AED Newsletter Header - Jan13

Beware!

Well-Known Large Financial Institution Online Scam

It seems there is a new online scam popping up every week, and some of them are becoming quite sophisticated. The latest attempt came this week and it could have affected one of our clients.

 

One of our partners here at Gray, Gray & Gray recently received a phone call from an individual who identified himself as a representative of a well-known large financial institution. The caller requested that our firm forward copies of the corporate tax returns for a specific client, whom he asked for by name. The request was made to supposedly help support a loan refinancing through the financial institution. The caller even went so far as to suggest we call our client to confirm the request.

 

Fortunately, Gray, Gray & Gray has a strict policy of never releasing a client's personal or financial information to a third party without first receiving permission from the client. Our partner did contact the client, who was very surprised to learn about the request. The client was not refinancing a loan, and had never spoken to any representative of the financial institution. Needless to say, no information was released.

 

This bold attempt to obtain critical financial information was thwarted. But it provides several important lessons.

 

  • Follow the lead of the late President Ronald Reagan, who advised, "Trust, but verify."
  • Do not assume that an individual using a well-known and respected corporate "cover" name actually represents that entity. Always confirm separately.
  • Never provide personal or financial data to anyone unless you are 100% certain of their identity and approve of the intended purpose.
  • Even if you do release personal or financial information, only provide the minimum necessary for the purpose at hand.

 

The world has long been subject to schemes and scams perpetrated by unsavory individuals. The Internet has only served to accelerate and spread these crimes. It is incumbent upon each of us to be wary and to protect our own identity and data.

 

Gray, Gray & Gray's mission is to help clients and employees achieve their personal and business goals. We do this by going beyond the numbers,  providing  insight, guidance and success to our clients . We felt it was important to make you aware of this scam so you are protected from potential harm.

We go beyond the numbers by delivering insight, guidance
and success to our clients.

 

Gray, Gray & Gray, LLP
34 Southwest Park

Westwood, MA 02090

781.407.0300

www.gggcpas.com


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