Financial Scams Targeting Wealthy Individuals: How Plumb Bill Pay Can Help

Written by

With wealth comes the added risk of becoming a target for financial scams. Wealthy individuals are often targeted due to their substantial financial resources, making the potential payoff for scammers significantly higher. Understanding how these scams work and recognizing the warning signs is crucial to protect oneself from financial fraud. This article explores common financial scams targeting affluent individuals and how Plumb Bill Pay can be an effective tool in recognizing and preventing these fraudulent schemes.

 

Common Scams Targeting Wealthy Individuals

  1. Investment Fraud: Scammers often prey on high-net-worth individuals with promises of exclusive, high-return investments. These can include Ponzi schemes, fake hedge funds, or fraudulent real estate deals. The allure of high returns can be irresistible, leading some to overlook warning signs.
  2. Phishing Schemes: Wealthy individuals are frequently targeted with sophisticated phishing attacks. Scammers use fake emails, texts, or phone calls that appear to come from trusted institutions, attempting to trick individuals into providing sensitive information or access credentials.
  3. Romance and Grandparent Scams: High-net-worth individuals are not immune to romance or grandparent scams. Scammers exploit emotional vulnerabilities by creating fake online personas or by posing as grandchildren or family member(s) to build a relationship, eventually manipulating victims into transferring money.
  4. Business Email Compromise (BEC): In BEC scams, attackers gain access to business email accounts and impersonate executives or trusted partners. They then issue fraudulent payment instructions to employees or business partners, often leading to significant financial losses.
  5. Impersonation and Social Engineering: Scammers may impersonate bank officials, lawyers, or other trusted figures to manipulate wealthy individuals into divulging personal information or making unauthorized transactions.
  6. Tech Support Fraud: Tech support scammers lure victims through misleading phone calls, emails, text messages, or online pop-up windows. They claim there is a security flaw or another issue with your computer and offer assistance to fix it. Subsequently, they request personal information, payments, or remote access to your computer.

Our Cybersecurity and Information Security Manager, Jim Server, says that “It is imperative, now more than ever, to increase awareness and implement proactive strategies to aid both our team and clientele with knowledge on how to keep their information secure.” Jim continues, “Our goal is to stay one step ahead of scammers and their threats by combining advanced tools with preventive measures and ongoing education for our team and clients.”

It is always a best practice to be vigilant for common scams which often appear when least expected. We recommend the following strategies to help prevent scams:

Strategies to Prevent Scams

  1. Due Diligence: Conduct thorough research before investing. Verify the credentials of financial advisors and the legitimacy of investment opportunities.
  2. Secure Communications: Use encrypted and secure communication channels for sensitive transactions and information sharing.
  3. Regular Monitoring: Regularly review account statements and financial transactions for any unauthorized activity.
  4. Use Strong Authentication Methods: Implement multi-factor authentication for email and financial accounts using an authentication app like Google or Microsoft authenticator in place of simple text messages (SMS), which can be easily compromised.
  5. Report Suspicious Activity: Report any suspected fraud to relevant authorities immediately.

 

How Plumb Bill Pay Can Help

At Plumb Bill Pay, our team is wholeheartedly committed to ensuring that our clients feel safe and secure when managing their finances. We understand that in today’s world of increasingly sophisticated financial scams, safeguarding your assets is of paramount importance. That’s why our dedicated professionals work tirelessly to guarantee our clients feel confident in our services through advanced fraud detection and robust security measures. Our team is always available to offer personalized support and guidance, helping clients stay informed and vigilant against potential threats. With Plumb Bill Pay, you can trust that your accounts are protected by cutting-edge technology and a dedicated team that prioritizes your financial safety, ensuring that you are always in good hands.

