Wealth Management Fraud: An Easy Target for Scams
- Date:September 21, 2023
- Author(s):
- Suzanne Sando
- Report Details: 13 pages, 4 graphics
- Research Topic(s):
- Fraud & Security
- Fraud Management
- PAID CONTENT
Overview
Traditional identity fraud and identity fraud scams are equal-opportunity crimes, in that anyone with a digital footprint is a potential target. But as affluence rises, so does consumer concern about becoming a victim. Further, suspicious activity in wealth accounts goes vastly underreported, putting the onus on wealth advisors to help arm their clients with information and best practices to protect themselves.
This Javelin Strategy & Research report looks at identity fraud and scams—a $43 billion problem in 2022—from the standpoint of investors, particularly those of high affluence, more than a third of whom have reported suspicious activity in their accounts. It examines the types of fraud events that most afflict investors and outlines steps wealth management firms and individual advisors can take to help their clients identify, stop, and resolve fraud.
Key questions discussed in this report:
- What is consumer sentiment surrounding risks linked to identity fraud and scams, especially among affluent consumers?
- Why are identity fraud scams so underreported among investors and their wealth accounts?
- How involved should financial institutions, advisors, and investors be in the detection and prevention of identity fraud?
Learn More About This Report & Javelin
Related content
2024 Identity Fraud Study: Resolving the Shattered Identity Crisis
The Javelin Strategy & Research 2024 Identity Fraud Study provides a comprehensive analysis of fraud trends in the context of a changing technological and payments landscape. Its g...
Pig Butchering Scams: How Banks Can Stop the Slaughter
Pig butchering is a devastating, multilayered, drawn-out investment scam that leaves victims with nothing. By implementing robust customer education, employing effective fraud dete...
Customer Contact Centers: Heroes in Cybercrime Remediation, Fraud Prevention
Criminals increasingly use cyberattacks and scams to target consumers, and FI call centers are often relied upon for victim assistance. The key will be FI customer-oriented contact...
Make informed decisions in a digital financial world