The New Face of Financial Scams: AI, Deepfakes, and Deception

Written By Finn Price

Financial scams are getting smarter. AI-generated voices. Fake investment apps. Phishing texts that look like real alerts from your bank. These aren't minor threats—they're sophisticated, fast-moving, and harder to spot.

In 2024, scam losses topped $1 trillion globally. And in most cases, the money's gone for good.

Scams to Watch For

Here’s what’s trending right now:

1. AI Voice and Video Spoofing

Scammers use AI tools to mimic the voice of your boss, spouse, or advisor. A fake phone call says, “Send funds right away.” You don’t question it—because it sounds real.

Example: A Hong Kong company lost $25 million after an employee got a video call from a fake CFO. The call used AI to impersonate his voice and face.

2. Smishing (SMS Phishing)

Fake text messages look like:

  • “Your package is delayed. Click to track.”

  • “Your account was suspended. Log in here.”

  • “Here’s your interview link. Open to confirm.”

These links download malware or redirect to fake login pages.

Americans lost over $470 million to text-based scams in 2024.

3. Pig-Butchering Scams

These are long-play scams. You meet someone online (often via dating apps or WhatsApp), build trust, then they pitch a “guaranteed” crypto investment. The platform is fake. So are the profits.

Victims often don’t realize they’ve been scammed until they try to withdraw funds and can’t.

4. Fake Trading Apps

Scammers clone legitimate investment platforms. You’re shown fake dashboards with fake gains. They ask for more money. It vanishes.

One variant in India stole millions from investors using a replica app distributed via Telegram and WhatsApp.

What You Can Do to Stay Safe

Here’s a practical security checklist:

  • Use strong Multi Factor Authentication - Not just text codes—use an authenticator app

  • Pause before acting - Scammers rely on urgency

  • Never click links in texts - Always go to the source manually

  • Verify unexpected calls or requests - Especially money-related

  • Don’t install unknown apps - Stick to official app stores

  • Don’t send wire transfers or crypto on request - These are favorite tools for fraud

  • Share this info with others - Older adults and teens are frequent targets

What I’m Seeing as an Advisor

  • Phishing is hitting clients directly. Several clients forwarded me scam texts “from USPS” or “from the IRS.” They looked legit.

  • Business owners are being targeted. Scam invoices. Fake ACH requests. Even spoofed emails from internal staff.

  • Retirees are getting calls from fake advisors. The caller “confirms” account numbers and investment preferences.

Bottom Line

Focus on protecting your information online. Make your social media accounts private and establish a robust cybersecurity system. If you're unsure whether something is a scam or legitimate, ask someone else to review it with you. I review questions from clients weekly to see if they are legit.

Finn Price
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