The New Reality of Scams: What Every Client Should Know
By Jen Boling
Scams are not new — but the way they look, sound, and reach us has changed dramatically. Advances in technology, particularly artificial intelligence (AI), have made it easier for bad actors to impersonate trusted institutions, advisors, and even family members. As a result, scams today are more convincing, more targeted, and harder to spot.
Being informed is one of the most effective ways to protect yourself. Below is an overview of the most common scams and practical steps you can take to reduce your risk.
Common scams being used today
Phone Scams and Voice Cloning
Scammers may call pretending to be a financial institution, government agency, or even a family member in distress. With AI-based voice cloning, these calls can sound increasingly realistic.
Email and Text “Spoofing”
Scammers often send emails or texts that appear to come from a financial institution, advisor, custodian, or well-known company. These messages may look legitimate, use real logos, and even reference accurate personal details. Their goal is to prompt you to click a link, download an attachment, or provide sensitive information.
Urgency-Based Requests
Messages that create pressure — “Immediate action required,” “Account suspended,” or “Confirm now to avoid penalties” — are designed to override caution. Scammers rely on urgency to get you to act before thinking or verifying.
Impersonation of Advisors or Staff
Using publicly available information, scammers may pose as an advisor or firm employee and request wire transfers, ACH changes, or updated personal information. AI tools now allow them to closely mimic writing styles and tone.
How AI Has Changed the Scam Landscape
Artificial intelligence has lowered the barrier for scammers. They can now:
Generate professional-sounding emails with perfect grammar
Personalize messages using public or stolen data
Mimic voices or writing styles
Launch large-scale scam campaigns quickly and cheaply
This means that even savvy, careful individuals can be targeted successfully.
How to Protect Yourself
While no system is foolproof, these best practices can significantly reduce your risk:
Pause before acting. Scammers want speed. Taking a moment to slow down can prevent costly mistakes.
Verify independently. If you receive a request involving money or sensitive information, contact the firm or individual using a known, trusted phone number — not the one provided in the message.
Be cautious with links and attachments. Even if a message appears legitimate, avoid clicking links or opening files unless you are certain of the source.
Never share credentials. Financial institutions will not ask for passwords, full Social Security numbers, or verification codes via email or text.
Use strong, unique passwords and enable multi-factor authentication wherever available.
When in doubt, ask. Reaching out to your advisor or firm is always preferable to guessing.
Our Commitment to Your Security
Protecting your financial information is a shared responsibility. While we invest in security systems and controls, client awareness is a critical layer of defense. If you ever receive a suspicious message claiming to be from our firm or a related institution, please contact us directly before taking any action.
Scams may be evolving, but informed clients remain one of the strongest safeguards. Staying cautious, verifying requests, and asking questions can make all the difference.
Disclosures
Legacy Consulting Group is registered as an investment adviser with the SEC and only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.
Information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a professional advisor before implementing any strategies discussed.
All investments and strategies have the potential for profit or loss. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. There are no assurances that an investor’s portfolio will match or exceed any particular benchmark.