Remember bank robberies in movies? We can almost look back on them wistfully in today’s age of computer hacking and identity theft. In the movies at least, the bad guys stole the money and rode into the sunset, leaving people shaken but usually intact. Today, more people are affected by online crime and the ramifications are far greater. So, is it possible to overcome online security fears when dealing with personal financial data? How can financial advisors calm the fears of concerned clients?

Smart firms in the financial services sector are being proactive about maintaining and publicizing their security measures. Nick DiLisi, Executive Vice President/CTO at eMoney Advisor says fears of online safety are real, but technically savvy clients today need the convenience and heightened potential benefits of being online with the knowledge that their financial information is secure, “We are constantly researching and enacting new ways to advance our security. We communicate with our clients (advisors) about how we are addressing security. We are currently making a video which explains in detail how our system protects data. On the hardware, network side of things, recently we obtained the HACKERSAFE seal of approval for our AdvisorPlatform. This means that our ASP-based system is scanned every 15 minutes with tests for newly discovered vulnerabilities and validated fixes, meeting the highest government standards.”

Nick says most people want to be assured that the companies that hold their financial information have a process and system in place to address their concerns. “When clients understand that eMoney is a VeriSign Secure Site that uses 128 bit encryption – which to date has never been cracked, it is a significant reassurance for them.” VeriSign covers wire to wire encryption. Additionally, eMoney uses Watchfire’s AppScan Technology during development to simulate test situations and identify potential vulnerabilities so they can be eliminated before public release. All of eMoney’s data is stored at the SunGard Data System, one of the most secure environments available in the industry, covering $15 trillion in investment assets worldwide daily. The company’s numerous large corporate clients regularly test the system as well, utilizing intrusion software and ensuring that it meets their highest compliance standards.

Joe Naselli, President of Creative Financial Group, says addressing security fears upfront with people and offering full disclosure, is best. Mr. Naselli says Creative Financial Group makes it clear that no system is hacker proof. But, he stresses, having your financial information stored on the eMoney system is as secure as it can get. “In today’s world nearly everyone has online banking and is making online purchases. Though $120 billion is made through online sales, nearly 2/3s of consumers are saying they have concerns about shopping online. eMoney’s AdvisorPlatform, though, is different. It is not a transactional system. If you are using PayPal or online banking or shopping you are using a transactional system. The AdvisorPlatform, though a holistic view of your financial picture, moves no money. Though people often raise security concerns when they deal with financial matters, we’ve found that they are not an inhibitor to business,” he says.