Mary Beth’s Corner

Safeguarding Your Clients’ Financial Future

General
February 27, 2025

In 2024, the IRS identified over $9.1 billion in fraud from tax and financial crimes. As tax season approaches, the threat of fraudulent activities intensifies, with scammers employing sophisticated tactics to exploit unsuspecting taxpayers. As a trusted Third-Party Administrator, My Benefits understands the critical role financial advisors play in safeguarding their clients’ financial futures. In today’s digital landscape, cybersecurity has become an integral part of financial management. Here are key strategies to help you, as a financial advisor, securely advise your clients, protecting their assets and maintaining trust:

Strengthen Account Security

Implement robust password policies: Encourage clients to use strong, unique passwords for each financial account.
Enable multifactor authentication (MFA): This significantly reduces the risk of unauthorized account access.
Educate on device security: Advise clients to keep their devices updated with the latest security software and patches.

Enhance Communication Safety

Verify communications: Advise clients to authenticate any account-related messages by logging in directly to their accounts rather than clicking on email links.
Use secure channels: Emphasize the importance of using official apps or websites for account-related inquiries.

Recognize and Prevent Scams

Impersonation awareness: Warn clients about scammers who may pose as company representatives or government agencies.
Investment red flags: Caution against promises of guaranteed profits or unsolicited investment advice.
Romance and employment scams: Alert clients to the rising threat of these sophisticated scams.

Promote Regular Monitoring

Account review: Encourage clients to regularly check their financial accounts for any suspicious activity.
Credit report vigilance: Recommend periodic credit report inspections to detect unauthorized accounts.

At My Benefits, we understand the importance of cybersecurity in today’s digital landscape. While we’re not cybersecurity experts, we implement these best practices in our own operations to ensure the safety and security of the retirement plans we administer. Our commitment to these security measures allows us to provide reliable and trustworthy services to financial advisors and your business owner clients.

** Remember, the IRS will never initiate contact via email or text, so always verify the authenticity of any tax-related communications through official channels. For more information, visit the IRS’s page on how to communicate securely with the IRS.