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Well Balanced | Financial Planning, Bucket-Based Investing, Market Perspective, Wealth Management. A passionate and entertaining look at money and investing in and for retirement. For those that enjoy podcasts like Smart Money, On Investing, and BiggerPockets, Well Balanced is worth adding to your feed. Disclosures about our firm and this podcast. Vector Wealth Management is registered as an investment adviser with the Securities Exchange Commission (SEC). Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Vector’s current written disclosure brochure filed with the SEC discusses among other things, Vector’s business practices, services, and fees, and is available through the SEC’s website at: www.adviserinfo.sec.gov. All content in this podcast is for information purposes. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s portfolio. All investment strategies have the potential for profit or loss. Past performance is not indicative of future performance. Visit vectorwealth.com/regulatory for the firms form CRS and ADV.
Episodes
Friday Apr 26, 2024
Friday Apr 26, 2024
In our latest podcast episode, Sharon Calhoun, managing director at Vector Wealth Management, and Suzy Klapperich, chief compliance officer, discuss the pressing issue of social engineering and cybercrime. Their discussion sheds light on the manipulative tactics that scammers use and provides valuable insights on how to safeguard your personal information.
Key Highlights from the Discussion:
- Rising Threat: We’re seeing an alarming rise in fraud cases, with statistics showing hundreds of millions affected by data breaches and nearly a million complaints reported to the FBI's Internet Crime Complaint Center in 2023 alone.
- Understanding Social Engineering: Social engineering involves manipulative tactics by scammers to steal sensitive data. These criminals exploit human psychology, targeting stressed or distracted individuals to trick them into compromising their security.
- Common Emotional Triggers: Scammers often create a sense of urgency, trust, fear, desperation, curiosity, or sympathy to manipulate their targets. Each emotion is leveraged to push the victim into making hasty decisions.
- Real-Life Examples: Sharon shares personal anecdotes about suspicious emails that mimicked legitimate communications from known brands like Delta and Xfinity, emphasizing how realistic and convincing these fraudulent attempts can appear.
- Preventive Measures: Suzy stresses the importance of skepticism and caution, especially when dealing with unexpected phone calls or emails. She advises against relying on caller ID or email reply addresses, as scammers can falsify these to appear legitimate.
Three Practical Takeaways
- Stay Informed: Always verify any unusual or unexpected requests by contacting the company using known and trusted contact information.
- Guard Your Data: Limit the personal information you share online. More information available to the public means more ammunition for fraudsters.
- Use Direct Access: Bookmark, use the company's mobile app, or directly type in the URLs of important sites like banking or investment portals to avoid deceptive ads or spoofed websites.
Connect with Us:
Don't hesitate to reach out if you encounter any suspicious activity or need advice on protecting your financial information. Our team at Vector Wealth Management is here to assist you in securing your assets and peace of mind.
Time and Chapters
00:25 ... Introduction to Social Engineering
03:00 ... Emotional Manipulation Tactics Unveiled
11:09 ... Real-life Examples of Fraud Attempts
15:44 ... Preventive Measures Against Fraud
18:32 ... How to Identify and Avoid Scams
22:00 ... Closing Thoughts and Regulatory
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vectorwealth.com/regulatory
V24106114
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