I make no apology for raising a subject that we mentioned previously – the rise of online fraud.
I was recently informed of an attempted fraud involving another advice firm. I wanted to use this experience as a reminder to remain vigilant regarding financial transactions and online communications.
A client received an email that appeared to come from her financial adviser. The fraudster’s angle was the start of the new tax year and the opportunity to top up the client’s ISA. The email was personalised, referenced her recent holiday, and was signed off in the adviser’s usual style.
It looked and sounded exactly like something the adviser might have written—even the sender’s address appeared to be correct. There was some back-and-forth between the fraudster and the client, none of which the adviser saw or was aware of.
The final email requested that £20,000 be sent to a company called “Alpha Trading” and included bank details for the payment. Thankfully, the client phoned her adviser to confirm the payment before proceeding, and the fraud was stopped in its tracks.
This was a highly sophisticated attempt and has, of course, been reported to the authorities. I’m sharing this with you not to cause alarm, but because awareness is one of our best defences.
Importantly, this fraud attempt did not involve any breach of the adviser firm’s systems, which remained robust and secure.
The attacker simply spoofed the adviser’s email address – a technique that forges the “From” field to make it appear that the message came from an authentic source. This kind of impersonation is increasingly common and can fool even the most cautious recipients.
At Capital, our systems and processes are highly secure, but I want to remind you that;
- We will never send bank details by email – secure messaging is available via your online portal, Filesafe.
- If you ever receive a message requesting payment, even if it appears to be from us, please verify it with us directly first.
- Always use the phone number listed on our official website, not any number provided in an email.
In this case, the client’s instinct to double-check saved the day – a simple action that made all the difference. It’s a powerful reminder that even with secure systems in place, human vigilance remains key.
If you’d like to speak with our team about any specific concerns, please don’t hesitate to contact us. We’re here to help.
In the meantime, please be vigilant.
Best wishes,
Chirine Harb
Chief Operations Officer
