News | 08.18.21
More Fraudsters Are Impersonating Advisors: How to Protect Your Data and Your Clients
Federal and state regulators warn of scams involving financial advisors, including bogus websites using the names and professional details of actual advisors to fool investors. The Financial Industry Regulatory Authority has identified two scams in particular: one involves a fake website that masquerades as the legitimate site of a real advisor, and investors should look for telltales including "poor grammar, misspellings, odd or awkward phrasings, or misuse of investor terminology." Sites using the registered representative's name as the domain name should also be considered suspect. In the other scam, fraudsters set up a false version of an authentic advisor's BrokerCheck report, using the registered individual's name and Central Registration Depository number, which they email to potential clients to steal sensitive data.
Read the full article on Barron's.