Protecting Your Wealth: The Latest Online Scams and How to Avoid Them
Caroline Herron
Quick Take
Online scams are growing more sophisticated and targeted. Scammers are using increasingly complex tactics to deceive even the most cautious individuals. High-net-worth clients are often prime targets due to the potential payoff.
Awareness and vigilance are your best defenses.Recognizing red flags—such as urgent requests, unfamiliar senders, or suspicious links—is key. Asking critical questions and verifying through trusted sources can prevent costly mistakes.
Proactive protection measures are essential.Avoid clicking on unsolicited links, use official apps and websites, enable two-factor authentication, report suspicious activity immediately, and consult advisors before acting on financial or tax-related offers.
Your financial security is our top priority. Awareness is your strongest asset against online scams. If you can spot the signs of a scam, you can take control. Scammers are taking on more complex and creative forms. There are several emerging fraud threats that you should be aware of. These include scams targeting bank and brokerage firm clients, a rise in common fraud tactics, Remote Access Tools, and the IRS’s 2025 “Dirty Dozen” list of tax scams.
New Smishing Scam Targeting Clients of Financial Institutions
Fraudsters are sending fake text messages that appear to be from a legitimate bank or brokerage firm, prompting recipients to “verify a transaction.” These messages link to a fraudulent site that mimics a legitimate login page. Once credentials are entered, attackers gain access, change security settings, and initiate unauthorized wire transfers.
How to Protect Yourself:
Never click on links in unsolicited texts.
Only access financial institutions via official websites or mobile apps.
Use two-factor authentication and verbal passwords.
Report suspicious texts.
Common Scams to Watch For:
Scammers are using increasingly sophisticated tactics across various platforms. Be aware of:
Romance Scams – Emotional manipulation and money requests from online “relationships.”
Sweepstakes/Lottery Scams – Fake prize claims requiring payment or personal info.
Government Impersonators – Threats from fake IRS, SSA, or law enforcement agents.
Tech Support Scams – Fake alerts asking for remote access or payment.
Real Estate Scams – Fraudulent wire instructions during home closings.
Business Email Compromise (BEC) – Emails from “trusted” contacts requesting urgent payments.
Investment Scams – Promises of high returns with low risk, often involving crypto or wire transfers.
Ask Yourself:
Do I know the sender?
Was I pressured to act urgently or keep it secret?
Did I verify the request through a trusted source?
Was I asked to send money or share personal info?
Remote Access Tools (RATs)
Recently, there has been an increase in fraud attempts involving Remote Access Tools (RATs)-software that, while often used for legitimate IT support, can be exploited by cybercriminals to gain unauthorized access to devices like phones, tablets, and computers.
How RAT Attacks Work:
A phishing email or text tricks the user into clicking a link or opening an attachment.
This silently installs a RAT, giving the attacker remote control of the device.
Once in, they can steal data, monitor activity, and even access financial platforms and institutions.
These attacks are particularly dangerous becacause they often go unnoticed and can bypass traditional antivirus software.
IRS 2025 “Dirty Dozen” Tax Scams
The IRS warns of tax scams that can occur year-round. Key threats include:
Misleading Tax Credit Claims – Promoters inflating refunds with ineligible credits.
Fake Charities – Scammers posing as nonprofits to solicit donations.
Social Media Misinformation – Fraudulent tax advice spreading online.
Overstated Withholding Scams – Encouraging false claims to boost refunds.
Protect Yourself:
Never share personal info via email or text.
Verify all tax-related communications.
Consult your advisor before acting on any tax offer.
If You Suspect a Scam:
Stop communication immediately.
Do not send money or enter credentials.
Contact us right away-we’re here to help.
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Let’s stay vigilant together. If you have any questions or concerns, don’t hesitate to reach out.
Contact us at 865-584-1850 or info@proffittgoodson.com
