Protecting Your Wealth from a Growing Wire Fraud Threat

Fraudsters are always refining their tactics. One method that has become especially concerning for high-net-worth individuals and families is a sophisticated form of wire fraud. It combines two things that would typically make a request feel trustworthy — a familiar voice or face and a second person seemingly confirming the story — and fabricates both.

For individuals and families with significant assets, these schemes can take many forms. A fraudster may impersonate a family member, business partner, attorney, accountant, advisor, or another person you know and trust. The circumstances may change depending on who is being targeted, but the underlying approach is often the same: create a convincing situation, establish trust and pressure you to move money before you have an opportunity to verify the request. Because these schemes can be difficult to recognize and the financial losses can be significant, it is important to understand how they work.

How the Scheme Works

It typically starts with a phone or video call that appears to come from someone you already know and would reasonably expect to contact you about an important matter. With increasingly accessible AI voice-cloning and video deepfake technology, fraudsters can create voices and appearances that closely resemble real people, including their tone, phrasing and mannerisms.

Depending on your circumstances, the caller may appear to be a family member, business partner, attorney, accountant, trustee or another trusted individual. The request may be framed around an urgent family matter, business transaction, estate or trust issue, legal concern, or another situation that seemingly requires your immediate attention.

Partway through the conversation, that trusted person may bring in a second individual, perhaps introduced as outside legal counsel or another professional. This can make the situation feel more legitimate because the story appears to be independently confirmed by another person. In reality, both personas may be fabricated and working together as part of the same scheme.

The second person may then present what appears to be legitimate documentation, such as a signed non-disclosure agreement, and explain that an urgent payment must be handled discreetly to protect you, your family, your business or your reputation from legal or personal harm.

That confidentiality is intentional. It can discourage you from contacting a family member, advisor, attorney or another trusted person who could help verify whether the request is legitimate.

By the time the fraud is discovered, the funds may have already been wired and can be difficult to recover.

Why It Works

This type of scheme can be particularly convincing because it exploits multiple forms of trust at once: the familiarity of a recognizable voice or face and the reassurance that comes from having another seemingly independent person confirm the story.

Using two fabricated personas can make the situation feel less like an unusual request from one person and more like a legitimate matter involving multiple parties. Documents, confidentiality requests and a sense of urgency can add another layer of credibility and pressure, making it easier to act before stopping to verify what is happening.

Warning Signs to Watch For

• A request for a wire transfer or payment that comes with instructions to keep the matter confidential or avoid discussing it with others.
• A second person, such as an attorney, auditor or other professional, who is introduced during the conversation to confirm the request.
• Pressure to act quickly, bypass your usual approval steps or avoid your normal verification process.
• Requests delivered primarily by phone or video without supporting communication through verified, established channels.
• Someone who is reluctant or unable to communicate with you through a phone number or contact method you already have on file.

How to Protect Yourself and Your Family

1. Verify independently, every time
   If you receive a request like this, hang up and call the person back using a number you already have — never one given to you during the call or in the message itself. Legitimate legal and financial matters can withstand a verification call to a known contact. Requests that specifically discourage this step should be treated as a red flag.
   
   
2. Treat confidentiality requests as a reason to slow down, not speed up
   Legitimate legal and financial matters should allow you to take reasonable steps to verify a request. Instructions specifically discouraging you from doing so should be treated as a red flag.
   
   
3. Keep your verification process consistent
   Establish clear steps for approving significant wire transfers and follow them regardless of how urgent the request appears or who seems to be making it. If family members, a family office, personal assistant or other trusted professionals help manage your financial affairs, make sure everyone understands and follows the same process.
   
   
4. Agree on a verification approach with the people you trust most
   Families can establish a simple rule that significant or unexpected requests for money will always be confirmed through a separate conversation using a known phone number — never solely through a video call, email or text message.
   
   
5. When in doubt, ask someone you trust
   If something about a call or financial request feels unusual, contact your financial advisor or another trusted professional before taking action. Taking the time to independently confirm a request can help you determine whether it is legitimate.

The same principle applies regardless of who appears to be contacting you. If you receive a call, video call or message that raises questions — even if it appears to come from a family member, business partner or advisor — contact that person separately using information you already have on file rather than a number provided during the interaction.

We also encourage you to have this conversation with the people closest to your financial life — including family members, business partners, household staff and other advisors — so everyone understands what to watch for and how unusual financial requests should be verified.

As fraud tactics continue to evolve, staying aware of how these schemes work can help you recognize potential warning signs before acting.