Recent news that Internet hackers compromised U.S. government data on 4 million current and former federal workers earlier this year is just the latest in a seemingly endless litany of online security breaches making headlines of late—and making Americans wonder if they can trust digital gatekeepers at both public and private institutions with their personal and financial data.
Financial advisors are aware of their clients' concerns—and share them. For certified financial planner Stacy Francis, the grammatical errors were the first red flag that a recent email her firm received was likely a scam. The high-pressure language was another.
"The perpetrator must have known our client personally, because he knew she was on a plane to Colombia for a conference, and he referenced it in the email," said Francis, president and CEO of Francis Financial, recalling the urgent request for a wire transfer she received back in February.