Prior to staring Mora Financial Wellness and working with you all I worked at a large private investment firm for 12 years. I was responsible for managing relationships of over $700 million dollars, and our firm had millions of households, with assets of over $2 trillion dollars. Many of our clients experience financial services to be over the phone, and online trading was not as big as it is now. With trading and investing moving almost completely online, cyber security became of utmost important. The firm I worked for would intentionally attend the hacker conference in Las Vegas, called DEF CON. Each year they would hire the top hacker from those events, and also ones that were caught and working for the government. Sounds like something out of Mr. Robot doesn't it? Here's what we found.
2 Factor authentication on your accounts will essentially protect you entirely, and here's why. Typically hackers will penetrate the financial firms security and steal large lists of client data. They were able to tell from the way the data looked who had 2 factor authentication, and who did not. The hackers would almost always skip pass/cross out the names of the people that showed 2FA. They would always go at the people who didn't have it setup, here why.
What they'll do next is send that person a well crafted fake email that looks like it's from their financial institution. The email would say "login to update" something...sometimes your email, beneficiary information, etc. Once they input their username in password on the fake company login screen- they're toast. It's really that simple for them after they get your data.
Let's say they felt brave and tried to get you even with 2FA setup, they would physically need your phone in hand to get the code texted to you.
In summary: make sure you have 2FA on all of your financial and investments accounts!