How Reliant Fund Services Prevents Fraud for Our Clients (And How You Can Too)

Every day we hear and read stories about how investors, fund managers, or service professionals have information breaches.  

We take fraud seriously at Reliant Fund Services and want to empower you to protect yourself every time you go online.

How Fraud Can Happen

Some instances of fraud, like email spam, used to be relatively easy to spot. However, as our Senior Accounting and Operations Manager Gregory Shneynberg says, “Hackers are coming up with more creative and unique ways with how they access or breach data.”

Here are some things to watch out for.

Email hacks

Think twice before responding to emails requesting sensitive information. The sender may not be who they claim to be.

Fraudulent wire change requests

Hackers can request fraudulent wire changes which route money into their accounts instead of yours.

Taking advantage of more relaxed guidelines as people work from home

It’s easier to let security measures relax when everyone’s working from home. Additionally, some remote workers connect their personal devices to company networks, which leaves them vulnerable to phishing attacks.

Ways We Protect Our Clients (and How You Can Protect Yourself)

We can’t force your employees to disconnect their iPhones from your company network. But, we can take important steps to protect your information as a client.

First, we utilize two-factor authentication on every single device and platform we use. This ensures that only authorized personnel have access to sensitive client information.

Additionally, we use a multi-step process to verify your identity when we receive new instructions or a request to change your payment.

Finally, all our employees go through training multiple times throughout the year to ensure they are always up to date with the latest phishing scams and that our organization stays vigilant.

You can take some steps to keep your data safe and secure. Here are three suggestions from Greg:

1. Improve passwords and add a multi-factor authenticator where possible
2. Limit device access to users with knowledge of credentials
3. Monitor and plan for attacks by providing training and fixing vulnerable access points

Conclusion

As Greg says, “It is absolutely imperative that everyone remains vigilant. This includes both financial service professionals and investors alike.”

Your financial information needs to be kept safe. Make sure you’re working with a fund admin team you trust. We’re here if you have questions! Get in touch with us today to discover how Reliant Fund Services can meet all of your fund administration needs and keep your data secure.