7 Top Scams Targeting Wealthy Americans

As a scammer, you could try to convince a rich victim to buy something fake for $50,000. But that requires a sales pitch and plenty of hard work.

It’s easier to get the victim to pay a huge bill they’re already planning on paying — like their tax bill.

“One of the top scams we’re seeing right now involves tax-related fraud,” said Marike Kuyper, head of consumer education at cybersecurity outfit Trend Micro. “Cybercriminals will impersonate the IRS or tax professionals, sending phishing emails or calling directly, claiming there’s an issue with a return or that immediate payment is required. These scams can be incredibly convincing, especially during tax season.”

Making this scam even easier, many clients can’t reach their accountant right away during tax season. By the time their accountant gets back to them to let them know it’s a scam, many victims have already wired the money.

Often, scammers create beautiful and convincing websites to sell luxury goods or services that don’t actually exist.

“Fraudsters use fake websites, auctions or social media accounts to sell luxury items such as rare collectibles or vacations,” said Kuyper. “Only purchase high-end goods through reputable, established vendors. Verify the authenticity of items before buying them and stay skeptical of deals that sound too good to be true.”

It feels great to give money to a good cause. As long as it is a good cause and not a fake charity.

Heather Mattison sees this all the time at independent insurance broker Woodruff Sawyer, which covers cybersecurity and scams. “Often, predators will prey on the kindness and generosity of wealthy individuals by creating fake charities and asking for donations,” she said.

Nothing is sacred to scammers, not even faking a kidnapping.

“Cyber predators target wealthy families by using AI-generated voices sounding like a loved one,” said Mattison. “They call in tears, claiming they have been kidnapped and demand money to be released.”

So how can wealthy Americans protect themselves from these scams?

First, use multi-factor authentication for all important accounts, including financial and social media accounts. Use complex, unique passwords for all accounts and store them in a single secure account.

Mattison urges wealthy families to plan for authenticating each other. “Have a family ‘password’ or ‘code’ in the event something ever happens like a fake kidnapping. This word can identify if the loved one is part of an attack,” she said.

Similarly, confirm all large financial transactions with someone you trust. Before wiring money to your broker based on an email they sent, pick up the phone and call them. The same goes for tax payments — call your accountant before sending large sums. And when you call, use an independently verified phone number, rather than a number provided in the same email with the wiring instructions.

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