In the investor’s corner the European Securities and Market Authority (ESMA) warns for frauds and scams, also under the name of ESMA.
It is unfortunate that ESMA is not doing something about making it clear that paper mail, e-mail, phone calls, SMS and communication via ‘social’ media platforms are inappropriate for confidential communication. It is high time for European financial regulators to make the case for secure communications. For instance, a good starting point could be that financial institutions should no longer use e-mail, SMS and ‘social’ media for communication.

For some time now, I have seen authorities failing to inform citizens that e-mail is insecure and not suitable for confidential communication. This means, for example, that invoices cannot be sent by e-mail and that it is unwise to include personal data and other confidential information in e-mail or attached documents.

The authorities want secure communication for themselves, look for instance at the political guidelines for the new Commission. There is a lot of ‘security’ in it, that includes that the public authorities are entitled to secure communication: “Finally, our united approach to security should be centred around a new European Critical Communication System to be used by public authorities in charge of security and safety“, while citizens have to cope with insecure e-mail and messaging that can be read along by the authorities.