Financial fraudsters are becoming more sophisticated by the day. With scams on the rise, protecting your assets and personal information remains a top priority.
Regardless of how a well-devised scam begins, the intent is always the same: gain access to your personal information and hard-earned dollars. One common scam involves impersonating someone you are likely to trust, such as a government official. In what’s known as social engineering scams, criminals may use technology to make it appear as if they are calling, texting or emailing you from a legitimate business or government entity. If you believe a bad actor is calling you for financial information, hang up immediately.
Similarly, scammers may attempt to impersonate IRS officials and threaten legal action unless payments are made. If the IRS is legitimately attempting to contact you, they will do so by mail.
Such scams can lead to significant financial losses for victims. In 2023, the FBI’s Internet Crime Complaint Center reported that government impersonation scams resulted in losses exceeding $394 million.1
Having awareness of these scams and taking preventive measures can help thwart scammers from gaining your personal information and finances. One way to protect yourself or your loved ones from fraud and financial scams is to add a trusted contact to your financial accounts.
What Is a Trusted Contact?
A trusted contact is someone you designate to be contacted if a member of your Morgan Stanley team cannot reach you with concerns about your well-being, suspected unusual activity on your account(s) or potential financial exploitation.
Who Can Be a Trusted Contact?
Your trusted contact should be a close family member or friend who is at least 18 years or older. This person can be likened to an emergency contact and should be familiar with your well-being and typical financial behavior. For example, your trusted contact should be able to confirm if you’ve been hospitalized or if a sudden request to move significant funds from your account would be considered out of character for you.
What Can a Trusted Contact Do?
Your trusted contact can confirm your health status and verify authorized individuals who are linked to your account, such as your spouse. A trusted contact does not have permission to access your account details, make financial decisions or perform any actions on your behalf.
What Are the Benefits of Adding a Trusted Contact?
If a member of your Morgan Stanley team notices suspicious or unusual activity on your account and is unable to reach you, they can reach out to your trusted contact. If a situation arises and your trusted contact is needed, they can act as an additional layer of defense from suspicious activity. If your trusted contact confirms any particular financial request would be unusual for you, a member of your Morgan Stanley team can take next steps to block suspected fraudulent activity.
How Can I Add a Trusted Contact to My Morgan Stanley Account(s)?
You can add a trusted contact to your accounts by following these instructions, logging into Morgan Stanley Online account or by connecting with a member of your Morgan Stanley team.
If you are concerned about being contacted by a scammer, being hacked or have been defrauded, contact a member of your Morgan Stanley team immediately.