Plumb Bill Pay incorporates the following practices in efforts to prevent financial scams for our clients:

  1. Automated Payment Monitoring: Plumb Bill Pay automates the bill payment process, ensuring that payments are made on time and according to established routines. This reduces the risk of falling for fraudulent payment requests since all transactions are processed through a secure and monitored system.
  2. Enhanced Security Features: With Plumb Bill Pay, payments are processed through a secure platform that uses encryption and multi-factor authentication to protect sensitive information. This added layer of security helps in thwarting phishing and impersonation attempts.
  3. Clear Audit Trails: The platform provides detailed records of all transactions, making it easier for individuals and their financial advisors to track and verify each payment. This transparency is crucial in identifying and investigating suspicious activities.
  4. Integration with Plumb Bill Pay Team: Our team is here to help facilitate a collaborative approach to managing and safeguarding financial assets.

As financial scams become increasingly sophisticated, it’s essential for wealthy individuals to be proactive in protecting their assets. The Plumb Bill Pay team offers robust solutions that not only simplify the bill payment process but also enhances security and provides valuable tools for detecting and preventing fraud. By leveraging the advanced benefits of Plumb Bill Pay, affluent individuals can safeguard their financial well-being and stay one step ahead of scammers.

Discover the Plumb Advantage: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.

Time is Money: The Power of Bill Payment Apps

Written by

Traditionally, bill payment involved manual processes, requiring individuals and advisors to gather bills, write checks, and track payments meticulously. For HNWIs with complex investment holdings, this means dedicating considerable time and resources to monotonous administrative tasks.

 

Enter bill payment apps, which have transformed the landscape by offering intuitive platforms that centralize and automate the entire payment process. These innovative platforms are revolutionizing the way HNWIs and their advisors handle financial obligations, introducing efficiency and automation into a previously cumbersome process. These apps allow users to aggregate bills from various sources, including utilities, credit cards, mortgages, and subscriptions, into a single dashboard. Through secure integrations with bank accounts and financial institutions, bills are automatically retrieved and presented for review, eliminating the need for manual data entry.

 

The Plumb Bill Pay app is the perfect example of a game-changing app, and was developed and built exclusively by Plumb to address the issues and challenges faced by our high-net-worth clients and their advisors.

 

Here’s how bill payment apps, and the Plumb Bill Pay app in particular, save HNWIs and advisors precious hours:

  • Streamlined Workflow: Bill pay apps automatically categorize, prioritize, and schedule bills for payment. This ensures timely settlements without the need for constant oversight, eliminating countless hours spent on paperwork and data reconciliation. Additionally, these apps offer customizable alert systems, notifying users of upcoming due dates, payment confirmations, and unusual activity, thereby enhancing transparency and security.
  • Enhanced Visibility: Gone are the days of scrambling for missing invoices or chasing down overdue payments. Bill payment apps provide real-time visibility into spending patterns and cash flow dynamics, offering personalized insights and recommendations, empowering users to make informed financial decisions. {Read about the Plumb Bill Pay app Commitments module and how it provides clarity and insights.}
  • Reduced Errors: Manual processing is prone to human error. Bill payment apps minimize the risk of mistakes with automated payments, ensuring accuracy and timely payments.
  • Improved Security: Traditional paper-based systems are vulnerable to fraud and theft. Bill payment apps offer robust security measures such as multi-factor authentication and encryption, to safeguard sensitive financial information. {Learn more about just some of the ways Plumb provides the most stringent digital security here.}
  • Advisor Efficiency: For financial advisors, managing bill payments for multiple clients can be a time-consuming burden. Bill payment apps allow advisors to delegate and automate tasks, freeing up their time to focus on strategic financial planning and client relationships.

 

Bill payment apps have emerged as indispensable tools for HNWIs and their advisors, offering unparalleled convenience, efficiency, and security in managing financial transactions. By streamlining the bill payment process, these platforms liberate valuable hours that can be redirected towards more productive endeavors, ultimately empowering individuals to achieve their financial goals with confidence and peace of mind.

