A New York investment firm transferred $19 million to a scammer a few months ago. Not because anyone was careless. Because the email looked exactly like it came from a trusted business partner. Same branding, same tone, no malware, no breach. Just deception, executed precisely.
Cybercrime is no longer about brute force hacking. It’s about human psychology. And it’s targeting people who’ve built real wealth, because one slip at that level can mean seven figures lost.
Government impersonation: urgency as a weapon
A retired executive I know received a call from someone claiming to be HMRC, demanding immediate payment to avoid prosecution. He came close to transferring tens of thousands before checking with his accountant.
These scams work because they target the instinct to protect reputation and assets. The language is threatening, the timeline immediate, and the pressure calculated. Once funds leave via wire transfer, recovery is close to impossible.
The protection is simple: never respond directly. Find the organisation’s official contact details independently and verify from there.
Financial services fraud: the scam that caught my father
Someone calls claiming to be from your bank. The number looks real. The tone is professional. They warn of an urgent fraud alert and explain that transferring funds is the safest way to protect your account.
That’s what happened to my father. The caller had mimicked the bank’s number and knew personal details. For high-value accounts, a single moment’s misplaced trust can compromise not just liquidity but broader financial structures: trusts, linked investments, family offices.
If you receive an unexpected call from someone claiming to be from your bank, hang up and call the number printed on your card. Genuine staff will never object to you checking.
Tech support scams: access to the whole ecosystem
Your screen freezes. A red warning tells you to call Microsoft immediately. You ring the number, someone answers helpfully, and they either install spyware or charge you for a repair that never existed.
For anyone managing multiple investment accounts or family wealth digitally, this isn’t about a laptop problem. If scammers gain remote access to a device with saved logins for banking and portfolio platforms, the exposure extends across the entire financial ecosystem.
Never call a number or click a link from a pop-up. Restart the device and contact the company through their official website directly.
Prize and inheritance scams: optimism as a vulnerability
You’re told you’ve inherited money from a distant relative, or won something significant. Before you can claim it, there’s a processing fee or tax to pay. You send it. They disappear.
A family I met wired $15,000 in fictitious probate costs for an overseas estate that didn’t exist. These scams prey on optimism and the desire to grow wealth quickly, which can cloud judgement as much as fear. No legitimate prize or inheritance ever requires an upfront payment. If fees are requested first, it’s a scam.
What all of these have in common
They don’t attack systems. They attack trust. And they’re now being powered by AI, from deepfake voices to emails that perfectly replicate real brands. The methods keep evolving. Even cautious, financially sophisticated people get caught.
Building digital resilience comes down to a few consistent habits. Always verify payment requests via a phone call or video chat before acting. Hover over links before clicking and look for misspellings or unusual domains. Treat urgency as a red flag: genuine institutions don’t pressure you to act instantly. Enable multi-factor authentication everywhere, and use an authenticator app or hardware key rather than text-message codes. Never approve login requests you didn’t initiate.
What to tell your clients
Cybersecurity is part of protecting financial independence. A scam can undo years of careful planning in seconds, and attacks don’t discriminate by wealth, intelligence, or brand recognition.
The question worth putting to any client managing significant assets: “If someone called you today claiming to be from your bank and asked you to move funds urgently, what would you do?” If the answer isn’t “hang up and call the bank directly,” that’s a gap worth closing.
If something feels off, pause. Verify. One moment of caution can protect a lifetime of work.
Watch our full video below:
Sam Instone is CEO of AES International, the only CEFEX-certified fiduciary firm across the Middle East, Asia, and Africa.
Capital at risk. Any examples used are for illustrative purposes only, and you may get less back than the figures shown. Any financial promotions are intended for information purposes only and do not constitute an offer to invest or provide personal financial advice or tax advice. We do not take any responsibility for third-party websites and content linked to from this channel. Issued on behalf of AES Middle East Insurance Broker LLC, registered with the Ministry of the Economy, licence 571368, commercial registration 75162, regulated by the UAE Central Bank, licence no. 189. This material is intended for Retail Clients within the UAE.
