Phishing, or sending emails from supposedly reputable companies in order to get individuals to reveal personal information, leads the list of scams
Phishing, the fraudulent practice of sending emails from supposedly reputable companies in order to get individuals to reveal personal information, is still the biggest cybersecurity threat financial advisers and their clients face in 2018, according to a panel at the Financial Services Institute annual meeting in Dallas on Tuesday.
"Let's be honest, phishing by far is the biggest threat in our adviser world," said Annie Groleau, compliance officer for cybersecurity at Securian Financial Services Inc.
Last July, the Financial Industry Regulatory Authority Inc. issued an investor warning for people looking for jobs that individuals claiming to be involved in the hiring process for legitimate organizations — including Finra — have turned to Skype and other online video call platforms as a way to phish for personal information and money.
According to Finra, scammers also may use fraudulent emails or copycat websites to get unsuspecting consumers to provide valuable personal information, and then use it to steal their money or identity.
"Phishing tends to be number one out there and I still think it's going to be number one," said David Kelley, surveillance director in the Kansas City office of Finra. "You may think that's a minor thing, but it's so easy for the bad guys to find something to initiate a phishing attack." MORE