 

5 Reasons Why Pricing Transparency Matters to High-Net-Worth Clients

Written by

A common misconception about affluent people is that they don’t worry about their expenses. On the contrary, not only do they worry about the entirety of their financial picture – costs and spending included – but many of them like to be intimately involved with the management and strategy surrounding their wealth. Perhaps most importantly, these clients need to feel that they can trust the people they work with to provide not only accurate and timely information, but also the security and confidentiality they require.

Nobody likes surprises when it comes to expenses, and high-net-worth individuals are no exception. These clients want to understand the pricing of services upfront. Providers will lose a lot of trust and credibility if they hide fees or sneak in any “gotcha” charges.

When reviewing pricing – and the value of the services you provide – with high-net-worth clients, it is crucial to be straightforward and open about any costs they might incur.

Here we list the top 5 reasons why pricing transparency matters to HNWI clients – and why it should matter to you.

Reason #1: Confidence

Pricing transparency helps build trust and confidence in the client and outsourced provider relationship by demonstrating openness and honesty. When clients understand what they are paying for and why, they are more likely to have faith in their advisors. This in turn can pave the way for a long and successful working relationship.

Reason #2: Clarity

Clarity is a vital aspect of any type of communication and with any relationship – especially one in which you are trying to build trust. When well-defined and transparent pricing information is provided, your clients (or prospective clients) will have a clear understanding of your costs so that they can better evaluate your services. There should be no hidden fees or surprises. When the cost of the services you charge for is clear, you help to eliminate any misunderstandings while strengthening your relationship with your clients.

Reason #3: Comparison

Part of evaluating any new service involves speaking with different providers and gaining an understanding of who they are, what they provide, and what value they offer. Without knowing precisely the cost of these services, it is impossible to compare the different options accurately. Additionally, providing context around industry standards and benchmarks related to your costs can be tremendously helpful. (Even if your costs are higher than the industry standard – this is your opportunity to explain why you charge a premium.)

Reason #4: Conflict {Avoidance}

Transparency in pricing can help mitigate conflicts of interest in the wealth management industry. When clients know how their advisors and service providers are compensated, they can better assess whether any recommendations are driven by their best interests and not by financial incentives. When advisors and service providers are transparent in their costs it can reduce the likelihood of any recommendations that benefit them more than their clients. It also brings peace of mind to the client knowing that their best interests are the only elements factored into proposals and suggestions.

Reason #5: Loyal Clients

Proving clear, transparent, and easily understood pricing to high-net-worth clients also contributes to the stability and longevity of these relationships. When clients feel that they are treated fairly and that their advisors and service providers are upfront about costs, they are more likely to remain loyal clients and refer their peers. (And who doesn’t love a solid referral?)

At the end of the day, high-net-worth clients would like to understand exactly what services will be provided and exactly what the cost will be. Being upfront and providing clarity in costs will help to establish a strong foundation of trust for a long-term, successful relationship.

Get the Financial Clarity and High-Touch Support You Need: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the clarity and specialized attention your wealth deserves.

 

Plumb Bill Pay App: Digital Dashboards

Written by

Navigating the complex financial landscape of high-net-worth individuals can be like piloting a yacht through dark and uncharted waters.

Their financial complexity arises from a mix of substantial, diverse assets, complex investment strategies, and significant monthly expenses. For these individuals, having a clear and organized view of their income sources and expenditures each month is essential. Without this transparency, making informed and strategic financial decisions becomes exceedingly challenging.

This is where the importance and benefits of digital dashboards come into play.

What are digital dashboards?

Digital dashboards are a user-friendly way to present data and financial information. They provide high-net-worth clients and their advisors with an uncomplicated way to check their financial performance while offering the option to drill down into the details of specific entities, assets, or expenses – anything that the client or their advisor is interested in seeing in greater detail.

Why use a digital dashboard?

