Cybersecurity and Fraud Prevention: Staying Secure in a Digital World

At Badgley Phelps, we believe that protecting your wealth includes protecting your personal and financial information. Whether you’re managing your own accounts or supporting aging parents or loved ones, it’s important to understand today’s most common threats—and take proactive steps to stay safe.

Understanding the Landscape: What Cybercriminals Are After

Hackers and cybercriminals aren’t just after passwords—they’re after trust. Many scams use psychological manipulation to create fear, confusion, or urgency. Some of the most common schemes include:

• Phishing emails and text messages: These often look like they’re from your bank, investment custodian, or a government agency. They may include urgent requests to “verify your account” or “avoid suspension,” luring you into clicking a malicious link or submitting personal information.

• Tech support scams: A pop-up warns that your computer has been infected with a virus, and urges you to call a number. On the line? A scammer ready to take control of your device and access your financial data.
  
  
• Impersonation scams: A caller pretends to be a grandchild, an IRS agent, or even a financial advisor. These are particularly common among older adults and are often designed to exploit emotions or confusion.
  
  
• Investment scams on social media: Scammers pose as legitimate financial professionals or trusted influencers, offering exclusive “low-risk, high-return” opportunities. These are increasingly targeting retirees seeking income-generating options.
  
  
• Romance scams: More personal in nature, these involve building a relationship—often online—then requesting financial help. Victims of romance scams are often older adults experiencing isolation or loss.

Seniors Are Especially at Risk—Here’s Why

While cybersecurity is critical for everyone, seniors are often specifically targeted for several reasons:

• They may be managing significant assets or retirement accounts.

• They often answer unknown calls or open unfamiliar emails out of habit or courtesy.

• Many aren’t as familiar with evolving online fraud tactics—or may feel embarrassed to report suspicious activity.

If you're a caregiver or adult child of an older family member, consider reviewing financial accounts together, helping with password management tools, or encouraging regular conversations about unusual emails, calls, or texts.

Five Things You Can Do Right Now to Protect Yourself and Your Family

1. Use strong, unique passwords for every account—and consider using a password manager to keep them secure.

2. Enable multi-factor authentication (MFA) wherever possible. This adds an extra layer of protection even if a password is compromised.

3. Never click suspicious links or download attachments from unknown sources.

4. Verify requests for personal or financial information—even if they appear to come from someone you know.

5. Talk about it. Regularly check in with loved ones, especially seniors, to discuss online safety and report anything suspicious.

What If You Suspect a Scam?

If something feels off, it probably is. Here’s what to do:

• Pause. Cybercriminals count on urgency. Give yourself time to think.

• Contact your financial planner or institution immediately. We can help assess the situation and take action.

• Change your passwords and secure your email or bank accounts.

• Report the incident to the FTC or local law enforcement if there’s financial loss.

Remember: It’s always better to ask than to act on uncertainty.

At Badgley Phelps, Your Security Is Part of Your Strategy

We believe a strong financial plan includes protecting the digital pathways to your wealth. That’s why our team is always here to help—with both education and action.

Whether you’re looking to strengthen your cybersecurity practices, support aging parents, or simply better understand today’s risks, we’re ready to guide you.

If you’ve received a suspicious communication or want to ensure your family’s financial information is secure, reach out. Let’s start the conversation.