Protect your clients from fraud

4 min read

Clients are increasingly choosing convenience by submitting transfer and withdrawal instructions via email, but recent fraudulent activity highlights the need to take steps to ensure you’re protecting your clients at all times.

Protect your clients by preventing fraud

The security of your clients’ information is of the utmost importance to us. While we already have robust processes and procedures in place to protect your clients’ investments and personal information, detecting and preventing fraud is something we need to work together on to achieve.

Follow the actions below to ensure your clients are protected.

  • Take extra care when receiving instructions by email

    Take extra care when receiving instructions from your clients by email – especially requests:

    • that are out of character
    • written using poor grammar or English
    • for withdrawals
    • to change bank details
    • to change a phone number or email address (especially if only by one digit or character)
    • to transfer funds to unknown account names not in the name of your client
    • to transfer funds to overseas bank accounts.
  • Make sure it’s your client you are dealing with online

    To reduce the possibility of fraud, we encourage you to call clients before finalising any fund transfers or cash withdrawals, particularly if the payment request includes new bank details or an overseas payment.

    • Always use the client’s contact details you have on file. Don’t accept changes to contact details or bank account numbers provided in emails
    • Ensure we have correct details of each client’s nominated bank account. Recommend all payments are made to this account only – clients can use online banking to transfer funds to a different account
    • If a request is fraudulent, immediately let your client know and contact us so we can lock down their account to protect their investments.

    Watch our video, read our case studies or check out our other useful links.

  • Talk to your client about their online security

    Explain what you’re doing to keep the client’s information safe.

    • Suggest they stay alert
    • Point out simple steps they can take such as password security and avoiding public computers.

    For more tips to share with your clients, click here.

  • Received a suspicious email?

    Unsolicited emails can be used to hack into your computer or for identity theft.

    • Never open emails or click links if you don’t know who the email is from. If necessary, block the sender and delete the email
    • Never give personal information, account or online details unless the email comes from a trusted source
    • Never click ‘unsubscribe’ links in unsolicited emails, or reply with an unsubscribe message. If you do, the spammer/scammer knows it’s a valid address and they can target you further. Simply delete the email.
  • Track all transactions completed each day

    Use the platform tools available online to track completed transactions to ensure you or your client have genuinely requested them. Some of our online tools/screens include:

    BT Panorama
    Manage Clients (Key Activity) dashboard; Message centre; Order status screen; Transaction history screen.

    BT Wrap desktop
    Order Status; Transaction Summary; Transaction Statement.

    AdviserNET/AdviserNETgain
    Account actions daily email; Account actions screen; Transaction tracking screens; New accounts screen; Pending redemptions screen.

  • Beware of social media at work

    Computer-savvy hackers specialise in writing and manipulating computer code via social media to gain access or install unwanted software on your computer. Be on the alert if your computer becomes unresponsive or performance slows.

  • Keep your data safe

    Implement a regular backup procedure to safeguard critical business data. Setting permissions and using encryption will also help.

  • Take care when using remote access

    Accessing your systems away from the office is a security risk you should closely monitor.

    Use strong passwords (between 8 and 20 characters with at least one letter and one number) and be especially cautious about wireless networks.

  • Protect your privacy

    • Perform periodic privacy checks
    • Check your Internet browser and social media site privacy settings regularly to be sure they meet your needs
    • After visiting secure websites, clear your browser’s cache so no one can view sensitive information.