Private markets firms handle sensitive information, complex stakeholder relationships, and significant capital flows. That makes the industry an attractive target for increasingly convincing phishing and AI-enhanced social engineering.
Recent industry reporting has brought renewed attention to this trend. Reuters1 reported that malicious websites have been created to target employees of major private equity and financial services firms, while Google2 observed attackers increasing their focus on private equity, law firms, and other financial organizations.
As phishing becomes more targeted and sophisticated, clear verification processes and consistent authentication are becoming increasingly important in day-to-day operations.
Check the domain, not just the sender name
When a communication is unexpected, check the full sender address and domain rather than relying on a familiar display name.
Apply additional scrutiny to urgent requests
Investor operations often run against tight timelines. That can make urgency an effective social engineering tactic. Unexpected requests involving credentials, authentication changes, sensitive information, or immediate action should be independently verified before proceeding.
Protect authentication credentials
Passwords and authentication codes should never be shared in response to an unexpected request, regardless of how credible the sender appears. Multi-factor authentication provides an additional layer of protection and should be enabled wherever possible.
Verify through an established channel
If a communication falls outside the usual process, confirm it using contact information or a channel that is already known and trusted rather than responding directly to the original request.
These measures are deliberately simple. The goal is not to add friction to investor workflows, but to make verification a consistent part of the process when something falls outside the usual pattern.
As a technology partner to institutional asset managers and the broader private markets ecosystem, we want to ensure anyone interacting with Anduin can easily recognize official Anduin communications and know where to turn if they have any questions.
A few things to keep in mind:
Phishing and social engineering will continue to evolve as AI makes these tactics more convincing and harder to detect. For private markets firms, effective security depends on combining strong technology and controls with consistent practices across teams and counterparties.
Learn more about security at Anduin: https://anduintransact.com/security