This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
01/23/2020
Advisors Beware: Email Fraudsters Getting Better at Victim Profiling
Financial Advisor IQ
Email fraudsters are increasingly targeting the financial services industry, and they are getting better at identifying the right potential victims, according to cybersecurity regulators and experts.
“It’s almost as if many of the fraudsters have worked in financial services in the past,” Gregory Markovich, regulatory principal at Finra’s Chicago District Office, said last week at the SRO’s 2020 Cybersecurity conference in New York City.
“They know how call centers operate, they know how back office processes operate, and they leverage that,” added Markovich, who is also a part of Finra’s cybersecurity specialist team.
TD Ameritrade saw a billion attempts of credential stuffing — where credentials such as user names are used to gain access to accounts — and password reuse attacks in 2019, according to Paul Nickelson, a director at the firm’s Fusion Center. TD Ameritrade didn’t incur losses from those attempts, he said.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more informationResources
Your electronic library to help in fighting financial fraud for all of our partners.
more information