One of the questions I’ve been getting more often lately has nothing to do with the stock market, interest rates, or taxes. Instead, clients are asking, “How do I know if something is real anymore?”
It’s a fair question.
Technology has made our lives more convenient in countless ways, but it has also given scammers new tools to make their schemes more convincing than ever. Artificial intelligence can now create realistic emails, clone voices, generate fake videos, and produce documents that look completely legitimate. The old warning signs, poor grammar, obvious spelling mistakes, or unbelievable stories, are no longer as reliable as they once were.
The good news is that while the tactics have changed, the best defenses have not. A healthy dose of skepticism, a willingness to slow down, and a few simple habits can go a long way toward protecting yourself and your family.
Why Scams Are Becoming More Convincing
Today’s criminals are running sophisticated operations. Many work in organized groups, use professional software, and spend time researching their targets before making contact.
You might receive an email that appears to come from your bank, a text message from a delivery company, or even a phone call that seems to be from someone you know. In some cases, scammers are using AI to mimic a loved one’s voice, claiming there’s been an emergency and asking for money immediately.
Their goal isn’t just to fool you, they’re trying to create urgency. If they can get you to act before you think, they’ve dramatically increased their chances of success.
That’s why one of the most valuable financial habits today has nothing to do with investing. It’s simply pausing before taking action.
The Biggest Red Flag: Urgency
Whenever someone pressures you to act immediately, your guard should go up.
Scammers often say things like:
- “Your account will be frozen today.”
- “This investment opportunity expires in an hour.”
- “Your grandson has been arrested and needs bail immediately.”
- “Don’t tell anyone until we’ve resolved this.”
These situations are designed to trigger emotion rather than logic.
Legitimate financial institutions, government agencies, and reputable businesses generally want you to verify information, not avoid it. If someone discourages you from hanging up, calling back, or discussing the situation with someone you trust, that’s a significant warning sign.
Common Scams We’re Seeing
While new scams appear almost weekly, several continue to show up repeatedly.
Impersonation scams
Someone claims to represent your bank, brokerage firm, the IRS, Medicare, Social Security, or another trusted organization. They may already know personal information about you, making the interaction seem legitimate.
Tech support scams
A pop-up appears on your computer warning that it’s infected. You’re instructed to call a number, where someone offers to “fix” the problem by gaining remote access to your computer.
Investment scams
These often promise unusually high returns with little or no risk. They may involve cryptocurrency, private investments, precious metals, or “exclusive” opportunities that supposedly require immediate action.
If it sounds too good to be true, it usually is.
Romance and relationship scams
These schemes often begin on social media or dating websites. After building trust over weeks or months, the scammer eventually asks for financial help or encourages an “investment” that turns out to be fraudulent.
AI voice cloning
Perhaps the most unsettling development is the ability to replicate someone’s voice with surprising accuracy. A brief recording found online may be enough to create a convincing imitation.
If you receive an emotional phone call asking for money, don’t rely on the voice alone. Hang up and contact the person directly using a phone number you already know is correct.
Simple Habits That Can Make a Big Difference
You don’t have to become a cybersecurity expert to dramatically reduce your risk.
A few habits can provide tremendous protection:
- Never click links in unexpected emails or text messages. Instead, go directly to the company’s website or use its official app.
- Enable multi-factor authentication whenever it’s available.
- Use strong, unique passwords for financial accounts.
- Keep your devices updated with the latest software and security patches.
- Review your financial statements regularly.
- Be cautious about how much personal information you share on social media, as scammers often use these details to build credibility.
Most importantly, don’t let anyone rush you into making a financial decision.
If Something Doesn’t Feel Right, Stop
One of the best pieces of advice I can offer is this: if something feels even slightly unusual, pause.
Whether you’re being asked to wire money, purchase gift cards, move retirement assets, provide passwords, or share verification codes, take a break before acting.
Scammers count on people being embarrassed to ask questions. In reality, asking questions is exactly the right thing to do.
I’ve always told clients that I’d much rather receive ten phone calls that turn out to be nothing than miss the one call that could prevent a significant loss.
Who Should You Contact?
If you’re uncertain about a request involving your finances, don’t rely on the contact information provided in the email, text, or phone call.
Instead:
- Contact our office using the phone number you already have on file if the request involves your investment accounts or anything that seems unusual.
- Call your bank directly using the number on the back of your debit or credit card if the issue involves banking.
- Contact your local law enforcement using a non-emergency number to make a formal report.
- If you believe one of your online accounts has been compromised, change your password immediately and notify the institution.
- If you’ve already sent money or shared sensitive information, report it as soon as possible. Acting quickly can sometimes limit the damage.
There is no shame in asking for a second opinion. In fact, that’s often the smartest financial decision you can make.
Looking Out for Family Members
Fraud doesn’t only affect older adults, despite what many people assume.
Young adults are frequently targeted through social media, fake job offers, online marketplaces, and digital payment apps. Seniors may be targeted because they often have accumulated savings and are viewed as more trusting.
One of the best protections is simply talking about scams with family members. Share what you’ve learned. Discuss what you would do if you received a suspicious phone call or text. Consider creating a family “safe word” that can be used to verify a genuine emergency if someone ever receives a distress call claiming to be from a loved one.
These conversations may feel unnecessary, until the day they’re not.
A Final Thought
As financial professionals, we spend a great deal of time helping clients build wealth. Protecting what you’ve worked so hard to accumulate is every bit as important.
The reality is that technology will continue to evolve, and unfortunately, so will the people trying to exploit it. But while scams may become more sophisticated, good judgment never goes out of style.
When something seems unusual, slow down. Verify independently. Call someone you trust. And if the situation involves your investments or financial accounts, don’t hesitate to contact our office first.
Eric Moss
Director
Disclosures:
This is provided for informational purposes only and should not be interpreted in any way as investment, tax, accounting, legal or regulatory advice. An investor must take into consideration his/her individual circumstances.
There is no guarantee investment strategies will be successful. Investing involves risks including possible loss of principal. There is always the risk that an investor may lose money. A long-term investment approach cannot guarantee a profit. All expressions of opinion are subject to change. This article is distributed for educational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Investors should talk to their wealth advisor prior to making any investment decision.
