Are You Protected from AI Scams?

Recently, we attended a conference where financial advisors shared some alarming stories - real cases of clients and friends falling victim to increasingly sophisticated scams. What stood out the most? Fraudsters are getting smarter, and AI-driven scams are making deception easier than ever.

One of the most unsettling tactics involves voice recognition technology. Scammers can now clone voices from public recordings - social media posts, voicemails, or even a quick "hello" - to impersonate loved ones. Imagine getting a desperate call from a family member, asking for urgent financial help. Would you be able to tell if it was real?

Who’s at Risk? (Hint: It’s Not Just the Elderly)

It’s human nature to think, I’d never fall for that. But the reality is, these scams are designed to fool anyone. While older adults are often targeted, younger generations are increasingly vulnerable because:

• They use more online services, exposing personal data.
• Their voices are easily accessible through social media.

How to Protect Yourself & Your Loved Ones

• Let unknown numbers go to voicemail. If it’s important, they’ll leave a message.
• Never engage with robocalls - scammers want you to say “Yes” so they can record and use your voice for fraud.
• Use a family code word - a simple way to verify authenticity in urgent situations.
• Have open conversations about financial safety. Encourage loved ones to check with family before sending money.

Breaking the Silence Around Fraud

Even when people realize they’ve been scammed, many don’t report it - often out of embarrassment or fear of losing control over their finances. But staying silent only makes these scams more effective. Talking openly and taking preventative steps can make all the difference.

At Paradigm Advisors, we believe protecting your wealth is just as important as growing it. If you’d like to discuss strategies to safeguard yourself and your family, we’re here to help. Please don’t hesitate to reach out.