The more money you have, the more you have for scammers to steal. Wealthy Americans make juicy targets for fraudsters. A single well-executed scam can steal hundreds of thousands in one transaction.
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So what are the most common scams targeting wealthy Americans in the post-Artificial Intelligence (AI) world?
You’ve heard of phishing: attempts to get victims to share sensitive information that scammers can use to steal money or identities. Whaling takes phishing to the next level by personally targeting wealthy or powerful individuals.
“These are not crimes of opportunity — they are targeted, deliberate operations,” said James McQuiggan, security awareness advocate at KnowBe4. “Attackers will use OSINT (open-source intelligence) on the target and their family and friends to gain access. Through social engineering, they will work to build rapport and leverage that trust to gain access.”
Once trust is established, they ask the victim to divulge information, pay fake invoices, or invest in fake opportunities.
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Scammers don’t always try to form a new relationship with their victim. In some ways, it’s easier for them to simply impersonate someone you already know and trust.
Steve Tcherchian, chief information security officer for cybersecurity firm XYPRO, explained how it works: “Scammers use social engineering to impersonate private bankers, accountants, lawyers, or family office staff.
“Using publicly available information or breaches from unrelated platforms, they can create a profile allowing them to craft a convincing email, call, or even a deepfake video to manipulate a high-net-worth individual into approving wire transfers or sharing sensitive credentials — no malware or hacking necessary.”
Impersonation fraud often happens in the investment world.
“With the rise of AI, it’s become alarmingly easy for scammers to mimic brokers, replicate emails, and use the same tone and structure in their communications,” warned Karin Zilberstein, VP of product at cybersecurity platform Guardio. They can mimic their writing patterns and even create fake audio messages and videos seemingly from that person.
“For example, an executive lost her life savings to a real estate scam when she received a fraudulent email from a hacker posing as her mortgage broker, instructing her to wire a $398,359 downpayment,” she said.
As a scammer, you could try to convince a rich victim to buy something fake for $50,000. But that requires a sales pitch and plenty of hard work.
It’s easier to get the victim to pay a huge bill they’re already planning on paying — like their tax bill.
“One of the top scams we’re seeing right now involves tax-related fraud,” said Marike Kuyper, head of consumer education at cybersecurity outfit Trend Micro. “Cybercriminals will impersonate the IRS or tax professionals, sending phishing emails or calling directly, claiming there’s an issue with a return or that immediate payment is required. These scams can be incredibly convincing, especially during tax season.”
Making this scam even easier, many clients can’t reach their accountant right away during tax season. By the time their accountant gets back to them to let them know it’s a scam, many victims have already wired the money.
Often, scammers create beautiful and convincing websites to sell luxury goods or services that don’t actually exist.
“Fraudsters use fake websites, auctions or social media accounts to sell luxury items such as rare collectibles or vacations,” said Kuyper. “Only purchase high-end goods through reputable, established vendors. Verify the authenticity of items before buying them and stay skeptical of deals that sound too good to be true.”
It feels great to give money to a good cause. As long as it is a good cause and not a fake charity.
Heather Mattison sees this all the time at independent insurance broker Woodruff Sawyer, which covers cybersecurity and scams. “Often, predators will prey on the kindness and generosity of wealthy individuals by creating fake charities and asking for donations,” she said.
Nothing is sacred to scammers, not even faking a kidnapping.
“Cyber predators target wealthy families by using AI-generated voices sounding like a loved one,” said Mattison. “They call in tears, claiming they have been kidnapped and demand money to be released.”
So how can wealthy Americans protect themselves from these scams?
First, use multi-factor authentication for all important accounts, including financial and social media accounts. Use complex, unique passwords for all accounts and store them in a single secure account.
Mattison urges wealthy families to plan for authenticating each other. “Have a family ‘password’ or ‘code’ in the event something ever happens like a fake kidnapping. This word can identify if the loved one is part of an attack,” she said.
Similarly, confirm all large financial transactions with someone you trust. Before wiring money to your broker based on an email they sent, pick up the phone and call them. The same goes for tax payments — call your accountant before sending large sums. And when you call, use an independently verified phone number, rather than a number provided in the same email with the wiring instructions.
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This article originally appeared on GOBankingRates.com: 7 Top Scams Targeting Wealthy Americans
