The world of financial scams has evolved rapidly, and unfortunately, so have the tactics used by fraudsters. What was once easy to spot, like poorly written emails, suspicious offers or amateurish scam callers, has now become far more sophisticated.
Today, scammers are leveraging artificial intelligence (AI) to create highly convincing messages, videos, and voice recordings. The calibre of scamsters calling and pretending to represent your bank is now very professional and convincing. These tools can mimic trusted individuals or well-known public figures and the callers make it increasingly difficult to distinguish between what is real and what is not.
This growing trend has been highlighted by recent warnings from financial institutions and regulators, including the Financial Sector Conduct Authority (FSCA), as fraudsters continue to target unsuspecting individuals.
What’s Changed?
Modern scams are no longer just about suspicious emails, they now include:
- Fake investment opportunities presented by “experts” who appear credible
- Calls ostensibly from a representative of your bank telling you that unauthorised payments are being flagged as suspicion on your account and asking that you login and provide usernames and ultimately passwords
- AI-generated videos or voice notes (deepfakes) impersonating trusted individuals
- Urgent requests for payments that seem to come from colleagues, family members, or company executives
- Social media and messaging platforms promoting “guaranteed” returns
These developments mean that seeing or hearing something is no longer enough to trust it. Similarly you can’t trust the person from your bank as being legitimate.
Key-ways to Protect Yourself
We encourage all our clients to remain vigilant and adopt the following best practices:
- Be cautious of urgency
Fraudsters often create a sense of panic or urgency to push quick decisions. If something feels rushed, pause and verify before taking action. - Never ever give a username or a password. Legitimate representatives of your bank or other trusted entity will never ask you to provide these.
- Verify investment providers
Before investing, ensure that the provider is registered with the FSCA and that their Financial Services Provider (FSP) number matches their official details. Never rely solely on information sent to you. - Be wary of suspicious emails with links. Never click on links from senders you do not know. Rather verify first.
- Be wary of social media investment groups
Legitimate financial service providers typically do not recruit clients through WhatsApp, Telegram, or social media groups promising quick returns. - Confirm instructions using a second channel
Always verify payment requests or financial instructions through an independent and trusted contact method. Avoid relying on a single message or communication channel. - Create a family safety check system
Consider setting up a “safe word” or verification question for family members to guard against emergency scams.
Our View
As financial advisors, we spend our lives helping our clients to manage their finances more effectively to achieve ultimate financial independence but we are increasingly seeing how technology is being used negatively to steal hard-earned money from innocent people. While innovation brings convenience and efficiency, it also introduces new risks through further enabling fraudsters.
Our key message is simple:
Always pause, verify, and double-check before making any financial decision or payment.
If it sounds too good to be true, it’s probably false
Financial independence is attained through a combination of saving early, saving enough, staying invested through cycles and taking appropriate risk but avoiding unnecessary risks.
If you ever receive a request that feels unusual or suspicious, we strongly encourage you to contact us or your bank/financial services provider before taking action.
Source
Adapted from an article by Neesa Moodley, Daily Maverick – Money Cents (May 2026).
