Financial services providers are “critical” to ensuring financial planners and their clients are aware of the warning signs of a scam, according to Louise Cockburn, Quilter’s information security manager.
With the cost-of-living crisis taking a firmer hold in recent months since this data was gathered, experts reckon it’s likely these numbers have risen further as new targeted scams appear.
“Attackers often exploit ‘hope’ tactics – particularly in times of heightened emotions such as now – by creating scams which feature fake investment opportunities or other deals, which turn out to be ploys to obtain personal details or gain access to personal accounts,” said Cockburn.
“Anyone can fall victim to such attacks, so it is critical that financial services firms support financial planners and clients alike to ensure they are aware of the warning signs.”
Younger clients are more likely to fall victim to scams, despite being more digitally literate.
Under 34s are twice as likely to be scammed as those over the age of 35, according to research by online bank Marcus by Goldman Sachs.
While clients of financial planners tend to be older, the risk is still one providers are seeking to address.
Cambridge Building Society set up a specialised department of what it terms ‘financial crime experts’ who help the building society identify and protect the organisation, as well as its customers, against financial crime.
St James’s Place has also incorporated awareness…
