Standard Life has warned advisers to be aware of fraudsters, who are attempting to cheat clients by hacking their email accounts.
The warning comes after four IFA firms and their clients were scammed resulting in money being taken from Standard Life products, according to Money Marketing.
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Standard Life said that the fraudsters have hacked client email accounts to identify where they have invested money.
Criminal gangs are said to be using the email account to contact the customer’s financial adviser, providing bank details and asking them to encash their investment to a new account through telegraphic transfer or CHAPS.
Standard Life has warned its staff and adviser clients to be alert and suggested advisers to verify email instructions over the phone with clients. Additionally, the firm has also advised advisers to be alert of email communications with broken English and grammatical errors.
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By GlobalData
