Fraud as a Service: What You Need to Know

As an advisor, one of my core responsibilities is helping clients protect their wealth—not just from market risks, but also from the ever-evolving threats of fraud. In recent years, a new and deeply concerning trend has emerged: Fraud as a Service (FaaS).

What Is Fraud as a Service?

Fraud as a Service is exactly what it sounds like: cybercriminals now offer their tools, techniques, and even “customer support” for fraud on a subscription or pay-per-use basis. The dark web is filled with marketplaces where anyone can buy phishing kits, stolen data, or even hire someone to carry out a full-scale scam. This means that even people with little technical knowledge can launch sophisticated attacks against individuals and businesses.

Why Should Clients Care?

The rise of FaaS has lowered the barrier to entry for cybercriminals. Attacks are more frequent, more convincing, and more damaging than ever before. As your advisor, I see firsthand how even the most careful individuals can be targeted by schemes that look and feel legitimate.

What Does This Look Like in Practice?

• Phishing emails and texts that mimic your bank or investment firm

• Account takeover attempts using stolen credentials purchased online

• Synthetic identities created with real and fake information to open fraudulent accounts

• Fake investment opportunities—especially in cryptocurrency or “guaranteed return” schemes. Take note that AI (artificial intelligence) can now make very realistic deepfake videos to show endorsements by public figures or other known persons.

How I Help Protect My Clients

1. Education First:

   I regularly update clients on verified investment opportunities. If something sounds too good to be true, it probably is.

2. Layered Security:

   I encourage the use of strong passwords, two-factor authentication, and secure communication channels for all financial matters.

3. Vigilant Monitoring:

   I advise clients on how to monitor accounts for unusual activity and ensure that any suspicious transactions are flagged immediately.

4. Clear Communication:

   I remind clients that I will never ask for sensitive information via email or text, and I provide clear instructions on how to verify any unusual requests.

What Can You Do?

• Be skeptical of unsolicited investment offers or requests for personal information.

• Double-check URLs, email addresses, and phone numbers—even a small typo can indicate a scam.

• Contact me directly if you receive any communication about your finances that seems suspicious.

Conclusion

Fraud as a Service is a stark reminder that financial security isn’t just about smart investing—it’s about staying vigilant in a digital world. My commitment as your advisor is to keep you informed, protected, and prepared for whatever new threats may arise. If you ever have doubts or questions about a financial communication, don’t hesitate to reach out. Together, we can stay one step ahead.

Video credits: CBC News