High net-worth individuals have access to a lot more financial protection than the rest of the population, but that doesn’t make them immune to fraud in the least. In fact, high net-worth individuals are actually more likely to be the victims of  identity theft then the greater population.

The scope and scale of their assets and investments likely translates to increased exposure. And many high net-worth individuals have higher than average public and online profiles. They also can have multiple individuals helping run their lives.

Their high-values, & assets can be geographically diverse, potentially outside the country; their investments could be throughout the world, let alone in the country. So the complexity probable does translate into increased exposure. And, again, a repercussion of identity theft and fraud is so prolific, and there’s a lot stake.  

High Net Worth Individuals
There are various channels ID thieves will use:

  1. Tricking people into giving away personal information via email or website phishing scams.
  2. Scouring an individual’s social media accounts to find useful personal information such as their date of birth or other personal identifiers
  3. Tricking people into divulging personal information over the phone, or in response to letter scams
  4. Stealing items of ID, such as passports and driving licenses
  5. Searching through discarded rubbish in the hope of finding paperwork such as bank statements or credit card applications

These are just to name a few. The bottom line is that affluent people need to recognize that when it comes to cyber crime, they’re not the same as everybody else — they may be targeted even more often than the average consumer. No one is immune to becoming a target of inappropriate, intrusive and unwanted internet commentary, but high net worth individuals and their families are particularly attractive targets for anonymous trolls, criminals, and hackers online who may target them.

We hope this is helpful education. Have a great Monday.

-Jason

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