Insights

  • 10 Jul 2019 by Nicki Colosi Trilling

    Family Wealth Security Risks

    Solutions for Families, Family Offices and Family Enterprises

    Families of wealth and business-owning families face security risks in their everyday lives. Many report that privacy and security of personal and financial data is a concern,
    yet few report confidence that these risks have been mitigated. Family wealth and activities (business, personal and online) expose families to targeted criminal activity. Multiple family members, households and generations increase the complexity and risk to the family’s security and reputation.

    THE THREAT IS GROWING

    In the Second Annual Security Study of 55 family wealth firms*, The Family Wealth Alliance found that 73% reported the frequency of security threat incidents have
    increased over the prior year. Those surveyed reported that in the last year or so at least one client household was victimized.

    Top five household attempts reported:

    1. Credit card fraud attempts were reported by nearly half of the respondents, with over 50% of incidents being carried out.
    2. Wire transfer fraud is highest in failed attempts, and fifth in those carried out.
    3. Identity theft failed attempts exceed carried out incidents (tied for third highest).
    4. Tax return fraud failed attempts exceed carried out incidents (second highest).
    5. Cyber fraud/extortion failed attempts were three times greater than those carried out.

    Read the full report here.