Don’t take the bait: How brokers can outsmart phishing scams

Data breach: Phishing can let sensitive client info slip into the wrong hands, causing data breaches that can damage your reputation and land you in legal hot water.

Financial loss: You may accidentally authorise fraudulent transactions or payments, causing large financial losses.

Operational disruption: Phishing attacks can mess up your systems, leading to downtime which can disrupt your business operations.

Education and awareness:  Regularly train staff to recognise phishing attempts. Use simulated phishing exercises to test and improve their vigilance. 

Email verification: Always verify sender's email address and look for signs of spoofing (check contact email address of sender name). Be cautious with unsolicited emails, especially those asking for sensitive information.

Secure systems: Introduce strong cybersecurity measures, including firewalls, antivirus software, and encryption. Regularly update systems to protect against vulnerabilities. 

Multi-Factor authentication:  Use multi-factor authentication to add an extra layer of security to your accounts and systems.

Report and respond: Encourage immediate reporting of suspicious emails or activities. Have a clear response plan to tackle potential threats quickly.

Identity theft: They may fall victim to phishing scams, leading to identity theft and unauthorised access to their personal and financial information. 

Financial fraud: Phishers can trick customers into transferring money or giving bank details, resulting in financial losses.

Compromised privacy: Personal information can be exposed, leading to privacy breaches and even misuse. 

Be sceptical: Encourage them to be cautious of unsolicited communications, especially those asking for personal information or urgent actions. 

Verify sources: They should verify emails and website legitimacy by checking URLs and contact details. They should reach out to you directly if in doubt.

Use strong passwords: Recommend using complex passwords and changing them regularly. Password managers can help maintain secure details. 

Enable security features: Encourage them to use security features like multi-factor authentication and to keep their devices updated with the latest security patches.

Educate on phishing tactics: Share information on common phishing tactics, such as fake websites, misleading links, and social engineering, to help them recognise and avoid them.

Phishing isn’t just a nuisance, it’s a serious threat to you and your customers. The good news? You can beat it. By staying vigilant, educating your team, and putting robust security measures in place, you’ll turn the tide against cyber criminals. Promote cybersecurity awareness at every level and protect what matters most: your business, your reputation, and your customers.

We understand the importance of protecting our brokers and their customers against fraud. Discover our podcast, videos, articles and resources which contain advice on the different types of fraud, and how to spot and prevent scams. Read our fraud awareness page for brokers to help you and your customers stay safe.