting their most vulnerable and valuable members and providing a way to maintain low-cost deposits, attract new accounts, and connect to the next generation of members.

“CUNA Strategic Services is proud to launch our relationship with Carefull this week.  As a GenXer speaking from personal experience around caring for aging parents, I think it’s super important we position credit unions to support the financial safety and well-being of all generations and families among their member bases,” said Barb Lowman, President, CUNA Strategic Services.                       

“We are thrilled and grateful to be among CSS’ chosen alliance providers,” said Todd Rovak, co-founder at Carefull.

Adults 60 and older hold about 75% of credit union deposits, and Carefull’s solution is so powerful because it helps credit unions protect those members, and increase the stickiness of those deposits, while also building a bridge to the next generation. On top of that, our solution reduces risk and decreases the workload of existing fraud prevention teams.”

​​Carefull protects members by comparing new transactions to a behavioral model that looks back on years of each member's transaction data. Backed by Carefull's proprietary AI, the technology analyzes a user’s unique spending habits and patterns to identify suspicious transactions indicative of the latest senior fraud, scam, elder financial exploitation, theft by a loved one or simple money mistakes that can occur due to forgetfulness or even cognitive decline. These alerts are rolled up into a seamless user experience designed to engage parents and their adult children (as needed), retaining family deposits while stopping small issues from becoming big ones.

Along with Carefull’s award-winning protection, each Carefull user receives $1 million in identity theft insurance, while having the option to take advantage of Carefull’s other features, such as credit and identity monitoring, home title monitoring, a digital vault to store passwords and important documents, and a trusted contacts system for coordination with any family members who might need insight into their finances.

Carefull’s solution is unique in that it does not need any IT integration or staff resources. Carefull provides turnkey marketing and training, allowing participating credit unions to effortlessly go live in 30 days.

About Carefull:

Carefull is a PRT (protect/retain/transfer) service for credit unions purpose-built to protect older members, retain deposits, and bridge to the next generation ahead of wealth transfer. It is the first and only digital platform designed to help credit unions protect the daily finances of seniors while assisting the adult children who often support them.