When families and individuals of significant wealth let their guards down on vacation, they might be exposing themselves to a ‘perfect storm’ of financial crime and fraud risks. Geller’s Mona Manahi and Scott Bush offer their insights to Spear’s, as they discuss:
- How the summer and holiday seasons lend themselves to fertile ground for fraud, with a rise in criminals pursuing phishing scams
- Time reviewing security is well-spent, including password hygiene, family office protocols, and who has access to personal information
- How companies’ and banks’ stringent security measures have turned criminal attention toward ultra-high-net-worth families
- The absence of knowledge, particularly in the ultra-high-net-worth world, of how threatening cyber invasions have the potential to be
- The importance of internal controls, family policies, and frequent financial reporting to spot irregularities
