Contributors

Stacy Allred

Managing Director, National Lead of Family Engagement & Governance for J.P. Morgan Wealth Management

Sharing information on social media provides a way to foster connections, maintain relationships and even build a personal brand. However, information sharing also comes with inherent risks. As individuals’ and families’ profiles and finances increase, so does their likelihood of becoming targets of cybercrime and facing reputational damage to their family businesses and brands.1

Cutting back on social media activity can be an effective way to reduce financial and reputational risks that stem from oversharing online. But is this realistic in a digital world where 73% of Americans use at least one form of social media?2 Among teens, social media is often the primary form of communication and entertainment. In fact, teens spend an average of four hours and 48 minutes on social media platforms daily.3

If social media is a part of your family’s life – which it is for most – the question is: How can you balance social media use with smart, secure core practices that are both promotional (e.g., increase well-being and connection) and protective (e.g., reduce the threat of cybercrime and reputational damage)? One idea is to keep the lines of communication open and collaboratively create family social media and digital device guidelines. Together, these provide a framework for family members of all ages, which can include:

  • Establishing family values and operating principles around social media
  • Setting expectations for how and what information is appropriate to share
  • Defining protocols for securing devices and networks and accountability
  • Offering learning opportunities for when things go awry

The risk of oversharing

For many active social media users, sharing a vacation location, pets’ names or information about a new house or car is standard fare. However, this is exactly the type of information bad actors could leverage for malicious purposes, and research shows that wealthy individuals are often highly targeted. To illustrate, a 2017 study showed that more than a quarter of ultra-high-net-worth families have suffered a cyberattack at some point.4 Some of the most common types of cyberattacks include:

Table showing three of the most common cyber attacks and how they are defined.
  • Credential stuffing. In this case, bad actors gain access to usernames and passwords through data breaches, which have occurred at large telecommunications and social media companies in recent years. Because people often use the same usernames and passwords across numerous websites, criminals attempt to use those credentials to access financial accounts. They may also leverage personal information shared online to get past security questions or quickly guess passwords.
  • Impersonation scams. Cybercriminals may also impersonate an individual or the friends, family members or acquaintances of an individual, then leverage that person’s identity to commit fraud.

Enhanced voice impersonation capabilities of artificial intelligence have increased the risk and frequency of impersonation scams.

  • Confidence and romance scams. In another form of impersonation, bad actors cultivate a relationship with a high net worth individual under the guise of being a friend or romantic interest. The communication inevitably leads to a request for money, often to help the alleged connection out of a tough time or perhaps invest in a business or project.

Each type of cyberattack can put your family’s finances at risk, whether it’s through gaining unauthorized access to accounts or money for fraudulent projects or people. As noted, the issue often begins with the criminals’ access to personal information through a breach, social media activity, video game chat or other websites.

Reputational risk is another consideration for families. Family members active on social media can inadvertently share information that potentially damages the family business or the family’s hard-earned reputation and can even lead to financial fallout. What’s more, generational differences often mean that family members have differing views regarding the use of social media.

Creating a family social media policy

It’s impossible to fully avoid social media gaffes, especially if you’re teaching adolescents how to manage their digital life. People will make mistakes. However, a family social media policy can reduce the potential for problems – and provide context for how individuals make decisions about their social media sharing and managing security protocols. Here’s how to create a policy that helps reduce your family’s social media risk.

Start with the why

As you begin to discuss what a social media and digital device policy entails, ask your family members some critical questions:

  • What does our family stand for and value most?
  • Why is developing strong digital footprint skills important?
  • How do we want to use social media?
  • Why is online security important to us?
  • How can we be intentional about spending the right amount of time on social media and digital devices?5
  • What do we want to highlight or avoid?

For instance, one family agreed that family members or friends along for the journey would avoid sharing news online of big purchases, events attended or activities related to their vacations. Because they value privacy and quiet demonstration of financial wealth, they agreed to avoid posts that highlight material abundance. Rooting your policy in values can make it easier for people to determine whether shared information reflects those values or goes against them.

Another family, with teens, tapped into resources on Common Sense Media to collectively explore healthy screen time habits and how best to navigate the effects of social media on mental health.6 Armed with new insights, they incorporated practices into their policy to take advantage of the benefits technology can offer while putting in safeguards to minimize the risks.

Understand the risk

As mentioned earlier, generational differences could underscore a divide on views regarding social media use. Spend some time discussing how and why each party uses social media and the associated risks that may come with their use. Exploring these hypothetical dangers can help family members identify potential scams or trouble. Consider bringing in an expert to help you understand and secure your online presence.

Create the policy together

Work together as a group – perhaps as part of a family meeting – to discuss what the family is comfortable with sharing. Some families use the “grandma rule,” which recommends that you only post things you’d share with your grandmother. Prohibiting posts about family financials is also smart, and the same goes for posting about the family members’ current locations. For instance, some families’ social media policies request that people post about vacations only after they get back from their trip(s).

Your policy may also require family members to coordinate with the appropriate person within the family business before posting about the business; this touchpoint provides an added layer of scrutiny and security. Additionally, it’s important to understand that different people may have different comfort levels – aim to build an approach that works for the whole group. Don’t shortcut the process, either, as collaborating on this policy is a relevant, practical opportunity to build group decision-making skills.

