In today’s always-connected world, privacy and cybersecurity go hand in hand. Privacy determines what information about you is visible; cybersecurity helps protect it from being misused. Together, they play an important role in helping safeguard your finances.
Cybercrime affects people across income levels. The risk is amplified during periods of transition, particularly as families navigate the Great Wealth Transfer. As wealth moves between generations, new names appear on accounts, new decision makers step in, and previously private details can surface through legal filings — creating the exact conditions cybercriminals seek: complexity, emotion, and urgency.
Sarah Gosler, head of Cyber Resiliency & Human Defense, Wells Fargo Bank, N.A., says cybersecurity technology alone won’t protect you. The most important line of defense is not antivirus software or firewalls but rather a crucial set of human habits, as well as privacy considerations in structuring or transferring wealth.
Planning can either protect or publicize your life
Sophisticated cybercriminals often study their targets through social media, charity events, alumni networks, and more. By the time you receive an email that looks like it’s from your accountant or a message that appears to be from your child, this attacker may already know enough to be very convincing.
Fortunately, there are ways to build privacy into wealth planning. Trusts can be an important tool in managing assets with discretion, says Lorne Maltenfort, private wealth planning director of Wealth & Investment Management, Wells Fargo Clearing Services, LLC. Creating a trust and then retitling assets into that trust can shield assets from public view. When wealth is being transferred upon death of a family member, trusts also help families avoid shepherding assets through probate, a public court proceeding.
Legal changes can also affect anonymity strategies, prompting some families to consider favorable jurisdictions and how trustee duties are structured, Maltenfort notes. Selecting an independent trustee that prioritizes privacy, such as a bank or trust company, can also help protect sensitive information.
Philanthropy is another common privacy flashpoint. Public donor lists and online recognition can reveal patterns about identity, affiliations, and capacity. Donating anonymously or establishing a donor-advised fund or charitable trust can support giving with privacy, says Maltenfort.
Cyber threats target people, not just devices
While cybersecurity tools continue to improve, attackers often bypass them by relying on manipulation, Gosler says. They create urgency, induce fear, or play on emotion to prompt quick action.
Family members can unintentionally add exposure, especially with teenagers or young adults who may unknowingly publish the raw material needed for impersonation or artificial intelligence-enabled voice cloning. When criminals can mimic a family member in distress, decision-making becomes emotional and time-sensitive, dynamics that attackers exploit.
Gosler and Maltenfort agree that the most effective defense is preparation — clear, proactive strategies that help families slow down, verify requests, and respond thoughtfully rather than react emotionally.
Take action: A family-wide checklist
Reduce your digital footprint. Make social media accounts private and consider limiting what’s shared publicly, especially travel, assets, family routines, birthdays, and pet names, which are often reused in passwords. Establish family norms for what is — and isn’t — appropriate to post online.
Build identity verification into family life. Create a family passphrase or safe word for unexpected, urgent requests, especially those involving money or distress calls. Assume voice alone is not proof of identity. Verify through a separate channel.
Modernize your account hygiene. Use multi-factor authentication wherever possible. Consider separate email addresses for personal and business needs, and avoid using your name in the address.
Treat every money movement as a high-risk moment. Verify any request involving wires, account changes, or sensitive documents. Call a known number rather than the one that appears in a message. Pressure to act immediately is a red flag.
Give discreetly. Consider making donations anonymously or creating a donor-advised fund or charitable trust that obscures your identity.
Explore trust structures that enhance privacy. Your advisor can connect you with trust specialists who build strategies to help keep assets private. When naming the trust, avoid using your family’s name.
A modern cybersecurity playbook extends beyond technology to thoughtful planning and trusted guidance. Partnering with your advisor team can help turn awareness into action and complexity into confidence.
Wealth & Investment Management (WIM) offers financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Bank products and services are available through Wells Fargo Bank, N.A. Wells Fargo Trust is a part of WIM and offers services through Wells Fargo Bank, N.A. and Wells Fargo Delaware Trust Company, N.A.
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This article was written by Wells Fargo Advisors Financial Network and provided courtesy of Jillian A. Dedic, Executive Vice President in Owosso at 989-725-8131.
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Parson | Dedic Wealth Management Group is a separate entity from WFAFN.
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