Social engineering and fraud

Scammers pretend to be someone you know

Scammers pretend to be someone you trust: your bank, the IRS, tech support, your adviser or a family member. A familiar name, number or voice is not proof.

Impersonation

The caller or sender poses as someone you trust: a bank, the IRS, a custodian, a tech-support desk, your adviser, a family member or an executive at your company.

• Caller ID, email display names and text-message sender names can all be faked.
• AI can now clone a voice from a short recording, and can fake a video call.

Payment redirection

A message arrives with 'updated' wire instructions, a new account for an invoice, or a request to buy gift cards or crypto.

• Business email compromise and real-estate closing fraud work this way.
• The email may come from a real, hijacked account.

Personal details used as bait

Attackers research their targets.

• Names of pets, children and employers, recent travel and job changes all make a message believable.
• The same details often answer security questions.
• Share less publicly, and set social media profiles to private.

Investment and romance scams

A new online contact steers the conversation to an investment platform, often in crypto, and shows rising 'returns' to draw in more money. Withdrawals then require 'fees' or 'taxes' up front. Pressure to keep the relationship secret is a warning sign.

Hang up and call back

If a call, text or email asks for money, a password or a code, stop. Call the person or company back on a number you already have, not one in the message.

Verify through a channel you choose

Before acting on any request involving money, credentials or account changes:

• Hang up, or don't reply.
• Contact the person or company using a phone number or website you already have.
• Never use the number, link or QR code in the message itself.

Agree a family code word

Pick a word or phrase that only your family knows. Use it to confirm an emergency call asking for money, especially one in a familiar voice.

Slow down on payments

Money sent by wire, crypto or gift card is very hard to recover.

• Confirm new or changed payment instructions by phone, using a number you already have, before sending.
• Treat a request for secrecy, or to bypass the usual process, as a reason to stop.

Never share codes, keys or screens

No legitimate support person will ask for a one-time code, password, seed phrase or private key. Nor will they ask you to install remote-access software or share your screen to 'fix' an account.

Check who you're dealing with

Look up any investment adviser or broker before you invest. These free official databases cover both.

Protect older family members

Older adults are frequent targets.

• Name a trusted contact person on financial accounts. Firms can then reach someone if they suspect exploitation.
• Keep in regular, low-pressure contact about unusual calls or new 'opportunities'.

If it already happened, act quickly

If you sent money or shared a password or code, call your bank or the company straight away, using a number you already have. Then change the passwords you shared.

Act quickly

Speed matters. Do these first:

• Call your bank, or the firm that sent the payment, to request a recall or freeze.
• Change passwords on any affected account, starting with email.
• Freeze your credit at all three bureaus.
• Tell Protocol Wealth and your custodian if any account we advise on may be affected.

Report it

Reports help investigators and can support recovery or tax filings.