Artificial intelligence has made it easier to write emails, create videos and communicate with people around the world. Unfortunately, it has also given criminals better tools.

Scammers can now create professional-looking investment websites, write highly personalized messages, clone a family member’s voice and generate realistic photos or videos. The underlying scams are often familiar, but AI makes them faster, more scalable and much harder to recognize.

According to the FBI, Americans reported nearly $21 billion in losses from cyber-enabled crimes in 2025. Investment fraud remained the largest source of reported losses, followed by business email compromise and technology-support scams. (FBI: 2025 Internet Crime Report)

The best protection is no longer simply looking for spelling mistakes or suspicious accents. A message can look polished, contain accurate personal information and even sound like someone you know.

Here are some of today’s most important financial scams and how to protect yourself.

1. The AI Family Emergency Scam

What happens

You receive a phone call or voice message that sounds like your child, grandchild or another close relative. The person sounds frightened and says there has been an accident, arrest, kidnapping or medical emergency.

A second person may then join the call pretending to be an attorney, police officer, doctor or government official.

AI voice-cloning technology can recreate someone’s voice using audio found in social media videos, podcasts, voicemail greetings or other online sources. The FTC and FBI have

both warned that criminals are using AI-generated audio and video to make emergency scams more convincing. (FTC: Scammers Use AI to Enhance Family Emergency Schemes)

How the scammer gets paid

The victim may be instructed to:

• Wire money
• Send cryptocurrency
• Buy gift cards
• Withdraw and deliver cash
• Pay a supposed attorney, bail agent or medical provider

The scammer usually creates urgency and asks the victim not to contact other family members or the police.

Example

A grandmother receives a call from someone who sounds exactly like her grandson.

He says, “Grandma, I was in a car accident. I need help, but please don’t tell Mom and Dad.”

A supposed attorney then gets on the phone and says $15,000 must be wired immediately for bail. The grandson’s voice is fake, and the attorney is part of the scam.

How to prevent it

Hang up and call the family member directly using a phone number you already have. Do not call a number provided during the suspicious conversation.

Families should also establish a private family safe word. The word should not be a birthday, pet’s name or anything that can be found online.

Most importantly, do not let the caller prevent you from verifying the story. Requests for secrecy are a major warning sign.

2. The Government or Bank “Safe Account” Scam

What happens

Someone contacts you claiming to represent your bank, the Federal Reserve, the FBI, the IRS, the Social Security Administration or another trusted organization.

The person says your identity has been stolen, your accounts have been compromised or your money is connected to criminal activity. You may even receive a fake case number, employee identification number or official-looking document.

The scammer then offers to help “protect” your money by moving it into a secure account.

Government and business impersonation scams produced billions of dollars in reported consumer losses during 2024, and the FTC has documented a sharp increase in older adults losing $10,000 or more to these schemes. (FTC: Actions Against Impersonation Scams)

How the scammer gets paid

The victim may be instructed to:

• Transfer money to a so-called safe account
• Wire money to another bank
• Purchase cryptocurrency
• Deposit cash into a Bitcoin ATM
• Buy gold or other valuables
• Provide account login credentials
• Install remote-access software

In reality, there is no safe account. The receiving account or cryptocurrency wallet belongs to the criminal.

Example

A client receives a call appearing to come from the telephone number on the back of their bank card.

The caller says someone is attempting to transfer $80,000 from the account. To stop the theft, the client must move the money into a temporary “Federal Reserve protection account.”

The phone number has been spoofed. The person is not from the bank, and the protection account belongs to the scammer.

How to prevent it

Never transfer money in response to an incoming call.

Hang up and contact the institution through its official mobile application, a recent account statement or the telephone number printed on the back of your card.

No legitimate government agency, bank or financial institution will tell you to protect your assets by purchasing cryptocurrency, depositing money into a Bitcoin ATM or transferring funds to an unfamiliar account.

3. The Fake Investment Platform Scam

What happens

The scam frequently begins with a social media advertisement, an unsolicited text message, an online friendship or an invitation to join an exclusive investment group.

The victim is introduced to a trading platform that appears legitimate. It may include:

• Real-time account balances
• Investment research
• Customer-service representatives
• Testimonials from supposed investors
• Charts showing impressive profits
• AI-generated market recommendations
• Deepfake videos of celebrities or financial professionals

The website may show the victim earning substantial returns. However, the account values and investment gains are fabricated.

FINRA has reported a significant increase in fraudulent investment groups promoted through social media, WhatsApp and Telegram. These scams often direct victims to fake trading platforms controlled by the criminals. (FINRA: Investment Group Imposter Scams)

How the scammer gets paid

The victim is typically asked to transfer money through:

• Cryptocurrency
• Wire transfers
• Payment applications
• Transfers to foreign companies
• Transfers to accounts held in someone else’s name

The scammer may initially allow the victim to withdraw a small amount. This builds confidence and encourages a much larger investment. They will also start to show gains showing that they should put more money in.

