Twenty-five years in IT teaches you a lot about how people get taken advantage of online.
Most of the time my work stays behind the scenes, but right now there is something happening in the scam landscape that I think every person should understand: AI-powered financial scams are more sophisticated, more convincing, and more common than ever before.
Now scammers can use AI to generate polished, professional-sounding messages in seconds. They can clone a loved one's voice and likeness from just a few seconds of audio: a voicemail, a video, even a short clip from social media. They can create a fake financial advisor with a convincing LinkedIn profile, fabricated credentials, and a professional headshot, all generated by a computer.
It's natural to be alarmed by this, but take heart: the best defense is awareness and education. The more you know, the harder you are to fool.
That's why I put this guide together to help you know what to watch for and what to do about it.
1. Slow down.
Scammers want you to feel pressure so that you act first and think later. Here are a few phrases designed to make you panic:
"Your account has been compromised and will be frozen in 24 hours."
"This investment window closes tonight."
"The IRS has issued a warrant for your arrest and you must pay immediately to avoid it."
"Your Social Security number has been flagged for suspicious activity."
Sound familiar? Scammers want you to feel urgency so you to take action. Take a breath, and don't let anyone rush you into sharing personal information.
2. Right name, wrong number? Be skeptical.
If someone contacts you from an unknown number or email address, treat it with caution, even if they say they are with a company or a person you trust. A scammer might call claiming to be from your bank's fraud department, reading back your real account details to seem legitimate, all the while using details they pulled from a data breach in order to gain your trust. It's generally a good idea to verify by using the contact information you already have for that company or person.
3. That voice on the phone might not be who you think.
AI can now clone a voice from just a short audio clip, something as brief as a voicemail greeting or a video posted to Facebook. Scammers have used this to call grandparents pretending to be a grandchild who has been arrested or injured, asking for immediate wire transfers or gift cards.
A good safeguard: agree on a private code word with your family that only you know, so you can verify identity in a real emergency before sending anything. Bottom line? If you're not sure, don't act.
4. "AI-powered investing" is a major red flag.
Here is how this scam typically plays out: you receive a message on social media or via text from someone offering access to an exclusive AI trading platform. They walk you through setting up an account, and within days your balance appears to be growing fast. They encourage you to deposit more. When you eventually try to withdraw your earnings, you are told you owe taxes or fees first. You pay those, and then the platform disappears entirely along with everything you put in.
5. Don't click links in messages you weren't expecting.
This is one of the most consistent pieces of advice in IT security, and it still holds. A common version of this: you receive a text or email that looks like it's from FedEx saying your package couldn't be delivered and it needs you to confirm your address. The link takes you to a fake site that harvests your personal information.
A good rule of thumb: if you get any unexpected message with a link, do NOT click on it, especially in the case of banks, speeding tickets, unpaid fines, etc. Instead, go to whichever site as you normally would in a browser.
6. Verify anyone claiming to be a financial professional.
AI can build a convincing fake advisor profile complete with credentials, endorsements, and a professional photo, and none of it is real. These profiles often show up through targeted ads or unsolicited messages on LinkedIn or Facebook. Before working with anyone new, verify their credentials through FINRA BrokerCheck (brokercheck.finra.org). It's free and takes two minutes.
7. Set up transaction alerts on your accounts.
Most banks and financial institutions let you turn on notifications every time a transaction hits your account. For example, if someone uses your debit card number to make a $12 purchase at a gas station in another state (a common way scammers test stolen card numbers before making larger charges), you'll know about it immediately and can dispute it before things escalate.
8. Use strong, unique passwords and two-factor authentication.
Using the same password across multiple accounts is one of the most common ways people get compromised. If one site gets breached and your password is exposed, scammers will try that same combination on your email, your bank, and your investment accounts. A password manager like 1Password or Bitwarden generates and stores unique passwords for you so you don't have to remember them.
Wherever you can, turn on two-factor authentication in your privacy settings. That extra step when you log in goes a long way.
9. When in doubt, call your local Wymer Brownlee office.
Before you move any money, give out any personal information, or act on any investment opportunity that came out of nowhere, call your local Wymer Brownlee office directly. That's exactly what we're here for. A quick phone call could save you from a very bad day.
10. Report scams, even if you weren't harmed.
If you encounter something suspicious, report it to the FTC at ReportFraud.ftc.gov.
Even if you didn't lose money, your report helps protect other people and gives law enforcement better data to work with.
A Final Word
Technology is always going to keep evolving, and unfortunately so will the people trying to exploit it. But you don't have to be a tech expert to stay safe. You just have to slow down, stay skeptical of things you didn't ask for, and know that you've got a team here who are always a phone call away.
Stay safe out there.
— Dean Robinson, Director of IT
Wymer Brownlee Wealth Strategies
This article is provided for general educational purposes only and does not constitute financial, legal, or investment advice. These tips are intended to help reduce your risk, but scam tactics are always evolving and no guide can cover every scenario. Wymer Brownlee Wealth Strategies makes no guarantee that following this guidance will prevent fraud or financial loss and assumes no liability for losses resulting from scam activity. When in doubt, please reach out to your local Wymer Brownlee office directly.