By SFMG Wealth Advisors | Contributor
At SFMG Wealth Advisors, we are not just wealth advisors. We are the team that gets invited to your retirement parties, the ones you call when a big life change is on the horizon, and the familiar faces you trust to help navigate whatever comes next. Founded in 2002 and locally owned, we are a Dallas-based, fee-only Registered Investment Advisor serving high-net-worth families, business owners, executives, and private equity investors. As fiduciaries, we are required to act in our clients’ best interest, and our mission is simple: to help provide you with Confidence for Life.
That confidence does not stop at the portfolio. In today’s digital world, protecting your wealth means protecting the accounts, devices, and inboxes that touch it every single day. Cybercriminals have grown remarkably sophisticated, and the same technology that makes managing your finances easier has also given fraudsters new ways in. The good news is that a handful of simple habits can make an enormous difference. Here are the practices we encourage every client to build into their routine.
Be Skeptical of Texts and Emails Claiming to Be Your Custodian
One of the fastest-growing scams targets clients of major custodians such as Schwab and Fidelity. A typical message asks you to “verify a transaction” by clicking a link, which leads to a fraudulent website designed to look identical to the real login page. Once you enter your credentials, the criminals have everything they need.
A few rules will keep you safe. Custodians like Schwab and Fidelity will never text you a link to verify a transaction or ask you to reply to a message. Legitimate texts come from short-code numbers, not ten-digit or international numbers. And verification codes are only ever sent for logins you initiated. If anything feels off, do not click and do not reply.
Watch for Impersonation and Payment Scams
Fraudsters are skilled at posing as trusted entities, whether that means the IRS, your custodian, a charity, or even a family member in distress. They create urgency, pressure you to act quickly, and often request payment in unusual forms such as gift cards, prepaid debit cards, wire transfers, or digital currency. Any legitimate institution will give you time to verify the request through a known channel.
Email account takeovers are a particular concern for high-net-worth families. Once a fraudster gains access to an email account, they can send instructions that appear to come from you, your attorney, or your advisor. Real estate closings, art purchases, and other large transactions are common targets. Before acting on any money movement instruction received by email, pick up the phone and verbally confirm the details using a number you already know, not one provided in the message.
Protect Your Devices from Remote Access Threats
A more recent tactic uses Remote Access Tools, or RATs. These are legitimate software products that IT teams use every day, but criminals can deliver them through a phishing email or text. A single click installs the tool silently, after which the attacker can see your screen, record your keystrokes, and access any site you log into, including your financial accounts.
To reduce the risk, never click links or open attachments from unexpected messages, even if the sender looks familiar. Type known website addresses directly into your browser and save them as favorites rather than searching for them. Keep antivirus software active, install updates promptly, and remove apps you do not recognize. When you finish a session on a financial site, close the browser window completely.
Strengthen the Basics
A few foundational habits do more to protect your finances than any single tool. Use a unique, strong password for every financial institution, and consider a reputable password manager so you do not have to remember them all. Turn on two-step verification, also known as multi-factor authentication, everywhere it is offered. Avoid using personal information such as your Social Security number or birth date in any user ID. Review your account statements regularly for activity you do not recognize, and be careful about what you share on social media. Birthdates, mother’s maiden names, and home addresses are common security questions, and posting them publicly hands criminals a head start.
A Note for the Whole Family
We often remind clients that cybersecurity is a family matter. Aging parents, college-age children, and household staff who handle bills or shipments may all be targets, and an attack on any one of them can ripple into your finances. A short conversation about these red flags, repeated periodically, is one of the most valuable gifts you can give the people you love.
A Good Place to Start
This list is not exhaustive, but it is a meaningful place to begin. A few intentional steps now can prevent the kind of loss that takes years to unwind. If anything in this article raises a question, our team at SFMG is here to help.
To learn more about who we are and our services, please visit sfmg.com. We are located at 3960 Dallas Parkway, Suite 400, Plano, TX 75093.
This article was prepared by SFMG Wealth Advisors and published as part of a paid content marketing arrangement with Good Life Family Magazine. The views expressed are solely those of SFMG Wealth Advisors and do not represent the views of Good Life. This article is a marketing communication intended to inform readers about SFMG Wealth Advisors and its services. SFMG Wealth Advisors is an SEC-registered investment advisor. SEC registration does not imply a certain level of skill or training. As a wealth advisory firm, SFMG provides investment management services, which involve risk including the possible loss of principal. The information in this article is for informational purposes only and does not constitute individualized investment, tax, or legal advice. The cybersecurity practices described are general suggestions, and SFMG does not guarantee that following them will prevent fraud or financial loss. SFMG is not a CPA firm. Always consult your own tax, legal, and cybersecurity professionals regarding your specific situation. A copy of SFMG Wealth Advisors’ Form ADV Part 2A is available upon request or at www.sfmg.com/resources.