October is Cybersecurity Awareness Month
Cybersecurity may not be the first thing that comes to mind when you think about financial planning, but protecting your financial life is an increasingly important part of protecting your wealth.
October is Cybersecurity Awareness Month, and it is a good reminder that financial scams continue to become more sophisticated. Artificial intelligence, readily available personal information, and increasingly convincing emails, texts, phone calls, websites, and even fraudulent checks can make it much harder to distinguish a legitimate communication from a scam.
One particularly important trend is imposter fraud. Scammers may pose as representatives from a bank, Schwab or another financial institution, a government agency, law enforcement, technical support, or even someone you know. Their goal is often to create enough urgency or fear that you act before stopping to verify the request.
A few red flags are worth remembering:
- Someone unexpectedly asks you to move money to “protect” it. A legitimate financial institution will not tell you to transfer your assets to a new or “safe” account because your existing account has supposedly been compromised.
- There is pressure to act immediately. Urgency is one of the most common tools scammers use to keep you from slowing down and asking questions.
- You are told to keep the situation secret. Be especially cautious if someone tells you not to discuss the request with your family, financial advisor, bank, or other trusted person.
- Someone coaches you on what to tell your bank or financial institution. This is a major warning sign.
- An email, text, or phone call asks you to click a link or provide login credentials, verification codes, or other sensitive information. Instead, independently locate the organization's official website or phone number and contact them directly.
Check fraud is changing as well. New technology can make altered or fraudulent checks appear surprisingly authentic. If you still use checks, consider limiting how often you mail them, using a secure USPS location when you do, confirming that important checks reach the intended recipient, and monitoring your accounts for unusual activity.
Simple habits can make a meaningful difference
Use strong, unique passwords and multifactor authentication whenever available. Keep your devices and software updated. Turn on account alerts and review your financial accounts regularly. Most importantly, slow down when something doesn't feel right.
And remember: you don't have to figure it out alone.
If you receive a suspicious call, email, text, or financial request involving one of your accounts, please feel comfortable reaching out to the Kaizen team before taking action. We'd much rather spend a few minutes helping you verify something legitimate than have you discover afterward that it wasn't.
Read Schwab's guidance on recognizing and avoiding imposter scams.
Celebrate Financial Planning
October is National Financial Planning Month, and October 8 is World Financial Planning Day—a good opportunity to reflect on how the different parts of your financial life fit together.
At Kaizen, financial planning means bringing your investments, retirement goals, tax planning, estate considerations, and insurance needs together to help you make the most of your wealth. It also means understanding what’s happening in your life. Difficult family situations and complex workplace decisions often carry financial implications, and we’re here to help you work through them.
Our commitment is ongoing. Whether you’re preparing for retirement, navigating a family change, or considering a new opportunity, we help you understand your options and how each decision fits with your broader goals. We also help you anticipate risks and adjust when life takes an unexpected turn. We can’t prevent every challenge, but we can help you face them with a clear plan and support.
Above all, we want you to feel comfortable picking up the phone—whether you have a question, something has changed, or you simply need to talk through a decision.
We’re grateful that many of you have introduced us to your friends and family. Your trust means a great deal to us. If someone you care about could use guidance, we’d be happy to get to know them.
To your prosperity,
The Kaizen Financial Advisors Team
