Although you may have known someone for decades and can easily recognize their voice, don’t be so sure that you know who you are talking to on the other end of the line. Why? With the help of AI-software, cybercriminals can now clone voices so accurately that family members and even voice recognition software cannot tell that it is not the actual person who is speaking. In fact, cloned voices even have been used to stage fake kidnappings.
This recent nefarious innovation is not just creepy, it also creates a variety of financial and regulatory risks for wealth managers.
More specifically, many wealth management firm clients are easy pickings for cybercriminals. As detailed in a white paper that we published last month, most people use unsophisticated and/or similar passwords that are uncomplicated to hack. Few engage the necessary privacy and security settings on their online accounts, apps, devices, browsers and search engines. Even fewer use the necessary technology to shield their online communications.
…
