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Focus tonight cyber security and my next guest says your financial advisor could be dropping you blind.
Without him or her even knowing it a new trend cyber criminals targeting your financial advisor.
And taking off with your money -- -- is chairman and co-founder of identity theft 911 it's great to see you again Adam thanks for coming back on the show.
I tell me how the scam works.
Where works is that they basically invade your email.
And when they've based co -- injury emails they've taken it over they then review different communications you have.
And they're looking specifically for communications -- you may be having with people with whom you have financial dealings financial advisors being one group that -- -- -- not talk about the financial advisors doing anything wrong you're talking about criminals.
Getting in the middle of the relationship.
And just it's looting your -- Yep what they're trying to do is to try to use you were -- tax kind of the way you communicate with your -- get the flow.
Understand who who they are how you communicate with them.
And then used this in order to communicate with them as if they were you.
Except have them direct the money to that counts that are there.
-- so how hard is -- to compromise my email.
Unfortunately if it's a lot easier than most people think.
First -- people have very simple passwords they don't have.
Strong passwords which is how -- American.
Symbols and lower and upper case and things like that to be something that you can't remember and you have to write on your desktop -- -- -- they share they share passwords.
And then -- once one gets compromised someone has access to your own life the other thing is they get -- -- because they get the information through this.
People look at a cell phone and say.
This is a communication device the truth is it's -- data storage device.
And so they they they take this they get in here.
They look around they see -- they need to see they get into your computer.
And and that's what -- -- that travel starts my friend okay what do what do to make sure I'm not a victim.
Well first -- all you need strong -- you -- the -- security protocols and security software on your cell phones and your computer.
And you need to send -- a set of protocols -- your financial advisor.
And saying I don't care if -- protocols protocols in the sense that this is the way we're gonna do things.
So if I if I send you an email -- a transfer money from here to here.
Make me talk to you.
Communicate with me force me.
To make this a one on one so you have a better idea that it's really me.
He also say set up levels of verification is set up you can also set of different levels of verification that the end of the day.
Because the ultimate guardian of the consumers the consumer you need to be part of any process that moves your money anywhere.
At the end of the day -- communicating with my financial advisor -- by the telephone rather than email.
I think it's best to communicate by tell part where you can set it up by sending an email and saying I'd like all of -- -- I think and call me or I'm going to call you and then after the wire has got after the -- left your account.
Just make sure you know where wept and then down to the right place shock.
Only thing that you say is that.
What everybody's gonna be a victim of identity theft at some point -- their lives here here's a probable all the information that's out there about us right now.
Plus all of the social networking information plus all of the data security breaches that we've seen it is inevitable.
There were going to be victims of identity -- -- what we really need to do is first.
Limit our exposure as best we can.
Have monitoring practices -- tools in place including looking sure counts every day.
Getting notifications from financial institutions that transactions occurred in your name.
The amount of the transaction and basically what it was and then have -- damage control program place.
What is the first signal that your identity has been so one can make it happen to people they don't know for a long time well first of all you know because they've included account takeover and identity theft.
If you -- charges on your credit card account that aren't yours if money is missing from your bank account.
If you the big thing if you filed for -- every five and they and the IRS tells you.
You already got a refund or they want to -- what you file because someone else did.
If you go to get a procedure to medical facility -- -- -- to figure it out before then before the damage is done now that's why it's very important to to to to do a series of things and then.
Have a damage control program in place many institutions offered free insurance companies banks credit unions.
Employee assistance programs universities.
All you need to do is ask and find that you have the program.
Or what it will cost you to get into a program you may will be surprised it's a lot less expensive Adam thanks for coming -- -- it's always a pleasure to speak to you thanks for your time tonight thanks for the.
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