Updated Sunday, September 21, 2014 as of 10:18 PM ET

Fraud Alert: How to Fight New Cyberscams

Annie McQuilken, a fee-only planner and principal at Forever Financial Advisors in Fairport, N.Y., knew that a client was looking for a house to buy. Still, she was a little surprised when she received a message, sent from the client’s email account, asking her to wire money directly to the seller for a closing scheduled for the next day.

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Comments (4)
Common Sense

Sometimes, its as simple as that. This important article you shared highlights perfect examples of using common sense. Something that has to be shared amongst the financial advisor, their staff and the firm that custodies the asserts for the clients.

There were several instances (when I worked for one of the major discount brokerage-custodians) and advisors would give me push-back when my team (or I) requested further documentation to facilitate a client request.

The NYSE KYC (Know Your Customer rule) as well as common sense needed to always be applied protecting all parties involved.
Posted by MARTY M | Friday, July 04 2014 at 7:05PM ET
Wouldn't the client have had to sign off on the wire to a third party? I could not accept the email to do this wire at my office.
Posted by Daniel A | Monday, July 07 2014 at 2:44PM ET
Wouldn't the client have had to sign off on the wire to a third party? I could not accept the email to do this wire at my office.
Posted by Daniel A | Monday, July 07 2014 at 2:45PM ET
Your banner ad on every page is really annoying.
Posted by GARY | Thursday, July 10 2014 at 5:10PM ET
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