With the proliferation of e-mail usage over traditional methods of communication, we wanted to bring to your attention the growing number of fraudulent email attempts in the Canadian Investment and Banking Industry requesting money transfers from client accounts. These requests appear to be legitimate as they come from a client’s valid/existing email address. We would like to let everyone know that every email we receive from a client requesting a money transfer has to be verbally confirmed with the client.
These requests are getting more and more sophisticated and common. In some cases the fraudsters have even forged client signatures on a Letter of Authorization that were almost perfect. One case actually involved someone calling and using a voice box to alter their voice in an attempt to sound more like the client. Lastly, the Caller ID in one case actually had the real client’s Caller ID name and number!
We are aware of these issues and will be vigilant to protect clients.
Let us know should have any questions or concerns about this matter.
JMRD Wealth Management Team