A trusted contact is just that - a person you trust that we can contact should the need arise. Generally speaking, we would do this to address any possible financial exploitation on your account. We would contact your trusted contact to verify certain information on your account. For instance, if we received Power of Attorney paperwork and were unable to contact you as the customer, we could reach out to the trusted contact to verify we should add a POA to your account.
The trusted contact can be added when signing up for Samsung Money by SoFi or on the web by going to More > Legal agreements and privacy > Trusted contact.