There are many benefits to utilizing digital dashboards – especially for HNWI. We have listed the top five benefits here:

  • Clarity: Provides a clear overview of wealth that allows clients and advisors to visualize total assets, liabilities, cash flow, and net worth. (The dashboard on the proprietary Plumb Bill Pay App also provides a balance snapshot and a list of upcoming payment commitments.)
  • Convenience: Gives the client and advisor the convenience of real-time updates, removing the concern of looking at data that is already outdated.
  • Access: A mobile app, like the Plumb Bill Pay App, delivers access to financials on the go – anytime, anywhere.
  • Customization: Offers personalized and customized data and reporting so the client can see precisely what they want and need to see – the information that is most important to them. This customization eliminates the need for clients and advisors to pick through data they do not want or need, and it eliminates the need for them to request additional data that has not been provided.
  • Comprehension: Presents financial data in an easy-to-understand layout making the essential information clear and accessible for all levels of financial expertise.

Digital dashboards cut through the complexity of HNWI finances, offering instant clarity and streamlined management. Their visual data formats empower clients and advisors to see the flow of money, make informed decisions, and maximize wealth.

With Plumb you can have access to your bill pay data – anytime, anywhere. Contact us at sales@thinkplumb.com to learn more about our bill pay app and how Plumb can help you and your clients focus on the big picture, while we focus on your bill pay and accounting needs.

Bill Pay Freedom for HNWI Clients: 5 Steps to Choosing the Right Bill Payment Service

Written by

As a financial advisor, you understand the time and stress your HNWI clients face managing their complex financial affairs. Bill payments often become a burden, eroding their valuable time and focus.

But what if there was a way to free them from this tedious task? Here are some key factors to consider when choosing the right bill payment service for your HNWI clients, empowering them to focus on what truly matters.

  1. Partner with a Trusted Expert

Look for a provider with a proven track record serving HNWI clients, like Plumb. Established in 1996, we possess the expertise and experience necessary to navigate the intricacies of high-net-worth finances.

  1. Prioritize Security and Personalization

Your clients’ data security is paramount. Choose a service with robust security protocols and encryption, ensuring their privacy and financial information remain safeguarded. Additionally, seek a provider offering customized solutions that cater to each client’s unique needs and preferences.

  1. Embrace Technological Innovation

Technology plays a crucial role in efficient bill management. Explore platforms that are user-friendly and intuitive, like Plumb’s proprietary bill pay app, designed specifically for HNWI needs.

  1. Transparency is Key

Clear communication regarding fees and value propositions is essential. Choose a service that transparently communicates its pricing structure and demonstrates the tangible benefits it offers your clients.

  1. Seamless Integration and Ongoing Support

A smooth transition is critical. Opt for a service that seamlessly integrates with your clients’ existing financial team, including accountants, attorneys, and estate planners. Plumb fosters collaboration and ensures a smooth onboarding process.

Unburden Your Clients and Empower Their Financial Future

By choosing the right bill payment service, you can free your HNWI clients from the burden of mundane tasks, allowing them to focus on their financial goals and personal priorities.

Let Plumb take care of the bills while you concentrate on building your clients’ financial wealth and well-being. Contact us at sales@thinkplumb.com to learn more about how Plumb can help you and your clients focus on what you both want to focus on – and leave the bill payment to us.

Family Office Services Outsourcing: The Ultimate Audit Checklist

Written by

Finding the right outsourced family office service provider can be challenging enough, but once that decision is made, how do you know if you’ve made the right choice? And what steps can you take to ensure that your needs and goals are being met?

At Plumb we pride ourselves on providing clarity in accounting and stewardship in service for our high-net-worth bill pay and accounting clients (and their trusted advisors). This guides everything we do – from our seamless client onboarding process to our ongoing check-ins and accurate, customized reporting.

Here we take you through our top 5 recommendations for monitoring the effectiveness of your outsourced family office bill pay and accounting provider. Use this simple checklist to ensure that you are getting the service you need from your outsourced firm.

