Wealth Management Fraud: An Easy Target for Scams
- Date:September 21, 2023
- Author(s):
- Suzanne Sando
- Report Details: 13 pages, 4 graphics
- Research Topic(s):
- Fraud & Security
- Fraud Management
- PAID CONTENT
Overview
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?
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...
Password Fatigue: A Case for Multilayered Passwordless Authentication
Traditional password-centered authentication is becoming less secure as cyberattacks increase in sophistication and consumers grow tired of strong password requirements. Financial ...
The Promise of Digital IDs: Reduced Fraud and Efficient ID Proofing
The move toward digital forms of ID is accelerating around the United States, and a greater use of such identification methods promises to reduce fraud losses and increase security...
Make informed decisions in a digital financial world