Protecting Against Fraud: What is a Trusted Contact?
Adding a trusted contact to your financial accounts is a key step in protecting against fraud. It ensures someone reliable can be reached in emergencies.
Scammers are increasingly sophisticated, often impersonating trusted figures like government officials through calls, texts, or emails—a tactic known as social engineering. If you suspect a scam, hang up immediately. For example, the IRS will never demand payment over the phone; they contact you by mail.
In 2023 alone, government impersonation scams caused over $394 million in losses, according to the FBI.
To safeguard your finances and personal information, stay alert to these tactics and take preventive steps—starting with designating a trusted contact.
What Is a Trusted Contact?
A trusted contact is someone you designate to be contacted if a member of your SIA team cannot reach you with concerns about you, suspected unusual activity on your account(s), or potential financial exploitation.
Who Can Be a Trusted Contact?
Your trusted contact should be a close family member or friend who is at least 18 years or older. This person can be likened to an emergency contact and should be familiar with your well-being and typical financial behavior. For example, your trusted contact should be able to confirm if you’ve been hospitalized or if a sudden request to move significant funds from your account would be considered out of character for you.
What Can a Trusted Contact Do?
Your trusted contact can confirm your health status and verify authorized individuals who are linked to your account, such as your spouse. A trusted contact does not have permission to access your account details, make financial decisions or perform any actions on your behalf.
What Are the Benefits of Adding a Trusted Contact?
If a member of your SIA team notices suspicious or unusual activity on your account and is unable to reach you, they can reach out to your trusted contact. If a situation arises and your trusted contact is needed, they can act as an additional layer of defense from suspicious activity. If your trusted contact confirms any particular financial request would be unusual for you, a member of your SIA team can take next steps to block suspected fraudulent activity.
How Can I Add a Trusted Contact to My SIA Account(s)?
You can add a trusted contact to your accounts by connecting with a member of your SIA team. If you are concerned about being contacted by a scammer, being hacked or have been defrauded, contact a member of your SIA team immediately.
Important Information
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
