Fraud Prevention and Cybersecurity
Learn about protecting yourself from today's most prevalent online threats and financial scams. Watch or listen to the following two recordings from Vector’s fraud prevention and cybersecurity event. Recorded live on February 17, 2026.
Part One
Fraud is no longer rare—it's happening everywhere. In 2024 alone, three out of ten people experienced attempted fraud, with one in ten falling victim. For Minnesotans age 60 and older, reported losses reached $52.2 million, with actual losses potentially much higher since many cases go unreported.
In this recording, Boima Freeman, Senior Financial Fraud Investigator at the Minnesota Department of Commerce shares his experience with a presentation focused on: the impact of financial exploitation, trends and tactics, the MN Safe Senior Act, and his advice on what you can do to avoid becoming a victim of financial fraud.
Sharon Calhoun, Managing Director and Suzy Klapperich, Chief Compliance Officer at Vector Wealth Management kick off this recorded live event and introduce Boima.
Scams have become increasingly sophisticated. Fraudsters impersonate trusted companies, government agencies, and even family members. They create urgency and fear, keeping victims on the phone while coaching them on what to say to their banks. Common tactics include tech support pop-ups, romance scams, investment schemes, and government imposter calls.
Three Critical Rules to Remember:
Don't answer unknown calls—if it's important, they'll leave a voicemail
Hang up immediately if something feels wrong
Verify by contacting the company directly using a number you trust
Red flags include requests for payment via gift cards, cryptocurrency, or wire transfers; demands for secrecy; and pressure to act immediately. The IRS will never ask for gift cards. Banks don't call demanding you move money to "secure locations."
Vector Wealth Management recently prevented a major fraud when a long-time client attempted to liquidate his entire portfolio. Through persistence and partnership with the Minnesota Department of Commerce, they discovered he'd fallen victim to a Microsoft tech support scam.
Protect yourself: Establish trusted contacts with your financial institutions, create unique passwords for different accounts, and never rush financial decisions. If someone pressures you to keep secrets or act immediately, it's a scam.
Remember: Only you can prevent fraud. When in doubt, hang up and verify through official channels.
Part Two
In this informative presentation, Paul Ewing, Schwab’s Senior Technology Consultant, and Boima Freeman, Senior Financial Fraud Investigator at the Minnesota Department of Commerce, share real-world examples and actionable strategies to help you safeguard your financial accounts and personal information.
Vector’s Senior Wealth Advisor Mike Nesheim moderates the fireside chat and Q&A with the audience. Suzy Klapperich, Vector’s Chief Compliance Officer, shares a best practice of having trusted contacts on file with your financial advisor and financial custodians.
Learn about:
• Email Security Best Practices - Why email is the #1 attack vector and how to protect sensitive information
• Password Management - The critical importance of unique, long passwords and password manager tools
• Multi-Factor Authentication - Adding essential layers of security to your accounts
• Phishing & Social Engineering - How to recognize and avoid sophisticated scam attempts
• Romance & Investment Scams - Real cases and warning signs to watch for
• Check Fraud & Mail Security - Protecting yourself from check washing and mail theft
• Credit Freezing - Preventing identity theft with credit bureau freezes
• Minnesota Safe Senior Act - Legal protections available to prevent financial exploitation
Discover practical tips like using VPNs, avoiding public WiFi, cleaning up old emails, and setting up trusted contacts. Whether you're concerned about protecting your retirement savings or simply want to strengthen your cybersecurity posture, this session provides essential knowledge to keep you and your family safe in an increasingly digital world.
Download the Presentation (.pptx)
Presentation from Boima Freeman, Senior Financial Fraud Investigator at the Minnesota Commerce Department with additional information provided by Vector.
Cybersecurity Resources
Additional information about cybercrime and fraud prevention can be found at vectorwealth.com/cyber-security, including what to do if you believe that you have been the victim of fraud, identify theft or cybercrime.