  1. Clarity

Working with an outsourced service – regardless of what that service is – should provide you with clarity. When it comes to bill pay and accounting, clarity is paramount. But what do we mean by clarity? It’s not just about having organized spreadsheets and balanced books. It’s about seeing the story behind the numbers: understanding where your money comes from, where it goes, and why. This clarity will help pave the way for successful wealth management and maintenance.

  1. Communication

A key component to any solid and productive relationship is communication. This is no different when thinking about your relationship with your outsourced service providers. Do you feel like you are kept up to date on everything you need to know about? Are your emails and calls responded to with urgency? Does the team working with you understand your goals, your needs, and your expectations? Are the updates and reports they provide clear and well-explained? If you answer “no” to any of these questions, you should address this with your outsourced firm to see what can be adjusted.

  1. Access

How easy is it for you to get the data and information that you need? Does your outsourced service provider have an app (like the Plumb proprietary bill pay app) that you can access anytime, from anywhere? What about customer support access? How much access do you have to the team handling your account?

  1. Comprehension

Do you feel that you understand what this outsourced service provider is responsible for, as well as any data and information that they are sharing with you? Are they sending updated and timely reports? Better yet, do you have access to a digital dashboard where you can view the data you need, in the way you want to view it?

  1. Peace of Mind

At the end of the day, are you able to relax and rest easy knowing that your bill pay and accounting needs are being met? That you don’t have to worry about keeping track of due dates and cash flow because your outsourced team is on top of it? The ultimate goal for any outsourced service provider is to alleviate the daily stress and worry their clients face. At Plumb, we want our clients to focus on the things in life they enjoy and love – and to leave the bill pay and accounting details up to us. We’ve got it covered.

Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.

Illuminating the Accounting of Art, Collectibles, and Luxury Assets

Written by

There are people who invest in stocks, bonds, mutual funds or real estate; and then there are people who invest in more unique assets. These assets can range from photographs and paintings to jewelry and classic cars. More often than not, this is born out of a true love for these items. That they may hold extraordinarily high values is just the cherry on top.

With Plumb’s decades of experience helping high-net-worth clients and their trusted advisors with their bill pay and accounting needs, we are very familiar with the best practices of the reporting and accounting requirements related to these special assets.

Here are some of the ways we work with clients and their luxury assets:

Art and Car Collections

  • It is recommended that clients that have art or classic car collections should itemize every piece or vehicle in the collection.
  • These items may also be held in separate entities – especially if clients do a lot of buying and selling. We may recommend the use of Sage Intacct to make use of their dimensions for ease of tracking. Otherwise, we can utilize subaccounts in QuickBooks.
  • If a client loans a piece or a collection to a museum, a loan agreement is needed, and we will help coordinate with the insurance company. The museum is responsible for the insurance of the piece(s) while it’s in their possession, and when returned, the insurance again needs to be updated.
  • If an appraisal is conducted, we will coordinate with the appraiser to receive the report on both the inventory and assigned values.

Jewelry

  • Jewelry is not always itemized since most clients have a rider on their home policy up to a certain amount that can cover this type of asset. However, we recommend itemizing if clients have more valuable jewels or watches.
  • As with art or car collections, if the client requests an appraisal, we’ll receive the report directly from the appraiser.

At the end of the day, our goal is to accurately itemize these unique, luxury assets for insurance purposes, and they are tracked separately for accounting reasons. And our clients usually just want to ensure that they – and their children and grandchildren – can enjoy these magnificent possessions for a long time to come.

Take the Next Step Towards Financial Ease and Clarity: Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment and accounting services can help you accurately itemize and report on your luxury assets. Your peace of mind is our priority.

 

 

The Plumb Difference in HNWI Bill Pay

Written by

Plumb Bill Pay and Family Office Accounting emerged from a realization of the distinct challenges faced by our business-owner and entrepreneurial clients. While relying on their company’s accounting team initially served them well, unforeseen circumstances like retirements or changes in personnel often led to gaps in effective bill payment and accounting management.

