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One more reason to manage your own investments...
Old 08-26-2012, 08:20 PM   #1
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One more reason to manage your own investments...

Cybercrooks fool financial advisers to steal from clients

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In a new twist, cyber-robbers are using ginned-up e-mail messages in attempts to con financial advisers into wiring cash out of their clients' online investment accounts.
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Old 08-26-2012, 09:42 PM   #2
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Cybercriminals have discovered that investors now routinely rely on e-mail to authorize personal advisers to execute financial transactions. Search engines and social networks have made finding and profiling potential victims, and their advisers, easy.
So, an informal system of giving transfer instructions is the problem. Any time I do a electronic transfer it goes through a bunch of hoops unless it's already been setup between accounts with our same names. And you have to log in to do it. NEVER by email instruction. Of course, for most "transfers" I can simply write a check.
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Old 08-26-2012, 10:07 PM   #3
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So, an informal system of giving transfer instructions is the problem. Any time I do a electronic transfer it goes through a bunch of hoops unless it's already been setup between accounts with our same names. And you have to log in to do it. NEVER by email instruction. Of course, for most "transfers" I can simply write a check.
I think the point of the article was you can take all sorts of security precautions regarding your finances but you may still be at risk if you have a financial advisor who went along on Gullible's Travels...
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Old 08-26-2012, 10:14 PM   #4
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None of the banks I deal with will take transfer out instructions by e-mail. It either requires me to log on to the banking platform or write a cheque or make a physical appearance at a branch (with photo ID). If I tried to send an e-mail instruction to a bank, I would get a phone call pretty quickly. In the unlikely event that the bank acted on the instruction, they would be responsible for the loss (not me).
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Old 08-26-2012, 10:25 PM   #5
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I think the point of the article was you can take all sorts of security precautions regarding your finances but you may still be at risk if you have a financial advisor who went along on Gullible's Travels...
Maybe it's just one more way to test the competence of the financial advisor?

This whole article sounds like a Dilbert cartoon with Dogbert the cybercrook talking to Ratbert the financial advisor.
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Old 08-27-2012, 06:33 AM   #6
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These don't seem like random phishing emails, how did they know about the advisor/client relationship?
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Old 08-27-2012, 06:50 AM   #7
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I think the point of the article was you can take all sorts of security precautions regarding your finances but you may still be at risk if you have a financial advisor who went along on Gullible's Travels...
Perhaps, but the whole emailing transfer instructions is pretty stupid....
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Old 08-27-2012, 07:41 AM   #8
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I don't think I'm going to put this on my worry list. I have enough anecdotal evidence to worry about what with that Nigerian prince who needs my help in cashing his inheritance.

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Anecdotal evidence of this ruse — directed at financial planners, estate lawyers and other advisers who rely on e-mail and online banking to work with clients — has just begun to surface, say tech security and online banking experts.
Nice free advertising for tech security and online banking experts, though.
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