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What is Social Engineering?

Social Engineering - always be on guard!  Social Engineering is the use of deception to manipulate individuals into divulging confidential or personal information or money that may be used for fraudulent purposes.  The main goal is to deceive you into taking some action that isn’t in the best interest of your organization or of your clients. 

Social Engineering and Phishing Schemes can affect Registered Investment Advisors in several ways. 

  • An employee unknowingly provides their network credentials to a deceitful 3rd party to allow access to your system

  • Voluntary departure of the firm’s money to a deceitful 3rd party (hack occurs on the firm’s network/email)

  • Voluntary departure of client’s money to a deceitful 3rd party (hack occurs on the client's network/email)

The hackers are becoming more and more sophisticated!
Best ways to avoid being duped:

  • Train your employees it’s ok to ask if something doesn’t look right

  • Pay careful attention to email addresses

  • Review your insurance coverage to see what you have should an incident occur

THE FINANCIAL INSTITUTIONS PRACTICE GROUP

The FI Group of Starkweather & Shepley Insurance Brokerage, Inc. provides "hands-on" service. We work with you to identify the most appropriate, competitively priced coverage to address your firm's liability needs. The FI team specializes in coverage specific to the Investment Industry.

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Visit our website:
www.StarShep.com

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