Ultra-high net worth (UHNW) clients face a sophisticated and ever-changing array of scams due to increased sophistication of bad actors. The intersection of abundant publicly available data, advances in AI and the global reach of cybercriminals has led to scams that are not just opportunistic, but highly personalized and devastating.
Below are the seven most significant scams targeting UHNW Americans for advisors and wealth management executives to educate teams and clients.
Whaling (Executive Phishing And Deep Social Engineering)
Phishing is a type of cybercrime where an attacker pretends to be a trustworthy person or organization, often through fake emails, message or websites, to trick people into giving up sensitive information.
Whaling is a specialized form of phishing that targets senior executives, celebrities or wealthy families. Unlike mass phishing, these attacks are meticulously crafted using profiles assembled from data breaches, social media and open-source intelligence.
Unlike mass phishing, these attacks are meticulously crafted.
Attackers may impersonate trusted advisors, private bankers, legal counsel or even family, deploying personalized emails, calls or messages with the goal of extracting sensitive information, authorizing fraudulent wire transfers or even tricking victims into investing in fake opportunities.
The key red flags are:
- Urgent requests for financial transactions from a trusted source
- Unusual changes in communication channels (e.g., switching from email to messaging apps)
- Presence of confidential details or inside information
Deepfake-Driven Impersonation And Family Emergency Scams
AI-powered deepfake technology makes it possible to convincingly clone voices and faces. UHNW individuals have experienced fraudsters using synthetic audio or video to impersonate executives, accountants or even family members. Notorious among these is the “virtual kidnapping,” where the victim hears what appears to be a loved one in distress, demanding an immediate ransom. Corporate leadership has also fallen victim to deepfakes.
The key red flags are:
- Calls or video messages with urgent pleas for money or secrecy
- Reluctance to verify identity through alternative means
- Poor video or audio quality — but increasingly, even high-fidelity deepfakes are common
Synthetic Identity Fraud
Synthetic identity fraud is the fastest-growing type of financial crime in the U.S. In this fraud, criminals use real and fabricated data to create new, credible-looking identities. Cybercriminals often use stolen Social Security numbers (SSNs) and correlate data from other data breaches, such as addresses. These can be used to open accounts, funnel money, secure loans or corrupt a family office’s financial ecosystem. Synthetic identities can even build positive credit histories before performing fraud.
Synthetic identities can even build positive credit histories before performing fraud.
The key red flags are:
- Accounts opened with incomplete or inconsistent identification
- Credit activity appearing under previously unused SSNs
- Unusual new beneficiaries or account changes in established financial vehicles
Tax And Authority Impersonation Scams
Fraudsters regularly pose as IRS agents, government officials or legal representatives, often attacking around tax or regulatory deadlines. These scams may include fake audits, threatening phone calls or letters, and fraudulent demands for immediate payment. Sophisticated cybercriminals use federal logos, spoofed caller IDs and even reference real case numbers or tax information harvested from breaches.
The key red flags are:
- Threats of legal action or arrest for supposed unpaid taxes or regulatory fines
- Demands for immediate payment via wire transfer, crypto or gift cards
- Refusal to let you verify claims via official government portals
Romance Scams Leveraging Social Engineering And AI
Romance and relationship scams are now ruthlessly professionalized. UHNW individuals are approached online by fraudsters using AI to create realistic personas, foster long-term digital relationships and extract money under the pretense of love, family troubles or fake investment opportunities.
Notably, these scams increasingly shift to “pig butchering,” where the scammer poses as a potential romantic partner who pressures the target to invest, often in fraudulent cryptocurrency schemes.
The key red flags are:
- New romantic interests who accelerate emotional intimacy
- Reluctance to meet in person or have live video calls
- Stories involving foreign investments, emergencies or unexpected financial barriers
Investment, Crypto And High-Yield Fraud
Investment, crypto and high-yield fraud schemes are targeting even the most discerning wealthy individuals by exploiting trust and the appearance of exclusivity. With the advent of AI, scammers can convincingly pose as reputable financial advisors, trusted associates or representatives of investment “funds” with elaborate documentation and deepfake endorsements.
These frauds typically promise access to “exclusive” investment opportunities, above-market returns or insider deals, often claiming little risk to encourage quick decisions.
The key red flags are:
- Promises of exclusive, low-risk, high-return investment opportunities
- Requests for rapid wire transfers or crypto deposits to unfamiliar accounts
- Investment deals accompanied by high-pressure sales tactics or urgent deadlines
Fake Seller, Auction And Luxury Goods Scams
Scammers capitalize on the demand for exclusive, high-end goods through fake e-commerce websites, auction portals and social media storefronts. These are frequently bolstered by AI-generated content and deepfake celebrity endorsements to sell luxury watches, art, real estate or vacation packages that do not exist. Even experienced buyers have been lured by the professional look and feel of these sites. Victims pay large sums and receive nothing in return or fake items worth a fraction of the “deal.”
The key red flags are:
- Unverified or “too good to be true” offers for luxury items or experiences
- Requests for payment via cryptocurrency, wire transfer or non-reversible methods
- Inability to verify provenance or conduct due diligence on the seller
How Advisors Can Protect Clients
The playbook for defending UHNW clients against today’s scams must go beyond standard cybersecurity hygiene. The key recommendations are:
- Emphasize privacy. Advise clients to lock down social media, limit public exposure and regularly purge unused accounts.
- Implement strong authentication. Use password managers and authenticator apps instead of SMS.
- Layer human and technical controls: Multi-factor authentication is vital. Equip client-facing teams and households with anti-fraud protocols — including “safe words” for emergencies.
- Enable client education: Regularly inform clients and staff about emerging scams and new attack vectors.
- Verify with vigilance. Encourage skepticism around all unsolicited requests, no matter how plausible or urgent.
- Prioritize due diligence. Encourage your clients to vet all new investments, accounts or purchases.
Staying informed and promoting a culture of verification over trust is the only way to keep your UHNW clients safe.
Staying informed and promoting a culture of verification over trust is the only way to keep your UHNW clients safe.
John O’Connell is Founder and CEO of The Oasis Group, a consultancy for the wealth management industry serving wealth management and technology firms.
