Protecting Clients from Financial Scams: What Law Firms Need to Know  

The Rising Threat of Elder Fraud: Essential Insights for Law Firms to Protect Clients

Financial scams targeting older adults are an increasing threat. Cybercriminals often exploit technology vulnerabilities and personal data to target clients, particularly those with significant retirement savings. In this series, Robin Benchoff, Director of Payments Risk and Controls at SurePoint Technologies, explores common scams and shares how law firms can protect client assets and safeguard sensitive client information.  The FBI estimates that older adults, those over the age of 60, have lost $1.6 billion to fraud in 2024 alone, an increase of over $300 million from the previous year. Reporting these crimes is important, yet prosecution is often difficult, making prevention and education all the more critical.  

Tech Support Scams: How Fraudsters Exploit Older Adults and How Law Firms Can Help

Tech support scams are one of the most common ways fraudsters deceive their victims. Posing as a representative from a trusted company, brand, or website, cybercriminals entice users with pop-up messages, calls, or emails suggesting urgent computer repairs. By gaining the victim's trust, they are often given remote access, where they can obtain sensitive banking and personal information. Older adults are often targeted for their accumulated wealth and retirement savings as well as the perception that they are not tech savvy.    

Real-Life Case Study: How One Tech Scam Cost Older Adult $200,000

 A 2021 case involved an Illinois resident who lost $200,000 in life savings to scammers posing as antivirus support. Using remote access under the guise of issuing a refund, the fraudsters accessed bank accounts and stole the funds, which were never recovered.  

5 Steps Law Firms Can Take to Safeguard Older Clients' Assets

As trusted advisors, lawyers play a vital role in protecting the financial security of their clients. Law firms can educate clients about common scams and provide tools for monitoring and managing their financial information. Here are some practical ways to safeguard client assets: 

1. Warning Signs of Financial Scams: How Law Firms Can Educate Clients: Advise clients, especially older adults, to be cautious of pop-ups, unexpected emails, or calls requesting personal information or remote access.  
2. Strengthen Client Security: Tips for Safer Online Transactions: To add an extra layer of security, encourage clients to use credit cards instead of bank accounts or debit cards when making online transactions.  
3. Caution is Key: Teach Clients to Verify Unsolicited Calls and Emails: Remind clients that reputable companies rarely request sensitive information over the phone. Advising clients to verify any unsolicited calls by contacting the company directly can reduce risk.  
4. Stay One Step Ahead: The Importance of Regular Software Updates: Encourage clients to stay on top of security patches and updates for their devices and browsers to prevent unauthorized access.  
5. Utilize Trusted Tools: Trusted antivirus and security tools can help clients avoid malicious software that targets personal information.   

Empowering Clients and Protecting Their Assets 

As fraud schemes evolve, so must the measures to protect against them. Educating clients, fostering awareness, and using secure systems can help mitigate that risk. By investing in solutions that prioritize data security, your firm can reassure clients that their information is safeguarded against potential threats.  

Built-in Security: Leveraging Secure Solutions for Law Firms 

SurePoint’s cloud-based solutions for law firms include built-in security features that help protect sensitive financial data. Our solutions provide law firms with the protections they need to minimize the risk of fraud and ensure data privacy. With fast, convenient payment options, clients can pay instantly from any device. Our state-of-the-art technology ensures that all transactions are secure and fully compliant with ABA and IOLTA standards, providing peace of mind for both your firm and your clients. Discover how SurePoint Payment Services can enhance financial security and client satisfaction.