Protecting you and your wealth from AI fraudsters

Imagine receiving a desperate call from a family member, pleading for urgent financial help. But what if it’s not your family member at all? This is the unsettling reality that more and more people are experiencing as a result of growing AI-powered fraud.

With 48% of people now feeling more at risk of scams as fraudsters become increasingly sophisticated in using technology , it’s important to understand the risks and to be able to spot the methods being used.

Voice cloning and deepfakes

AI can now hijack your identity in seconds. Some fraudsters only need just a brief audio clip to clone your voice perfectly, using this to create convincing calls to family members or your financial team. Even more alarming is the growing use of deepfake video technology, where fraudsters can create convincing video content, that brings these deceptions to life before your eyes.

Sophisticated phishing

Forget obvious grammatical errors and generic greetings. Today’s AI-crafted messages will likely know your name, reference your recent transactions, and mirror the tone of communications from your wealth adviser with uncanny precision.

Real life examples

In recent months, the finance industry has seen numerous cases affecting wealthy people. Examples of these include:

• A client’s ‘wealth manager’ appeared on video call requesting an urgent transfer – the deepfake so convincing the client was tempted to authorise the £250,000 requested.
• Families receiving ‘help me’ voice messages from their ‘children’ in distress, with their voices sounding so real.
• Sophisticated investment scams featuring AI-generated ‘endorsements’ from well-known and high-profile financial figures you might recognise and trust.

Tips to protect yourself against digital deception

• Trust, but verify – Even when it looks and sounds right, verify independently through your established channels. Don’t be afraid or embarrassed to end a call and contact your friend or company through trusted channels.
• Be suspicious of urgency – When someone adds pressure to ‘act now’, that’s precisely when you should pause and verify the authenticity of their request.
• Protect your digital footprint – Be careful of the personal details you are sharing online, as fraudsters can use this to their advantage to prepare a convincing and targeted attack.

What to do if you suspect fraud:

As a valued client, we are committed to safeguarding your financial future. If you ever think you have been targeted by a fraudster, please don’t hesitate to reach out to your private banker or our client services centre who can freeze your account to stop further unauthorised transactions while they investigate what has happened.

Nedbank Private Wealth clients can contact us at +44 (0)1624 645000 (Monday to Friday, 8am to 8pm UK time, except for UK public holidays) or +44 (0)20 8167 3223 outside these hours.

For more tips and advice, visit our Protect Yourself from Fraud page.