Wealth Accounts at Increasing Risk of Scams and Cyber Takeovers
- Date:May 20, 2024
- Author(s):
- Tracy Kitten
- Report Details: 14 pages, 5 graphics
- Research Topic(s):
- Cybersecurity
- Fraud & Security
- PAID CONTENT
Overview
The prevalence of scams is a global problem. Cybercriminals hide behind international borders, making it difficult for law enforcement to assert jurisdiction. Scams are hard for financial institutions to detect because scam victims are usually complicit, albeit unwittingly. Today’s scams are often backed by well-orchestrated organized crime rings, which also have nation-state ties and geopolitical motivations.
Wealth management firms must deal with this reality, as their clients are often affected by the most devastating and nefarious types of scams—scams that are long-running and result in the perpetual draining of investment accounts linked to retirement, inheritance, and trust accounts. Financial advisors, though not the prey, are increasingly finding themselves in precarious situations. What more can they do to help victimized clients?
Key questions discussed in this report:
- Why are scams so underreported among consumers and the wealth management sector?
- How does cybersecurity support and cyber risk mitigation build trust between advisors and investors?
- What role does identity verification play in scam mitigation?
Learn More About This Report & Javelin
Related content
Cyber Lessons for Mobile Banking: Connecting with Consumers, Framing Cyber Awareness
Javelin Strategy & Research sees an increased opportunity for cybersecurity awareness and engagement with consumers within mobile banking, where push notifications and alerts are a...
Unmasking the Threat of AI: Deepfakes and Financial Security
Deepfakes fueled by AI are fast approaching being able to reliably circumvent voice biometrics authentication and facial recognition algorithms. When deepfakes cross this threshold...
2024 Identity Protection Services Provider Scorecard
Javelin Strategy & Research’s assessment of vendors in the identity protection services (IDPS) market revealed clear pacesetters overall, led by Best in Class winner Equifax, and a...
Make informed decisions in a digital financial world