High Net Worth Individuals (HNWIs) possess distinctive bill pay and accounting requirements, setting them apart from the average individual.

Here are key aspects of the unique bill pay and accounting needs we address for HNWI clients:

  1. Complex Portfolios: HNWIs have an array of diverse investments, necessitating expertise in managing stocks, bonds, real estate, and private equity holdings. Plumb’s extensive experience in handling complex financial bills related to hedge funds and PE investments is showcased in this article.
  2. Privacy and Security: Prioritizing the protection of sensitive financial information is critical for HNWIs. Plumb ensures robust security measures, strict confidentiality, and discretion in all financial transactions. Delve deeper into our focus on these crucial elements in our dedicated article.
  3. Customization: Tailored solutions are imperative to meet the unique financial goals and preferences of HNWI clients. Plumb recognizes the need for customized financial reports, providing insights into specific goals through performance summaries, tax reports, and estate planning documents.
  4. Technology Forward: Utilizing cutting-edge tools is paramount for accuracy, efficiency, data accessibility, transparency, and long-term success. Plumb’s proprietary bill pay app embodies these qualities.
  5. Cash Flow Management: Managing cash flow for HNWIs is pivotal for meeting lifestyle needs and investment requirements. Plumb excels in handling complex bill payment and cash flow forecasting, especially in scenarios involving multiple income streams and investment accounts.
  6. Professional Guidance: Collaborating with teams of financial advisors, accountants, and estate planners is customary for HNWIs. Plumb seamlessly integrates with these teams, ensuring personalized guidance and effective service delivery.

Plumb stands as a proven and trusted partner in recognizing the need for specialized attention and services due to substantial wealth and complex financial portfolios. With decades of experience, we deeply understand and cater to high-net-worth clients’ unique bill pay and accounting requirements.

Discover the Plumb Advantage: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.

Unlocking Time and Precision: Why High-Net-Worth Individuals Are Outsourcing Bill Payment

Written by

For decades, our dedicated team has been assisting high-net-worth and ultra-high-net-worth individuals and families. In our extensive experience, we’ve consistently addressed common concerns about the benefits of outsourcing bill payment for our esteemed clients.

Here are the top 5 advantages of engaging a professional bill pay provider.

  1. Enhanced Accuracy: Timely and accurate bill payments are crucial for financial management. Professional bill payment services, such as Plumb, ensure precision and promptness, minimizing the risk of late fees or missed payments.
  2. Time Savings: Recognizing the hectic schedules of our clients, we understand the value of time. Delegating bill payment responsibilities to an expert HNW bill pay service provider frees up precious time for strategic financial planning, investment decisions, and overall enjoyment of life.
  3. Simplified Record-Keeping: Efficiency and accuracy thrive on organization. Outsourced bill pay services consolidate financial data, offering clear transaction records and simplified tax preparation. This leads to a transparent financial picture and more efficient financial management, empowering smarter decision-making.
  4. Reduced Stress: Managing numerous financial obligations can be stressful. Bill payment services alleviate this burden, allowing clients to enjoy greater peace of mind without concerns about missed payments.
  5. Enhanced Security: Security is paramount when handling financial transactions. Outsourced bill payment services employ advanced security measures, safeguarding sensitive financial information and protecting against potential threats.

Our expertise shines in the complex realm of managing high-net-worth clients’ financial affairs. With diverse investments, multiple assets, and constant financial responsibilities, the need for a professional and experienced outsourced bill pay provider becomes evident.

Our bill pay app and services offer effective and valuable solutions, streamlining financial management for high-net-worth individuals, families, and their financial management teams.

Take the Next Step Towards Financial Ease and Clarity: Experience the benefits of safe and streamlined financial management. Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment services can enhance accuracy, save time, simplify record-keeping, reduce stress, and fortify the security of your financial transactions. Your peace of mind is our priority.

