Online Scams: How to Spot and Stop Them Before It’s Too Late
Online scams are becoming increasingly sophisticated, targeting even the most cautious investors. In this episode of Well Balanced, Suzy Klapperich and advisor Charlie Gruys share a recent scam targeting a client. Plus simple steps you can take to protect your accounts and personal information.
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This discussion is with Vector advisor Charlie Gruys and Chief Compliance Officer Suzy Klapperich.
Overview
Fraudsters are getting smarter — and more personal. One in three adults will face an online scam attempt this year, and even the most tech-savvy among us can be caught off guard.
In this recent Well Balanced podcast, Chief Compliance Officer Suzy Klapperich and Vector advisor Charlie Gruys discuss the rising threat of online scams, including a real client experience that shows just how convincing these attacks can be.
“My client saw a big red warning on his screen saying his computer was infected,” Charlie explains. “The message told him to call Microsoft immediately — but that number went straight to the scammers.”
These scams are designed to create panic. They mimic trusted companies, use countdown timers, and even include robotic voices warning you not to shut down your computer. In the rush to “fix” the problem, many victims unknowingly give criminals remote access to their devices and financial information.
Prevent and Protect
Suzy and Charlie share a few key steps to prevent — and respond to — fraud attempts:
Don’t call the number. If you see a pop-up or urgent message, close your browser window.
Never grant remote access unless you initiated the request with a verified company.
Call your advisor or a trusted family member if you’re unsure whether something is legitimate. A quick conversation can stop a phishing attempt or scam in its tracks.
Have a trusted contact on file at Vector. This gives your advisor someone to reach out to if something looks suspicious and you’re unavailable.
If you think you’ve been targeted, act fast. Contact your advisor or financial institution right away. Even if you’ve already shared personal information, firms and custodians have safeguards that can help freeze accounts and limit damage.
These scams are designed to trick you into opening the door. By staying alert and knowing scammer’s tactics, you can stop or limit the impact if something does occur.
The Bottom Line
Scams aren’t going away, but with awareness, communication, and the right safeguards, you can manage and limit risk. Remember — if something feels urgent, frightening, or too good to be true, it probably is.
If you’d like to learn more about protecting your financial accounts, reach out to your advisor at Vector Wealth Management. Visit vectorwealth.com/cyber-security for more information.
Chapters
Introduction (0:00)
The Scam Threat (0:49)
Real-Life Example (1:09)
How Scams Work (1:49)
Protecting Yourself (2:28)
Trusted Contacts (3:00)
Regulatory (4:57)
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These discussions aim to spark dialogue about enhancing retirement readiness and making more informed financial decisions. At Vector, we delve into the nuances of scenario planning, offer insights and guidance tailored to each client's unique circumstances. If you or someone you know is pondering their financial future or seeking clarity on their retirement plan, we're here to help.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
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