Don't let financial fraud get in the way of your wealth management goals

Proceed with caution anytime you receive an email asking you to select a link, or requesting personal or financial information. Fraudsters often disguise emails to replicate a legitimate financial institution or organization. And with artificial intelligence (AI) to assist nowadays, these emails are more convincing than ever. Carefully consider whether an email has any of the warning characteristics of a phishing attempt.

Always double check the validity of an email claiming to be your financial institution by contacting your advisor, and never select a suspicious link or share critical personal or financial information through email.

This is a technique fraudsters use to make it appear as if a call is coming from a trusted or known source on your caller ID. Fraudsters may contact you posing as your bank, a trusted company or a government agency in an attempt to steal money and personal information.

Never give out your personal or financial information to anyone over the phone. This includes your bank account and credit card details, codes, passwords, personal identification numbers (PINs) and Social Insurance Number (SIN).

These fraudulent text messages may try to get the recipient to select a malware link — a link that appears to lead to a trustworthy source, when it’s actually software intended to disrupt or gain access to your phone. They may also attempt to get you to respond with critical personal or financial information that can be used to steal money later on, or convince you to transfer funds directly. 

Smishing texts come in a variety of forms, from pretending to be delivery notifications from a mail carrier such as Amazon or Canada Post to financial institutions or someone you know. As mobile engagement increases, so does the prevalence of fraudulent text scams Opens in a new window..

Avoid replying with personal or banking details, and refrain from selecting links from unknown or suspicious sources through text message. If you receive a text claiming to be from your financial institution or advisor, be sure to contact your financial institution directly or follow up with your advisor.

Continuously learning about the latest schemes devised by fraudsters is one of the best defense measures you can take to help keep your personal and financial information safe. By exercising extra caution when you receive an email, phone call or text message, you’ll be better positioned to avoid deception. Remember never to share your personal or financial information through phone, email or text, and refrain from selecting suspicious links. Consider discussing common fraud strategies with your family, friends and colleagues to help protect them as well. When it comes to combatting fraud, an ounce of prevention is worth a pound of protection.

At CIBC Private Wealth, we take a comprehensive approach to managing, building and protecting your wealth. If you'd like to discuss these insights in more detail or have questions about your investment portfolio, get in touch with your advisor anytime.