A high-net-worth individual (HNWI) client of one of the world’s largest global wealth management firms faced a harrowing digital breach. The infiltration, undetected for nearly two years, was finally recognized by the wealth management fraud team on behalf of their client,“Scott”, and counteracted by a BlackCloak cybersecurity expert.

In January 2023, a stealthy bad actor gained access to the Scott’s email, silently observing and manipulating from the shadows. This nefarious individual implemented sophisticated email filtering and IMAP access, while cunningly altering all security and recovery settings. The extent of this breach was not just limited to the client’s email; the perpetrator also infiltrated the client’s AT&T account, demonstrating a high level of sophistication and persistence.

The twist in this digital saga came in October 2023, when the wealth management firm’s fraud team, alarmed by unusual activities, referred the case to their trusted partner BlackCloak. It was then the BlackCloak team took charge of the situation and meticulously unraveled the web of deceit spun by the bad actor.

The BlackCloak team’s decisive action included reversing all malicious settings imposed by the bad actor. To fortify the client’s digital security, we implemented encrypted password vault, a robust password management tool, and activated two-factor authentication (2FA) for all accounts. These measures are critical in ensuring that such breaches are not only rectified but also prevented in the future.

Ingrid Gliottone, Chief Experience Officer at BlackCloak, commented on the incident: “This case highlights the critical need for rigorous digital security measures, especially for individuals with high public profiles and substantial assets. This ordeal underscores the importance of constant vigilance and proactive cybersecurity strategies to safeguard against such sophisticated threats.”

The referring fraud team revealed a chilling detail: the fraudulent activity dated back to August 2023. The bad actor had masterfully spoofed the client’s phone numbers and answered security questions with eerie accuracy, leading to unauthorized changes in the client’s bank accounts.

This incident serves as a stark reminder of the ever-evolving nature of cyber threats and the importance of expert intervention. For HNWIs, the need for advanced, personalized cybersecurity solutions has never been more imperative. As Scott’s intervention demonstrates, the right combination of expertise and technology can turn the tide against even the most insidious digital invaders.