Protecting Yourself from WhatsApp and Other Messaging App Impersonation Scams

Financial fraud has taken on new, more sophisticated forms in recent years. One of the most concerning trends today is impersonation scams through WhatsApp and other messaging platforms. Criminals pose as trusted advisors, institutions, or even close contacts to steal money or sensitive information.

At Sequoia Financial Group, protecting your financial well-being goes beyond wealth management services; it also means helping you recognize and guard against threats like these.

How These Scams Work

Impersonation scams often start with a message that looks convincing. Scammers may copy a real person’s profile photo, use a familiar name, or create a phone number that differs by only a digit or two from the one you know. Once contact is made, they use several tactics to trick people into sending money or disclosing private information:

• Mimicking identities: Criminals make themselves look like advisors, family, or reputable companies.
• Creating urgency: Messages warn of penalties, missed opportunities, or urgent payments that must be made.
• Sharing malicious links or attachments: Fraudulent links can install malware or lead to phishing websites.
• Requesting sensitive information: Common targets include passwords, account numbers, and verification codes.

Because these scams often mimic trusted sources, they can be challenging to detect at first glance.

BOLO! (Be On Look Out)

While scammers are increasingly sophisticated, there are usually warning signs if you know what to look for:

• A message from your advisor or institution that seems unusual or unexpected.
• Poor grammar, spelling errors, or awkward phrasing.
• Requests for secrecy, urgency, or immediate action.
• A demand for personal or financial details over messaging apps.
• Unfamiliar phone numbers, even if the sender’s name or photo looks correct.

Real-World Examples

Recently, financial firms across the industry have reported cases of clients receiving WhatsApp messages that appeared to come from their advisor, complete with a professional photo and a familiar greeting style. The fraudsters then asked the client to transfer money to a “new account” for a supposed investment opportunity.

In another case, scammers impersonated customer support representatives, sending links that led to fake websites designed to capture login credentials.

These examples serve as reminders of how convincing these schemes can appear, and why caution is critical.

Best Practices to Protect Yourself

Fortunately, a few simple steps can help you avoid falling victim to these scams:

• Verify the sender’s identity: If you receive an unexpected message from your advisor, call them directly using their known office phone number before taking any action.
• Avoid clicking links or downloading attachments: Treat every link and file cautiously unless you know the source.
• Never share sensitive information: Legitimate financial firms will never ask for account numbers, passwords, or verification codes over WhatsApp or text.
• Enable two-factor authentication: This will strengthen the security of your email, banking, and messaging apps with extra login protection.
• Report suspicious activity: Block and report suspicious contacts within WhatsApp and notify your advisor.

What to Do if You Suspect Fraud

If you believe you’ve been targeted:

1. Stop responding immediately.
2. Contact your advisor or financial institution directly to confirm the message’s legitimacy.
3. Report the suspicious account to WhatsApp.
4. File a report with the Internet Crime Complaint Center by visiting https://www.ic3.gov/ or contacting your local FBI field office.
5. Monitor your bank and investment accounts for unusual activity.

Our Commitment to Your Security

At Sequoia Financial Group, your safety is our top priority. Please note that we will never ask you to share sensitive information or authorize financial transactions through WhatsApp, text message, or social media. If you ever receive a message that seems unusual, we encourage you to contact your Sequoia Financial team directly before you take any action.

For more information on the steps to protect yourself and your family, read our article “Cybersecurity Threats Are On The Rise: What You Need to Know to Protect Your Family.”

Conclusion

As digital communication becomes a more common part of everyday life, scammers continue to find ways to exploit it. You can reduce your risk of becoming a victim by staying alert to the warning signs of impersonation scams and following best practices.

If you ever have doubts about a message you receive, remember: when in doubt, reach out. Contact your Sequoia Financial Group team right away. We’re here to help keep your financial future secure.