When the victim eventually tries to withdraw the full balance, the platform demands additional payments for taxes, commissions, insurance, verification or account-unlocking fees.

The additional fees are also stolen.

Example

An investor sees a social media advertisement featuring a well-known television personality promoting an AI trading system.

After clicking the advertisement, the investor joins a WhatsApp group led by a supposed investment professor and several assistants. Other group members continually post screenshots of their profits.

The investor deposits $5,000 and quickly sees the account grow to $8,000. A small $500 withdrawal is successfully processed.

Believing the platform is legitimate, the investor transfers another $100,000. The platform eventually shows a balance of $240,000, but the investor is told that a $30,000 tax payment is required before the money can be withdrawn.

The entire platform, including the profits and other group members, is fake.

How to prevent it

Never assume an investment is legitimate because the website looks professional or the account displays profits.

Before investing:

• Verify the financial professional through FINRA BrokerCheck or the SEC’s Investment Adviser Public Disclosure database.
• Confirm the firm’s website and phone number independently.
• Be highly skeptical of investment opportunities that move into WhatsApp, Telegram or private social media groups.
• Avoid investments requiring payment through cryptocurrency or an unrelated third party.
• Never pay an additional fee to unlock investment profits.
• Consult your financial advisor, attorney or another independent professional before transferring money.

Guaranteed returns, limited risk and urgent deadlines are classic signs of investment fraud.

4. The Relationship Investment Scam

What happens

A criminal builds a relationship with the victim over time. The relationship may begin through a dating application, social media, a professional networking site or an accidental text message.

The scammer may communicate for weeks or months before discussing money. AI allows criminals to create believable photographs, write personalized messages, generate voice notes and maintain multiple conversations simultaneously.

Eventually, the scammer introduces an investment opportunity—often involving cryptocurrency—and offers to teach the victim how to invest.

FINRA warns that relationship investment scams commonly direct victims into private chat groups and fraudulent crypto platforms controlled by the scammers. (FINRA: Avoiding Relationship Investment Scams)

How the scammer gets paid

The victim transfers money or cryptocurrency into a fraudulent investment platform.

After the victim has deposited a significant amount, the scammer may:

• Prevent withdrawals
• Demand additional taxes or fees
• Claim that the account is under investigation
• Ask the victim to borrow money
• Encourage the victim to use retirement assets or home equity
• Disappear completely

Example

A recently divorced investor begins communicating online with someone who claims to own an international business.

After several months, the person mentions earning substantial profits through cryptocurrency trading. The person helps the investor open an account on a specific website and guides them through several successful-looking trades.

The investor initially deposits $10,000 and later adds $250,000 from an investment account. When the investor attempts to withdraw the money, the platform demands a 20% tax payment.

The romantic relationship and the investment platform were both part of the same scam.

How to prevent it

Never send money, cryptocurrency or account information to an online romantic interest, especially if you have not met them in person or cannot verify if they are a real person.

Be cautious when a new relationship quickly includes discussions about wealth, trading or financial independence.

Before investing, show the opportunity to an independent advisor who has no connection to the person or platform.

5. The Technology-Support Scam

What happens

A pop-up appears on your computer stating that the device has been infected, your account has been hacked or illegal activity has been detected.

You may also receive a phone call or email from someone claiming to represent Microsoft, Apple, your internet provider, your bank or a security company.

The scammer offers to fix the problem and asks you to install remote-access software. Once connected, the criminal can view your screen, access financial accounts, steal passwords or manipulate what appears on the computer.

Technology-support scams remained one of the largest categories of cyber-enabled fraud reported to the FBI in 2025.

How the scammer gets paid

The scammer may:

• Charge a fake service fee
• Steal online banking credentials
• Initiate unauthorized transfers
• Convince the victim that an accidental refund occurred
• Ask the victim to return the supposed overpayment
• Direct the victim to purchase gift cards or cryptocurrency
• Persuade the victim to withdraw cash

In a common variation, the scammer changes the numbers displayed on the victim’s computer to make it appear that the company accidentally deposited too much money. The victim is then pressured to return money that was never actually received.

Example

A retired client sees a warning claiming their computer has been locked by Microsoft.

The client calls the number on the screen and allows the technician to remotely access the computer. The technician says hackers have compromised the client’s bank account and transfers the call to a supposed bank security officer.

The client is told to withdraw $40,000 and deposit it into a Bitcoin ATM to protect the funds.

The warning, technician and bank officer are all part of the scam.

How to prevent it

Never call the telephone number displayed in an unexpected computer pop-up.

Do not provide remote access to someone who contacted you unexpectedly.

Legitimate technology companies do not monitor your computer and call to report infections. Banks and technology companies will not ask you to buy gift cards, send cryptocurrency or withdraw cash to resolve a computer issue.

Close the browser or turn off the computer and contact a trusted technology professional independently.

