Cyber threat: How advisers can guard against growing fraud risk

Experts have told Professional Adviser that cases of fraudsters contacting financial advisers while posing as clients are on the rise. Advisers are facing a growing threat and could be putting themselves at risk if they have not undertaken due diligence to prevent being targetted. In the event of identity substitution fraud, the fraudster will assume the identity of the client. A fraudster might also contact an adviser through a client's email, informing them of a change in bank details, for example, subbing the client's bank details for their own. All the fraudster then has to do is ...