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Catch up to cybercrime

Oct 22, 2024 | RBC Wealth Management


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Cybercrime is increasing, impacting many Americans, with billions in losses. Learn more, including tips, in the current Investor’s Edge newsletter.

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Cybercrime is a booming business with devastating consequences. Nearly one in three Americans has been the victim of online financial fraud or cybercrime, according to a 2023 Ipsos survey, with nearly $12.5 billion in losses reported to the FBI’s Internet Crime Complaint Center (IC3) last year alone.

While no one is immune to cybercrime in today’s digital age, high-net-worth individuals and families are especially susceptible to online attacks, as hackers see them as lucrative targets. To protect your assets, read on for some common cyber threats and risk prevention strategies. 

Common cyberattacks

Cybercrime might start or finish online, but it rarely takes place completely in cyberspace. Many cybercrimes involve obtaining sensitive information such as multifactor authentication (MFA) codes or user passwords that are used to access the victim’s account or accounts. In these cases, the cybercriminals don’t directly breach security systems; rather, they exploit other people’s natural trustworthiness by posing as a trusted individual, such as a bank employee. 

Common cybercrime techniques include:
•    Phishing
•    Ransomware
•    Data breaches
•    Deepfakes

For more information about common fraud approaches, talk to your financial advisor. 

How to protect yourself—and your family—from cybercrime 

As cybersecurity threats continue to evolve, it’s crucial to take proactive steps to protect your safety, privacy and financial legacy. Follow these tips. 

Make a plan

Scammers rely on emotional tension and the pressure to act now. You can counter this by having a preestablished plan to address issues that arise. For example, a plan could include a family password or secret question that must be provided accurately before any money is wired or transferred.

Set ground rules for social media

Social media is a huge vulnerability, so be careful about what information you post online as well as what can be seen in the background of photos. You and your family members should use strict privacy settings and require approval of new followers.

Enable multifactor authentication

Enabling MFA requires both a password and a second form of verification (often a one-time code) each time you log on. But be cautious of code requests you didn't initiate.

Let’s curb cybercrime

Ultimately, cybercrime prevention and preparedness are critical to helping curb cybercrime, as is understanding the many ways you and your family may be a target. Take time to keep apprised of news and information on cybercrime and consult your financial advisor whenever you have questions or concerns regarding financial fraud.

Contact your financial advisor today for more resources about cybercrime mitigation.


Read more in the Q4 2024 edition of the Investor's Edge >

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Disclosures

The information contained herein is based on sources believed to be reliable, but its accuracy cannot be guaranteed. The articles and opinions in this advertisement are for general information only and are not intended to provide specific advice or recommendations for any individual. Published on October 22, 2024.

Jason Ruimerman, NMLS # 1663697 through City National Bank, may receive compensation from RBC Wealth Management for referring customers to City National Bank. Banking products and services are offered or issued by City National Bank, an affiliate of RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC and are subject to City National Banks terms and conditions. Products and services offered through City National Bank are not insured by SIPC. City National Bank Member FDIC.

Investment products offered through RBC Wealth Management are not FDIC insured, are not guaranteed by City National Bank and may lose value.