Cyber Security

Wire transfer fraud via email compromise

Attackers monitor email chains between you, your advisor, and your attorney for weeks — then strike at the perfect moment with redirected wire instructions. The emails are contextually flawless. Most banks consider the transfer authorized and will not recover the funds.

→Before any wire, call your advisor or title company at a number you dial yourself — never one provided in an email, even one that looks completely legitimate.

Social media as a targeting tool

Criminals research wealthy families on social media to map vacation schedules, assets, property, and family relationships. This is how targeted burglaries and personalized scams are planned — and how attackers learn what they need to run the other threats on this list.

→Review privacy settings for every family member's accounts. Treat posts about travel timing, real estate, vehicles, and valuables as visible to anyone.

Family emergency impersonation

Someone calls claiming a grandchild or adult child has been arrested or injured and needs money immediately. They know names, relationships, and recent details gathered from social media. For wealthy families, the requested amount is larger and the pressure is deliberately overwhelming.

→Establish a family code word that anyone claiming to be in a family crisis must say before you take any action. Share it only in person.

Real estate wire fraud

During closings, criminals intercept emails and send fraudulent wire instructions for closing costs or sale proceeds — timed for the last minute, when pressure is highest. HNW families transact in real estate more often and in larger amounts, making them a recurring target.

→Always call the title company at a number you find independently before wiring any closing funds. Never act on instructions received only by email.

No emergency account access plan

If the primary decision-maker becomes suddenly incapacitated, many families find they cannot access critical accounts — brokerage, banking, email, or digital assets. HNW households have more accounts and more complexity, making this gap far more costly.

→Designate one trusted person who knows how to access your accounts in a crisis. An attorney-held instruction letter and a password manager are a practical starting point.

SIM swapping

A criminal calls your mobile carrier with personal details from public sources and convinces them to transfer your phone number to their device. Every two-factor authentication code protecting your brokerage, bank, and email accounts now goes to them instead of you.

→Call your carrier today and add a port freeze or PIN required before any changes. Verizon, AT&T, and T-Mobile all support this. It takes ten minutes.