Ask the Expert | Spring 2019

The rise of identity fraud for high-net-worth individuals

We are in the midst of the biggest technology boom in the history of the planet. As each day passes, computers, tablets and smart phones are enabling us to do more than we ever imagined. Today, we can make bank deposits from our phones. We can have food delivered with the tap of a button. We can even communicate with our pets when we’re out of the house.

However, with these added conveniences come added risks. News of data breaches has become so commonplace that we as consumers are virtually numb to the threat.

Unique challenges for high-net-worth individuals

While fraudsters will attack everybody and anybody, they are beginning to pay more attention to high-net-worth individuals.

Fraudsters know the payoff can be enormous, and they’ve found that it typically takes longer for this particular group to discover they have been hacked.

Reasons high-net-worth individuals are targeted

  • They typically deal with larger transactions, so smaller fraudulent ones often go unnoticed.
  • They tend to have more accounts, making it more difficult to monitor them all effectively.
  • They don’t have the time to monitor their accounts diligently.
  • They often assume their financial advisor is handling fraud detection for them.

How to help protect yourself

While nobody can be completely immune from identity theft, you can make the process more difficult for potential fraudsters by completing this checklist.

  • Update your operating systems, browser and software patches to ensure you’re running the most up-to-date technology.
  • Establish a secure firewall.
  • Install and maintain anti-virus solutions.
  • Require dual approval on monetary transactions and administrative changes.
  • Keep your login credentials secure.
  • Be aware of and use your banks’ security measures, such as text and email alerts.

Fraudsters know the payoff can be enormous, and they’ve found that it typically takes longer for this particular group to discover they have been hacked.
Don Boian
Cybersecurity Outreach Director, Huntington

Action items for fraud victims

  • Contact your financial institutions. If your bank accounts or existing credit lines have been affected, act swiftly to close them.
  • Place a fraud alert on your credit report. Contact one of the three reporting agencies (Experian1, Equifax2, or TransUnion3) immediately. By doing so, lenders and creditors will be alerted to take additional steps to verify your identity.
  • File an Identity Theft Report at This site was set up by the federal government to help victims set up a personal recovery plan. Here, you can put a plan in place and track your progress.
  • File a police report. To complete the Identity Theft Report, you must also report the crime to local law enforcement. Make sure you obtain a copy of the police report, as well as the report number.
  • Add an identity theft rider to your homeowners or renters insurance. With most policies, this additional coverage will help pay for the cost of restoring your identity and may cover additional expenses that you incur as a result of the crime. In addition to these steps, you should also change all of your existing passwords, get a new driver’s license and contact the Social Security fraud hotline.

For more information about identity fraud for high-net-worth individuals, visit to download the full whitepaper, or reach out to your local Private Bank Advisor.


Protect your data

To learn how Huntington can help your business defend against a cyber attack, contact your Huntington relationship manager.
Learn More
Don Boian

Our Expert

Don Boian

Cybersecurity Outreach Director

1., (888) 397-3742

2., (866) 349-5191

3., (800) 888-4213

The information provided is intended solely for general informational purposes and is provided with the understanding that neither Huntington, its affiliates nor any other party is engaging in rendering tax, financial, legal, technical or other professional advice or services. Any use of this information should be done only in consultation with a qualified and licensed professional who can take into account all relevant factors and desired outcomes in the context of the facts surrounding your particular circumstances. The information in this document was developed with reasonable care and attention. However, it is possible that some of the information is incomplete, incorrect, or inapplicable to particular circumstances or conditions. NEITHER HUNTINGTON NOR ITS AFFILIATES SHALL HAVE LIABILITY FOR ANY DAMAGES, LOSSES, COSTS OR EXPENSES (DIRECT, CONSEQUENTIAL, SPECIAL, INDIRECT OR OTHERWISE) RESULTING FROM USING, RELYING ON OR ACTING UPON INFORMATION IN THIS DOCUMENT EVEN IF HUNTINGTON AND/OR ITS AFFILIATES HAVE BEEN ADVISED OF OR FORESEEN THE POSSIBILITY OF SUCH DAMAGES, LOSSES, COSTS OR EXPENSES.