Unmasking Wire Fraud: Safeguarding High Net Worth Clients with Expert Vigilance

Written by

Wire fraud. We hear about it on the news and perhaps from friends or family members who have fallen victim to it, but what exactly is it? And why do high-net-worth individuals need to be especially concerned, and more importantly, how can they be protected?

What is Wire Fraud?

At its most basic level, wire fraud is a criminal offense that involves using some form of electronic communication – like phone calls, emails, or texts – to defraud someone. And it happens more often than you might think. According to the FBI, wire-transfer fraud causes approximately $2 billion in losses annually – and this has only been increasing in recent years.

Different Types of Wire Fraud

There are different types of wire fraud perpetrated by criminals. These include activities such as:

  • Phishing: Imposters send fake emails appearing to be from legitimate entities with the goal of capturing personal or financial information.
  • Identity theft: Criminals steal someone’s social security number or bank account information.
  • Investment scams: Offers of fraudulent investment opportunities are made via email or phone, often with a promise of high returns or guaranteed profits.
  • Business email compromise: Criminals gain access to an employee’s email account and use it to transfer sensitive information or funds to themselves.

Wire Fraud and High-Net-Worth Individuals

HNWI and UHWNI can be especially vulnerable to wire fraud for a few main reasons:

  • Their extreme wealth makes them a target for criminals.
  • The average age of a HNWI living in the United States is between 70 – 74, which is another group widely targeted by criminals.
  • Criminals assume that these people won’t notice or miss if/when funds go missing.

Because of these reasons, providing safe and secure financial services to high-net-worth clients is vitally important. Understanding the warning signs of a wire fraud attempt, and what to do to prevent them, is a key component to ensuring this protection.

{Read more about how we securely handle wire transfers, ACH, and check payments for our high-net-worth clients here.}

Wire Fraud Red Flags

The expert accountants and executives at Plumb are highly educated in how to spot wire fraud, and they undergo monthly training sessions to ensure that they are up to date on any recent wire fraud developments.

Here are some signs that might indicate a wire fraud attempt:

  • An urgent request for funds. This is especially concerning if it comes from a client who doesn’t typically place urgent requests – but any urgent request should be verified and vetted.
  • “No verbal approval required” messaging. This is a definite red flag, especially if the client usually requires verbal approval.
  • Small changes to a known email address. For example, perhaps there’s one letter missing in a name.
  • Request to send to a foreign entity if the client has only ever sent funds domestically.

Our team is trained to look out for patterns, and if a pattern is altered, they pick up the phone to confirm. They are also trained to follow the pre-set guidelines and process in place – regardless of whether the amount is $100 or $1,000,000.

Best Practices for Protecting High Net Worth Clients

Some essential measures Plumb has in place to protect HNWI clients from wire fraud include:

Robust cybersecurity measures

  • Implementing robust firewalls and intrusion detection systems.
  • Regularly updating and patching software and systems.
  • Conducting security audits and risk assessments.
  • Encrypted email and messaging platforms.
  • Multi-factor authentication for sensitive transactions.

Plumb’s strict firewall requires multi-factor authentication and encryption for all wire transfer instructions. Additionally, all new wire instructions must be verbally authenticated to ensure legitimacy.

Ongoing staff education

  • Employee training on identifying and preventing wire fraud.
  • Internal controls and checks/balances among team members.

At Plumb, the training starts from the moment a new junior team member begins their job, and it continues – consistently – from there. We also send members of our team for professional development specifically focused on cyber security and wire fraud so that they have certifications in Wire Transfers and Fraud.

The internal controls we have in place further help to protect our clients and their assets.

We take our role as stewards of our clients seriously, and we are proud of our impressive cybersecurity measures and education.

Take the Next Step Towards Safe and Secure Financial Services: Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment services can enhance accuracy, save time, simplify record-keeping, reduce stress, and fortify the security of your financial transactions. Your peace of mind is our priority.