The use and misuse of artificial intelligence (AI) is top of mind for many Canadians, especially those in the family office space who must protect their clients’ sensitive data. Each new outlandish scam seems to top the one that came before.
In general, the most common scams are fake Canada Revenue Agency text messages, fraudulent missed-package notices (from Canada Post or courier services) and fictitious job offers on LinkedIn, WhatsApp and other platforms.
Even Pope Leo is on alert, this week producing a major teaching document about the dangers posed by AI, though he insists the technology is a “gift that can alleviate suffering and open up new possibilities.”
What does it all mean for family offices? It’s certain that with the rise of AI, quantum computing and other fast-developing technologies, cybersecurity is a growing concern.
Throughout June, Canadian Family Offices will cover emerging digital risks and tell how they can best be mitigated in our Special Report on Digital Security. We’ll take a deep dive into the dangers of deepfakes, for instance, looking at how they are evolving and how family offices can protect themselves.
And as cryptocurrency nudges its way into the mainstream, we will explore the safety and security of the crypto world. We’ll break down how it all works and examine the technological risks inherent in this investment.
In the world of social media, identity theft is top of mind for many family offices, but also for family members. We’ll review best practices for mitigating the dangers present when family members go online. We’ll especially look at the risks posed by younger members of the family.
Social media fraud has surged to record highs, according to the U.S. Federal Trade Commission, with recent data showing that nearly 30 per cent of people who lost money to scams were targeted on social platforms. In the U.S., losses reached over $2 billion—an eightfold increase since 2020—with Facebook, WhatsApp and Instagram the most common avenues.
In addition, a member of Canadian Family Offices will explore how Canadians can truly prepare themselves. Is the key accepting that your secrets are already online? Potentially.
So, keep your eyes on this space for the trends, challenges and solutions. Keep checking in with us during the month of June and we’ll guide you through the ever-evolving digital risk space.
Ashley Redmond is a content producer at Canadian Family Offices. She is Toronto-based journalist and has over 15 years of experience covering the investment industry. She has written for the Globe and Mail, Morningstar Inc., and Huffington Post.
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