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Wealthy Americans make juicy targets for fraudsters.
A single well-executed scam can steal hundreds of thousands in one transaction.
So what are themost common scams targeting wealthy Americansin the post-Artificial Intelligence (AI) world?
Whaling takes phishing to the next level by personally targeting wealthy or powerful individuals.
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.
Relationship Impersonation Fraud
Scammers dont always venture to form a new relationship with their victim.
In some ways, its easier for them to simply impersonate someone you already know and trust.
Investment Scams
Impersonation fraud often happens in the investment world.
They can mimic their writing patterns and even create fake audio messages and videos seemingly from that person.
But that requires a sales pitch and plenty of hard work.
These scams can be incredibly convincing, especially during tax season.
Making this scam even easier, many clients cant reach their accountant right away during tax season.
Only purchase high-end goods through reputable, established vendors.
Charity Scams
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 brokerWoodruff Sawyer, which covers cybersecurity and scams.
Loved One Scams
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.
The same goes for tax payments call your accountant before sending large sums.
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