As the threat of cyber crime continues to grow, it is becoming even more urgent for financial institutions and their customers to keep vital information out of the hands of criminals. Given the ongoing risk to online financial accounts, cyber security has become a key focus for the Financial Industry Regulatory Authority. FINRA is constantly evaluating the measures firms are taking to safeguard accounts from being compromised.
FINRA says the problem is underscored by the increasing number of reports it is receiving of customer account takeovers. These incidents involve criminals stealing personal financial information from customers and using it to gain unauthorized access to their personal accounts. Attackers are also finding ways to use the data they have gained to create synthetic identities and open fraudulent accounts.
With the methods of cyber crime becoming more sophisticated, customers are urged to be especially vigilant in monitoring their accounts for any unusual or unauthorized activity. By checking accounts and reading statements on a regular basis, you can be alerted to potential problems and can then notify your financial institution immediately.
Recently, FINRA issued a list of seven steps that can be taken to secure financial accounts, including strengthening passwords, making sure to have proper security software, and being careful not to click on any malicious links.
For more detailed information, here is FINRA’s full report on its tips for preventing cyber attacks.
At Lewitas Hyman, our Chicago securities lawyers have worked with brokers and RIAs, financial institutions, and investors. Contact us today, online or by calling (888) 655 6002, to discuss your needs with us in detail.