Traditional identity fraud and identity fraud scams are equal-opportunity crimes, in that anyone with a digital footprint is a potential target. But as affluence rises, so does consumer concern about becoming a victim. Further, suspicious activity in wealth accounts goes vastly underreported, putting the onus on wealth advisors to help arm their clients with information and best practices to protect themselves.
This Javelin Strategy & Research report looks at identity fraud and scams—a $43 billion problem in 2022—from the standpoint of investors, particularly those of high affluence, more than a third of whom have reported suspicious activity in their accounts. It examines the types of fraud events that most afflict investors and outlines steps wealth management firms and individual advisors can take to help their clients identify, stop, and resolve fraud.
Key questions discussed in this report:
- What is consumer sentiment surrounding risks linked to identity fraud and scams, especially among affluent consumers?
- Why are identity fraud scams so underreported among investors and their wealth accounts?
- How involved should financial institutions, advisors, and investors be in the detection and prevention of identity fraud?
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