Information about all of us is out there and can be pieced together like a puzzle and used to exploit us
The odds of a person eventually suffering a cyberattack are “pretty much 100% at this point,” according to Bill Slattery, a former FBI special agent in the cyber division who now investigates cybercrime for Facebook.
Slattery spoke on an information security panel at the eMoney Advisor Summit Thursday, along with Michael Rappe of TD Ameritrade's Fraud Group and Bill French from the Fidelity Customer Protection and Financial Intelligence Group.
Among the biggest cyber risks financial firms face are email communications with clients that aren’t actually from clients, Rappe said. “The days of [making] financial transfers out of client accounts by email just need to end,” he said.
Fraudulent requests used to be easy to spot, but hackers have learned how to do “like title” requests, or ask for ACH transfers instead of wires, Rappe warned. MORE