As Artificial Intelligence (AI) becomes more prevalent in our day-to-day lives, we are committed to safeguarding client assets, privacy, and trust. We not only keep pace with the threats that AI poses, but proactively defend against them. Learn more.
In today’s digital age, artificial intelligence is a powerful tool — but it also empowers sophisticated criminals. Deepfakes, synthetic IDs, and AI-generated fraud are emerging as serious threats to your finances and identity.
1. AI-Powered Impersonation Attacks
Fraudsters now deploy highly realistic audio and video deepfakes to impersonate trusted individuals—such as family members, advisors, or even internal firm staff—during calls or virtual meetings.
- Instance: A major firm in Hong Kong lost $25 million after employees received a video “call” from a deepfake CFO urging a wire transfer.1
- In the U.K. and U.S., more than half of firms report encountering deepfake-based scams, with 43% becoming victims.2
2. Synthetic Identity & Document Fraud
AI makes it easy to stitch stolen personal data with fabricated details, creating convincing synthetic identities used to open accounts or secure credit.
- This tactic has surged: synthetic ID fraud now accounts for billions in annual losses—over $3 billion in the U.S. alone—fueling credit and loan fraud.3
3. Scalable AI-Driven Scams
From targeted videos of well-known figures to automated phishing or text messages, scammers can launch mass campaigns with precision and at low cost.
- According to Deloitte, U.S. fraud losses from AI deepfakes may grow from $12 billion in 2023 to $40 billion by 2027.4
- A staggering 2,137% increase in AI-fraud attempts has been reported across the financial services sector in just three years.5
What This Means for Our Clients
A. Heightened Sensitivity Around Urgency & Authenticity
Always be cautious when receiving urgent or unexpected requests—even if the person seems legitimate. AI can mimic familiar voices and faces.
B. Verification Over Trust
Our firm is reinforcing verification protocols:
- Always confirm wire requests and large transactions verbally through a known, separate contact (e.g., by calling back).
- Use multi-channel authentication—skip the email or voicemail alone.
- Implement client-specific code words or identity questions for any unusual request—an additional safeguard against impersonation.
C. Enhanced Cyber Defenses Are Active
Our internal systems now include AI-enabled fraud monitoring designed to flag anomalies in client communications or transactions — helping detect deepfakes and synthetic ID fraud early.
D. Client Education Is Key
We continuously educate clients on digital best practices—like strong passwords, multi-factor authentication, and independent account verification. We also encourage skepticism toward unsolicited outreach—even from seemingly legitimate sources.
✅ Best Practices to Keep Your Wealth Safe
| Security Measure | Why It Matters |
|---|---|
| Multi‑factor Authentication (MFA) | Critical guard against unauthorized access via stolen credentials or deepfakes. |
| Verification Protocols | Voice‑call confirmations and code‑word checks block AI‑driven scams. |
| Digitally Secure Documents | Secure, encrypted authentication (e.g., liveness checks) help foil synthetic IDs. |
| Regular Monitoring | Frequent statement reviews, credit checks, and alert subscriptions help catch anomalies early. |
| Ongoing Education | Staying informed is critical in identifying emerging threats like deepfakes and AI‑based phishing. |
Our Commitment to You
Our priority is safeguarding your assets, privacy, and trust. That means not only keeping pace with the threats that AI poses, but proactively defending against them — through technology, protocols, and client engagement.
While AI risks are advancing fast, so too are our capabilities. We’re here to ensure that when it comes to your wealth, verification always beats imitation.
Have questions or want to review your personal security strategy? Contact us anytime.
Sources:
2 wsj.com