The Scam That Got Smarter

Why one extra phone call is still the best defence available. Fraud used to be easy to spot. Bad grammar, a strange email address, a story that fell apart under one question. That is no longer the case.

The tools available to fraudsters now include AI voice cloning, which needs only a few seconds of audio from a social media video to produce a convincing imitation of a family member. The most common version is a distressed call from a grandchild who has been in an accident or arrested and needs money immediately, in secret, before the parents find out. Text message scams have improved just as much, with spoofed messages that appear in the same thread as legitimate texts from your bank or courier.

What has not changed is the underlying mechanic. Every one of these schemes depends on urgency and isolation. The caller needs you to act now and to act alone, because a pause or a second opinion is fatal to the scheme.

Voice calls and text messages are only the most familiar version. Fraud losses reported to regulators in the US and Canada have climbed into the tens of billions of dollars a year, and the schemes keep diversifying. Here are four more patterns worth knowing.

OTHER SCAMS TO WATCH FOR

The Fake Renewal or Payment Confirmation

A confirmation for something you never bought is a hook, not a receipt.

An email arrives confirming that a security software subscription, streaming service, or similar has just renewed for several hundred dollars, or that a payment has already gone through. Nothing has actually happened. The message is designed to alarm you into calling the support number it provides or clicking a “dispute this charge” link. Do not reply and do not click. Replying, clicking, or calling confirms two things to the sender: that your email address is active, and that you respond quickly to urgent-looking messages. Both make you a more attractive target for the next attempt. If you want to check whether a charge is real, log into the account directly through the provider’s official app or website, or check your actual bank or card statement.

The Malicious QR Code

A quick scan can take you somewhere you never intended to go.

QR codes now show up on parking meters, mailed notices, and delivery slips, and fraudsters have started placing counterfeit codes over legitimate ones or mailing official-looking letters that include one. Scanning it opens a convincing but fake payment page, or quietly installs something on your device. Treat an unexpected QR code the same way you would an unexpected link: do not scan it. Go to the organization’s website by typing the address in yourself.

The Invoice With New Banking Details

A familiar name is not the same as a verified request.

A request arrives from an email address that looks exactly like one you already deal with – a contractor, a law firm, or someone at Access – asking you to send a payment to a new account, or to update the banking details on file. The account may have been hacked, or the address may be a near-identical copy. This kind of fraud, often called business email compromise, is consistently one of the costliest forms reported to law enforcement each year, precisely because it looks so routine. Any change to payment or banking instructions should be confirmed by phone, using a number you already have, before a single dollar moves.

The Investment Tip From a Familiar Face

If a celebrity is urging you to invest right now, it is not really them.

AI-generated video now lets scammers put convincing words in the mouth of a well-known public figure, endorsing a trading platform or a “guaranteed” return. Other schemes build more slowly, through a new online friendship or romantic connection that eventually turns to investment advice. Both rely on the same idea: bypass the pause a professional relationship would normally provide. A legitimate opportunity does not depend on urgency, secrecy, or a stranger’s advice. If something like this is presented to you outside of a conversation with your advisor, bring it to us before you act.

THE ONE HABIT WORTH BUILDING

Hang Up and Call Back

Not the number that called you – a number you already trust.

Hang up and call back on a number you already have. Not the number that called you, not a number the caller provides, and not a number from a search result. A number from your own records, the back of your card, or your own contact list. A legitimate institution will never object. A fraudster cannot survive it.

The same logic protects you from fake emails, texts, and QR codes: do not use the link, phone number, or code the message itself provides. Find your own way to the source – type in the web address you already know, open the app directly, or call the number printed on your card or statement.

WHY WE VERIFY

This is the same principle behind our own procedures. When we receive a request to move money, change banking details, or send funds to a new destination, we verify it directly with you through a channel we have on file, even when the request appears to come from you and even when it is urgent. We ask a second portfolio manager to sign off on non-routine changes. Occasionally that means we call to confirm something you already know you asked for.

OUR COMMITMENT TO YOU

If something ever feels off, whether it involves your accounts or not, call us. We are happy to be the second opinion.

If you have any questions about protecting your accounts, or if something in this newsletter gave you pause, we would love to hear from you. Reach out anytime.