Scams: How we’re taking steps to protect our clients, and why this is so important

7 August 2024

At the beginning of 2024, we published insights on the rise in financial scams in the UK, and how to avoid them as best you can.

To recap:

• NatWest Group reports 7 in 10 adults were targeted by fraudsters in the year to October 2023
• 63% of Brits feel apprehensive about their online safety.

Sadly, we recently discovered that a Depledge client had been hacked, leading to them believing their Depledge adviser had contacted them. In fact, it was a scammer impersonating a former Depledge employee in an attempt to steal money from our client – and they were successful.

We are pleased to report that thanks to the hard work of the client’s banking group, Action Fraud, and the Depledge team, the individual has now been refunded the money they lost to this crime. But this event has opened up an important conversation within our business about how to further protect our clients from the advances of financial criminals.

Continue reading to learn about how these events unfolded and three ways to protect your money if you’re a client at Depledge.

One of our clients was hacked by a scammer who impersonated a Depledge adviser

We recently said goodbye to one of our financial planners who left Depledge to pursue other opportunities.

With his departure, our managing director Andrew Day and financial planner Dan Gordon visited one of his clients. She explained that her former financial planner, who had now left Depledge, had emailed her regarding a “high interest account” she might be interested in.

Upon further investigation, Andrew and Dan deciphered that her email account had been hacked – a fact that was later confirmed by our IT consultant. The impersonator had contacted her using her previous planner’s exact email address with just one letter missing, so that at a glance, it looked like a legitimate email.

Through no fault of her own, our client had believed the message to be from her trusted financial planner and had proceeded with the request, parting ways with some of her hard-earned money.

After realising our client had been hacked and scammed, Andrew and Dan:

• Reported the crime to Action Fraud
• Advised the client to do the same
• Sent a communication to all our clients informing them that this had happened
• Requested that our clients sign up to our secure portal if they had not already done so.

Further to these immediate actions, which led to a successful reclaiming of the lost funds, we’ve taken away several important considerations. Read on to discover what you need to know if you are a client here at Depledge.

1. We will never ask you for sensitive financial information, or send offers, over email

Perhaps the most important takeaway from this incident is that your financial planner, or any other member of the Depledge team, will never ask for sensitive financial information over email. We won’t send offers about financial opportunities using email either.

This includes but is not exclusive to:

• Bank details
• Investment information
• Protection policy details
• Pension scheme information
• Your address or National Insurance (NI) number.

If you receive an email from someone who you believe is an employee of Depledge asking for this kind of information, please contact us directly on 0161 8080200 before you respond.

2. Sign up to our secure portal to ensure all communication with your financial planner is protected

If you haven’t already, one of the easiest ways to ensure your communication with us is kept safe, is to sign up to our Personal Finance Portal (PFP) as soon as you can.

You can speak to your adviser using the PFP in a much more secure way than if you use email.

3. If you’re not sure, call us first

Ultimately, the best course of action if you’re unsure about a communication you receive from us is to pick up the phone.

We’ll be able to obtain the details and help you work out if you’re being targeted by scammers.

If you have already parted ways with money, there is no shame in speaking up and asking for help. Contact your financial planner right away, and report the crime to Action Fraud too.

Get in touch

There are no silly questions when it comes to your financial safety. If you’re concerned about the rise in scam activity, or just want to learn more, email info@depledgeswm.com or call 0161 8080200.

If you are already a client here at Depledge, feel free to contact your financial planner using the PFP.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.