Mykolas Rambus, Co-Founder and CEO of Hush and Mike Langford discuss the scale of a high net worth client's digital footprint and the potential risks associated with it. They also talk about the creation of WealthX, a database of wealthy individuals, and how it led to the development of Hush, a tool that helps individuals protect their online privacy. The conversation covers topics such as cybersecurity, social engineering, and the risks posed by family members. The episode provides valuable insights and action items for financial advisors and their clients.
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Key Takeaways From This Episode
It is important for financial advisors to help their clients keep their personal information private and secure in the digital age.
High net worth clients have a significant digital footprint, and there is a lot of information about them available online.
Cybersecurity threats often start with social engineering or phishing attacks, so it is crucial to be aware of these risks.
Family members can be a common vector for digital attacks, so it is important to educate clients and staff about the risks and precautions to take.
Tools like Hush can help individuals protect their online privacy and erase their digital footprint. Extortion, particularly sex extortion targeting teenagers, is a growing threat. Criminals impersonate young girls online and convince young boys to send explicit photos, which they then use to extort money.
Sim swapping, where criminals intercept two-factor authentication codes sent via text message, is increasing in prevalence. It is important to protect personal information and secure cell phone accounts.
Hush is a platform that helps individuals remove their personal data from the internet. It can be used to protect against identity theft and maintain online privacy.
Advisors can recommend Hush to their clients as an additional layer of security and peace of mind. It is particularly relevant for high net worth individuals and those going through liquidity events.
Resources Mentioned In This Episode:
Protecting Your Clients And Your Firm From Financial Fraud - Andrew Crowell of D.A. Davidson shared his perspective on protecting clients from financial fraud.
Wealth-X - Mykolas and Mike mentioned Wealth-X multiple times in this episode.
Chapters
00:00 Introduction
02:44 The Scale of a High Net Worth Client's Digital Footprint
04:36 The Creation of WealthX and the Development of Hush
08:22 Finding Information and Building Dossiers
11:14 The Need for Hush and Protecting Online Privacy
17:20 Cybersecurity and Awareness for Financial Advisors
21:55 Risks Posed by Family Members and Precautions to Take
25:03 Conclusion and the Importance of Online Privacy
26:03 The Growing Threat of Extortion and Sex Extortion
28:01 The Rise of Sim Swapping and the Importance of Cell Phone Security
31:20 Protecting Personal Information with Hush
45:19 Advisors and Hush: Enhancing Security for High Net Worth Individuals