Establish security expectations

Each type of social media platform has different privacy and security settings, but you can still create general rules to help family members better secure their online lives. Refer to some core practices below:

  • Review social media or app privacy settings. Review these settings can help you understand what information is being collected. Adjust the settings to your preference and to maintain your privacy.
    • Review permissions for third-party apps and artificial intelligence (AI) model learning.
  • Create and manage passwords wisely. Create strong passwords and consider using a reputable Password Manager:
    • Some families use simple passwords (e.g., years that mean something to you, pet names, etc.).
    • Make sure these passwords are strong and complex: They should be at least 16 characters, using upper and lowercase letters, numbers and symbols. Consider using a unique password for each account.
    • A reputable password manager with state-of-the-art encryption can help you organize your passwords and stay secure.
  • Screen your invites and friend requests. Do not accept invites from people you do not know, particularly if you have not met them in person. Hackers and criminals generally look for an easy in to get personal information that they can use to take advantage of you and your family.
  • Keep your posts and videos private. Post later or after you have left the destination. Do not tag your location, either, as this can divulge too much information.
  • Avoid using public Wi-Fi. Never use public Wi-Fi to enter personal credentials on a website; this is one way hackers can capture your data. When public Wi-Fi cannot be avoided, use a virtual private network (VPN) to help secure and encrypt your session.
  • Add an extra layer of security. Enable Multi-Factor Authentication (MFA), as it adds an extra layer of security by requiring a second form of verification (i.e., a code from an authentication app.
    • Use MFA wherever it’s offered, such as social media, financial accounts, health care, etc.

You may also establish rules for whom individuals can follow or interact with online, such as limiting social media interactions to only people family members know in real life. Another possible guideline is to limit comments to only posts that originate from close friends or relatives. You may also restrict younger relatives from communicating with people they don’t know via video game chats or direct messages.

Create pre-posting questions

Providing family members with a series of straightforward questions to ask before they post can take the guesswork out of whether the information is shareable. For example, you may request that individuals consider:

  • Does this post reflect our family’s values?
  • Is this information personal, sensitive or proprietary to our family or family business, and could it be leveraged to commit fraud?
  • Does this post reveal my exact location in real time?
  • Does this post include others, and do I have their permission to post?

Establish accountability

Even with a policy in place, mistakes can happen. Use your social media policy to create responsibility for social media posts and accountability for when things go wrong. And although one’s digital footprint typically lives on regardless of whether the post has been taken down, you can use these moments to encourage family members to be more prudent with what they share online moving forward.

Revisit relevance: A living, breathing policy

Consider the implications that major life events can have on your policy. After a new spouse innocently posted happenings about the family business that was uncomfortably viewed as an overshare, one business family now makes a point of meeting with each fiancé to share their social media policy, gather input and provide the opportunity for the soon-to-be married family member to ask questions.

Another family preparing for a private business sale that would soon hit the news held an all-family meeting to review and discuss their social media policy as the upcoming sale approached. In particular, the business owner wanted to share lessons from his friend’s experience; his friend, also a business owner, had a daughter who proudly linked to a news story showcasing the sale of her family’s business. However, this not only led her social circle to the news itself but inadvertently to the large sales price of the company, which was also included in the article.

Sharing personal information online is easier now than it’s ever been, and mistakes can lead to real-life consequences. By creating a social media policy for your family and reviewing it both annually and as life events happen, you can limit you and your family’s exposure to the risks of social media, thereby ensuring that online sharing doesn’t negatively affect your family’s finances, business or reputation.

References

1.

Campden Family Business, “Why are ultra-high-net-worth families at increased risk of cybercrime?” (August 14, 2023)

2.

DemandSage, “How Many People Use Social Media 2025 [Usage Statistics].” (May 17, 2025)

3.

American Psychological Association, “Teens are spending nearly 5 hours daily on social media. Here are the mental health outcomes.” (April 1, 2024)

4.

BlackCloak, “Cyberattacks Target Families of Newfound Wealth.” (July 29, 2022)

5.

For an exploration on how to navigate the impact of smartphones and social media on children and steps to support a play-based childhood, see “The Anxious Generation: How the Great Rewiring of Childhood Is Causing an Epidemic of Mental Illness” by Jonathan Haidt. (Penguin Press, 2024).

6.

Common Sense Media, “How Can I Help My Kids Develop Good Screen Time Habits?” (June 27, 2022)

Connect with a Wealth Advisor

Reach out to your Wealth Advisor to discuss any considerations for your current portfolio. If you don’t have a Wealth Advisor, click here to tell us about your needs and we’ll reach out to you.

Connect now

IMPORTANT INFORMATION

This article is provided for educational and informational purposes only and is not intended, nor should it be relied upon, to address every aspect of the subject discussed herein. The information provided in this article is intended to help clients protect themselves from cyber fraud. It does not provide a comprehensive listing of all types of cyber fraud activities and it does not identify all types of cybersecurity best practices. You, your company or organization is responsible for determining how to best protect itself against cyber fraud activities and for selecting the cybersecurity best practices that are most appropriate to your needs. Any reproduction, retransmission, dissemination or other unauthorized use of this document or the information contained herein by any person or entity is strictly prohibited.

This material is for informational purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.


GENERAL RISKS & CONSIDERATIONS
Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan representative.

NON-RELIANCECertain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Legal Entity and Regulatory Information.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

This document may provide information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (“JPMS”). The agreements entered into with JPMS, and corresponding disclosures provided with respect to the different products and services provided by JPMS (including our Form ADV disclosure brochure, if and when applicable), contain important information about the capacity in which we will be acting. You should read them all carefully. We encourage clients to speak to their JPMS representative regarding the nature of the products and services and to ask any questions they may have about the difference between brokerage and investment advisory services, including the obligation to disclose conflicts of interests and to act in the best interests of our clients.

J.P. Morgan may hold a position for itself or our other clients which may not be consistent with the information, opinions, estimates, investment strategies or views expressed in this document.  JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.