David ‘Doc’ Maurer was a professor of linguistics at the University of Louisville. His specific field of expertise was American slang, especially the lingo favoured by members of the criminal underworld.
In the 1930s Maurer set out to write a book about this shady vernacular. But he instead ended up writing The Big Con, an in-depth exploration of the three main confidence tricks of the day – the wire, the rag and the payoff.
The Big Con went on to inspire hit 1960s TV series Mission: Impossible – the original, erudite, pre-Tom-Cruise version of the franchise. It also heavily influenced The Sting, the classic Paul Newman / Robert Redford film that scooped seven Oscars at the 1974 Academy Awards.
I wonder what sort of tome Maurer would produce if he were still with us today. Cons have come a long way since the Depression era, and most of them are nowadays carried out digitally.
We all know much of the drill. There’s the tantalising offer of double-digit returns. There’s the heartfelt plea for assistance with an urgent transfer of funds – often on behalf of a stranded government official, a wealthy student or a minor royal from a non-existent state.
More challengingly, there’s the growing risk of cloning and impersonation. Perhaps worst of all, there’s the alarming phenomenon of full-blown account takeovers.
Technology
Rather than depending on a mix of meticulous planning and sheer chutzpah, as was the tradition in Maurer’s time, these 21st-century swindles are underpinned by technology. According to one report, more than 50% of all financial fraud now uses artificial intelligence (AI)[1].
So what can platforms do to safeguard investors’ interests in the face of this ever-evolving array of threats? And what role do advisers have to play in protecting the clients who place their trust in them?
There are all kinds of potential answers to these questions, of course. On balance, though, I think two points in particular need to be acknowledged here.
The first is that platforms and advisers are most likely to succeed in combatting financial fraud if they cooperate and collaborate. The second is that tech may well be at the heart of the problem but isn’t necessarily the only solution to it.
Recognising and utilising respective strengths
Novia Global has identified and averted a number of financial fraud attempts in recent months. You may be surprised to learn that in nearly ever case, despite the undeniable power of tech, our employees were responsible for saving the day.
In my opinion, this is in no small part due to our commitment to working closely with the adviser community. Reflecting a shared duty to clients, we firmly believe everyone should be in the loop.
This is why we encourage advisers to verify all communications. It’s why we ask them to stress the importance of strong passwords and other fundamental security measures. It’s why we alert them to “red flags” such as compromised credentials, mimicking, the disclosure of sensitive information in emails, unexpected and/or suspicious messages, out-of-the-blue demands for login details, unusual domain names, unfamiliar logos and the bypassing of normal channels. It’s why we urge them to ensure they and their clients are fully aware of ongoing developments in this arena.
By extension, it’s also why we don’t rely exclusively on technological advances. Naturally, we use them and strive to stay abreast of them – but we don’t regard them as a miracle cure-all.
‘Best of both worlds’
We instead apply a “best of both worlds” ethos. This is consistent with our approach to all aspects of financial services provision. Basically, we take the view that utilising the respective strengths of people and machines alike should lead to optimum outcomes.
For example, there’s no doubt that AI is capable of detecting patterns of fraud far more rapidly and efficiently than any flesh-and-blood number-cruncher ever could. It’s completely untouchable in terms of near-instantaneous, practically flawless “heavy lifting”.
This ability allows fraud prevention to become proactive rather than merely reactive. It means huge amounts of information and transactions can be processed in real time, with anomalies spotted and reported immediately.
Yet not every inconsistency or incongruity lurks within a data set. There are plenty that are uncovered through expertise, experience, initiative and even intuition. Ideally, many are headed off long before they slip into the digital realm.
This is where relationships, understanding and trust enter the reckoning. As ever, it’s well worth remembering there are lots of areas in which humans still hold a valuable edge over tech – just as there are lots in which the pecking order is manifestly reversed.
Almost a century after Maurer penned The Big Con, the scourge of scams is arguably more pervasive than ever. But if platforms and advisers use all the measures at their disposal – and if they do so in concert with each other – there’s a good chance the menace can be kept at bay.
Article by Steve Andrews, pictured above left, CEO of Novia Global.
[1] See, for example, Feedzai: “More than 50% of fraud uses artificial intelligence”, May 30 2025 – https://www.feedzai.com/inthenews/more-than-50-of-fraud-involves-the-use-of-artificial-intelligence/.