6. The Scam-Recovery Scam

What happens

After someone loses money, they are contacted by another person claiming the stolen funds have been found.

The person may pretend to represent:

• The FBI
• The Internet Crime Complaint Center
• A law firm
• A financial regulator
• A cryptocurrency tracing company
• A cybersecurity company
• A victim-recovery organization

The FBI warns that criminals impersonate IC3 employees and falsely promise to recover stolen money. The real IC3 does not work with private law firms or cryptocurrency services

to recover funds and will not contact victims demanding payment. (FBI Internet Crime Complaint Center)

How the scammer gets paid

The victim is asked to pay:

• An upfront recovery fee
• Legal expenses
• Taxes
• Cryptocurrency tracing costs
• A bond or insurance payment
• A percentage of the supposedly recovered money

The scammer may also request account credentials or access to the victim’s cryptocurrency wallet.

Example

After losing $75,000 in a cryptocurrency scam, an investor receives a call from someone claiming to work with an international fraud-recovery unit.

The caller knows the amount lost, the name of the fraudulent platform and the date of the transfers. That information may have been provided by the original scammers or purchased from them.

The caller says the money has been located but requires a $7,500 court bond before it can be released.

The recovery offer is another scam.

How to prevent it

Be especially cautious after experiencing fraud. Victim information is often shared or sold to other criminals.

Do not pay anyone who guarantees they can recover stolen cryptocurrency or investment funds.

Report cyber-enabled fraud directly to the FBI’s Internet Crime Complaint Center and contact the financial institution used to send the money. (FBI: Report Cyber-Enabled Fraud)

How AI Has Changed the Scam Landscape

AI has not completely reinvented financial fraud. Instead, it has removed many of the warning signs people previously relied upon.

A fraudulent email may now be grammatically perfect. A caller may sound like someone you love. A fake financial professional may appear on video. A fraudulent investment platform may provide attractive research reports, statements and customer service.

AI also allows criminals to:

• Research potential victims more efficiently
• Personalize thousands of messages
• Translate scams into multiple languages
• Create fake identities and identification documents
• Clone voices
• Generate realistic photographs and videos
• Operate many fraudulent relationships at once
• Respond convincingly to questions and objections

During the first seven months of 2025, the FBI received more than 9,000 complaints specifically involving AI. Those complaints crossed many different categories of fraud. (FBI: AI-Accelerated Scam Warning)

This means consumers should not focus exclusively on determining whether a communication appears fake.

The safer approach is to independently verify every unusual financial request.

A Simple Five-Step Protection System

When you receive an unexpected request involving money or personal information, follow these five steps.

1. Pause

Do not make financial decisions while frightened, excited or under pressure.

A legitimate institution will allow you time to verify a request.

2. Disconnect

Hang up the call, close the message or end the video conversation.

Do not continue debating with the person or clicking links they provide.

3. Verify independently

Contact the individual or institution using a trusted phone number, official application, recent statement or saved contact.

Do not use contact information supplied by the person making the request.

4. Involve another person

Speak with your spouse, adult child, financial advisor, attorney or another trusted person before completing an unusual transaction.

Scammers often demand secrecy because a second person is more likely to recognize the fraud.

5. Report it quickly

If money has already been sent, contact the financial institution immediately and ask whether the transfer can be stopped, recalled or frozen.

Report internet-related fraud to the FBI’s Internet Crime Complaint Center. Preserve emails, text messages, telephone numbers, payment instructions, cryptocurrency wallet addresses and transaction records.

Final Thoughts

The most dangerous scams do not necessarily look suspicious anymore.

They may arrive through a familiar phone number, use the name of someone you know and contain accurate information about your family, employer or finances. They may include a recognizable voice or a realistic video.

That does not make the request legitimate.

The most effective defense is to create a personal rule:

No unexpected request involving money, passwords or sensitive information will be completed until it has been verified through a separate, trusted channel.

Taking an extra five minutes to verify a request can protect years—or even decades—of savings.

How We Help Protect Clients From Scams

One of the benefits of working with a financial advisor is having another rational listener involved before money moves.

Scammers rely on urgency, fear and secrecy. When something feels unusual, we help clients slow down, explain what is happening and answer additional questions. We may ask who requested the money, how the relationship began, why the payment is urgent and whether anyone has discouraged the client from speaking with family or an advisor.

We also take steps to independently verify important transactions. Wire instructions should be confirmed directly with the intended recipient using a known phone number—not a number included in the same email containing the instructions. Unusual distribution requests should also be confirmed by speaking with the client through contact information already on file.

We can also help review unfamiliar investments, identify warning signs and involve a trusted contact or family member when appropriate.

These extra steps may occasionally slow down a legitimate transaction, but that is intentional. It is much easier to spend a few minutes verifying a request than to recover money after it has been sent to a scammer.

Clients should always feel comfortable contacting us before responding to an unexpected request involving money, investments or personal financial information.

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