Keeping You Safe

Protecting yourself against financial crime

What does a fraudster do?

  • Often, they will impersonate a financial services adviser or bank employee in order to obtain personal information, or prompt you to take immediate action. An example would be a fraudster impersonating your adviser and pointing you to a fictitious investment scheme which guarantees high returns and zero losses, or a member of staff from your bank stating that you have been a victim of fraud and requesting that you should immediately transfer your money to an alternative secure account.

  • They will apply pressure tactics to make you feel like you have to act quickly to avoid a missed opportunity.

  • A fraudster will build profiles of people by using social media, hacking email addresses and obtaining documentation that may have been discarded, to allow them to bypass security steps or to open new products in your name.

  • Set up fake, cloned, websites of known financial services firms or banks in a bid to both obtain personal information and obtain funds.

  • They can quickly share victims’ information with other fraudulent groups and will often make secondary attempts of fraud against known victims. An example is a fraudster impersonating a fraud recovery agent and taking further fees and further banking information or personal information in order to continue the fraud.

  • A fraudster will try and use the information gathered to impersonate you to either take over existing accounts or to open additional credit facilities.

Succession will never

Request details such as passwords or banking information over the telephone.

Apply undue pressure and expect you to make immediate investment decisions over the phone, or via email.

Change your adviser without prior discussion and notice.

Suggest you move funds to an external account in the case of a fraud investigation.

Steps to take to avoid becoming a victim of financial crime

  • Treat any investment schemes which promise guaranteed high value returns or guaranteed “risk-free” zero losses with extreme caution. You should consult your adviser on the original contact number you were provided with, alternatively, contact your local Succession office.

  • Never provide personal information such as passwords over the phone. A genuine Succession colleague or a representative of your bank would never request such information from you.

  • Do not respond to unsolicited phone calls or emails. Always contact the organisation back on a contact number you know to be genuine, such as a general number off a trusted company website.

  • Be aware of phishing and vishing emails that request you to log in to services or provide personal information via links within email addresses. Immediately delete them and if you have any doubts regarding authenticity, contact the service provider via their genuine website contacts.

  • Do not install any additional software to your device or provide details of online log in details in response to unsolicited phone calls or emails. Fraudsters often attempt to trick you into allowing them to take control of your computer giving them access to banking or investment information. An example would be a fraudster purporting to be from your bank or I.T. department stating that monitoring software has advised them of an issue on your system that they need to resolve as a matter of urgency.

  • Be extremely cautious of unsolicited contact from firms offering a free review of your current pension arrangements. If you have a need to review your current pension status, please contact your Succession adviser who will be more than happy to assist you.

Tips to help you stay safe and secure online

Fraudsters use a variety of techniques to defraud especially in relation to the collation of data on their potential victims and when attempting to take over accounts and services.

Take care by:

  • Not using common passwords and avoiding recording passwords in easily accessible locations on computers and devices.

  • Ensuring passwords do not contain personal information and are of sufficient complexity to offer maximum security.

  • Having adequate security arrangements on all your devices, this includes computers, phones, tablets or media boxes. Ensure virus protection software is from a reputable source. Fraudsters often create fictitious apps and can use virus protection as a way of secretly monitoring your activity.

  • Being aware of your social media use and ensure the correct privacy settings are applied to prevent wider publication of your personal details, photos and activities. A fraudster can use seemingly harmless posts e.g. “I turned 50 yesterday”, to work out your date of birth. They can go further by establishing likely security questions by looking for pet names, makes and models of cars or the road you first lived on from your photo and post history.

  • Questioning emails, WhatsApp messages, text messages, social media messages or phone calls that request you to click on embedded links or direct you to websites. If you hover over a link, does the source website or location look genuine? Were you expecting a phone call?

  • Remembering to take your time in making decisions. Fraudsters use pressure tactics and social engineering to get you to act quickly without fully considering the potential consequences of your actions.

Steps to take if you have become the victim of fraud

  • Immediately contact your financial services providers (Succession adviser, Bank fraud line, etc) to inform them that you believe your information has been compromised. They will be able to protect you against any further activity and initiate processes to attempt to retrieve your funds.

  • Check credit reference agencies to identify if there is any activity you do not recognise. Credit reference agencies such as Experian and Equifax offer free services. You can also apply a block to prevent any further credit applications against your name.

  • Contact any other financial services firms that you believe could have been compromised.

  • Change any passwords or security questions that may have been affected and scan any devices you believe may have been compromised.

  • Contact Action Fraud to report the crime.

Key Links

Reporting to Succession

Financial Crime

Report a potential fraud or security breach directly to Succession by contacting your adviser or your local office. They will be able to discuss any issues with you and consult our financial crime team, if necessary.

Data Protection

Succession endeavours to always keep client data safe and secure. If you identify an issue which you feel should be reported to us, please contact our Data Protection Officer by emailing or writing to Succession Wealth, 60 Church Street (7th Floor), Birmingham, B3 2DJ. Alternatively, you may wish to contact the Information Commissioner's Office.

Raise a complaint with Succession