Emerging Fraud Trend: Hostile Email Account Takeover.
Boyer & Corporon Wealth Management received an email from whom we thought was a client requesting we wire $85,000 to an overseas account. The email was very authentic at first glance and it was sent from our client’s Gmail account. It was not a new dialogue, but rather a continuation of an ongoing communication between our client and our office.
In reality a criminal had hacked our client’s Gmail account and was portraying themselves as our client. He or she had combed through the emails, learning a lot about our client, even signing off with initials, just like our client does.
Fortunately our diligence uncovered the fraud and our client’s account was protected. Nevertheless, we are implementing additional security procedures.
BCWM’s New Security Measures
For any request to BCWM that requires a signature, you should expect to receive a phone call from us confirming your request. We will not process your request until we receive verbal confirmation directly from you.
We are also implementing a “Unique Password” procedure as an additional security measure. We are asking that all clients provide us a password. You have two options:
- Call your Wealth Advisor with your chosen password or
- You will be asked to provide one during your next Wealth Management Review.
Once your password is established, we will use it should we need to verify your identity or password protect important documents in transit via the internet.
Charles Schwab’s Security
Schwab is on the cutting edge of technology with regard to keeping your information secure. You may contact Schwab Alliance to request a key fob. A key fob provides an additional layer of security by providing a unique, time-sensitive number to be used along with your password each time you log in to the Schwab Alliance website. This is a free service. We strongly encourage you to contact Schwab Alliance at 800-515-2157 to request a key fob.
Additional Security Measures You Should Take
- Make sure your computer’s operating system is up to date
- Activate your computer’s firewall
- Install anti-virus software and keep it updated to protect you from the latest malware
- Install anti-spyware software and keep it updated to catch most recent threats
- Never open attachments from unreliable or unknown sources
- Take extra caution when using a public computer or logging in away from home and make sure to log out instead of simply closing the browser
- Choose complicated passwords and change them frequently
The security of your assets is important to us. If you have any questions or concerns, please contact your Wealth Advisor.
This information is provided for general information purposes only and should not be construed as investment, tax, or legal advice. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed.