How to protect your wealth from cybercriminals
Protecting your assets is a central part of any wealth management strategy, however, it’s often viewed as guarding against physical, environmental, and economic risks and threats. As a result, not enough people are vigilant about cybersecurity.
As a high-net-worth individual (HNWI), your financial resources might make you more appealing to cybercriminals, making it a necessity to protect your personal and financial information.
Hackers and fraudsters seeking to exploit the wealth and status of individuals use various tactics to gain access to sensitive information, including:
1. Vishing scams
Vishing is where scammers use voice calls to trick people into revealing sensitive information or performing certain actions.
HNWIs are particularly vulnerable to vishing attacks as their significant investments and portfolio management require frequent communication with their financial institutions, and often involve a variety of providers.
Scammers may impersonate bank representatives, financial advisors, or other trusted professionals to gain the victim's trust. This provides more opportunities for fraudsters to pose as the real deal, potentially leading to large financial losses.
They may also use sophisticated tactics, such as spoofing phone numbers or creating fake websites to make their scams appear legitimate.
How to avoid it
Double-check with your broker/banker or financial advisor and regularly monitor your financial statements for suspicious activity.
Note: We will never ask you for personal banking information over the phone, send you links that take you to a Standard Bank website where you are required to capture your Internet Banking sign-in details, one-time PIN (OTP), Card Verification Value (CVV), or passwords.
We will also never call and ask you to transfer funds to an alternative account for the purpose of safekeeping.
2. Malware attacks
Malware is software designed to harm or exploit computer systems to steal sensitive information, either to get access to login credentials and financial data, or to encrypt vital digital data that denies access until the individual or organisation pays a ransom.
How to avoid it
Be careful of opening attachments or clicking on links. Keep your antivirus software updated and don’t click on pop-ups that ask you to download anything.
3. Identity theft
Identity theft involves misusing an individual's personal information to commit fraud. Cybercriminals may steal important data, such as your personal information and bank account/credit card details and use it to open new accounts, commit crimes in your name, or use your financial resources in your existing accounts, which can lead to significant financial loss and reputational damage.
How to avoid it
Destroy any documents with personal information before throwing them away and be extremely careful when sharing personal information, especially online or over the phone. You might also want to consider using services that monitor your identity and alert you to potential threats.
Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).
Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.
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