The New Face of Fraud: How AI Is Changing the Scam Game

Brooke Whitaker |
Categories
Technology

Technology has changed nearly everything about the way we live, work, and connect including how scammers operate.

Once upon a time, scams came in the form of clunky emails riddled with typos or too-good-to-be-true lottery wins. These days? The tactics are smoother, the impersonations more believable, and the emotional pressure far more calculated.

Why the shift?

Two letters: AI.

Artificial intelligence has supercharged scammers' abilities. Now they can use AI to copy voices with just seconds of audio, write messages pretending to be people you trust, and create fake websites that look exactly like real ones.1

Even smart, cautious people can be fooled.

But here's the good news: understanding these tactics is your first line of defense. While scammers may have new tools, awareness and education are powerful countermeasures. With a few simple strategies, you can significantly reduce your risk and navigate the digital world with more confidence.

What Do These New Scams Look Like?

Here are a few examples that have become increasingly common:

  • Voice cloning scams where a loved one calls in a panic, only it's not actually them1
  • Deepfakes that show public figures endorsing products or making false claims1
  • Phishing texts and emails that sound like they're from your bank, Amazon, or even your employer2
  • Fake websites that look exactly like your investment portal or payment processor1
  • Hyper-personalized messages that reference real details from your life, often gathered through social media or public sources3

It's not just the message that's evolved. It's the believability.

Why It Matters for Your Financial Life

Scams don't just cost people money. They also shake confidence, delay decision-making, and leave lasting emotional stress.

Imagine second-guessing an email from your bank because something feels off, or hesitating to help a loved one because the request doesn't sound quite right. That's the kind of hesitation scammers are counting on. This is exactly why awareness matters.

What You Can Do to Stay Safer

The good news is, you don't need to become a cybersecurity expert to protect yourself. A few simple habits can go a long way:

  • Slow down. Scammers want you to act fast. That's your cue to pause1
  • Verify through trusted channels. If you get a strange call or email, call the person or institution back using a number you know is real3
  • Limit what you share online. The more personal info you post, the more scammers have to work with3
  • Talk to your family. Set up a "safe word" for emergencies, especially for older relatives or kids1

These habits aren't just about defense. They're about confidence. Knowing what to watch for can help you stay in control.

Financial Planning Isn't Just About Growth. It's Also About Protection.

Protecting your finances isn't only about diversifying your portfolio or tracking expenses. It also means staying alert to digital threats that could quietly undermine your progress.

As part of a strong financial strategy, it makes sense to take steps that reduce digital risk and help you feel more secure about your plan moving forward.

And you don't have to do it alone.

Whether you want to talk about digital safety, fraud awareness, or simply check in on your broader financial strategy, I'm here to help.

Let's work together to protect not just your wealth, but your peace of mind too.

 

Sources

1 AARP, 2024 [URL: https://www.aarp.org/money/scams-fraud/ai-scams/]

2 Federal Trade Commission, 2024 [URL: https://consumer.ftc.gov/consumer-alerts/2024/12/phishing-scams-can-be-hard-spot]

3 Social Security Administration, 2025 [URL: https://blog.ssa.gov/resolve-to-protect-yourself-from-scams-this-new-year/]

 

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2026 Advisor Websites.

 

Portfolio Management

Michael Miller

Michael Miller

Michael Miller, Chairman, President, and Portfolio Manager, has over 15 years’ experience in the industry. He works directly with the firm’s trading, private client and institutional teams and oversees day to day operations, strategic planning and execution. Additionally, Mr. Miller is responsible for convertible bond research and product development, analyzing and monitoring portfolio holdings, and communicating performance, portfolio and fund data. He also constructs and analyzes client portfolios and works directly with the firm’s institutional clients. He frequently speaks at national investment conferences educating investors about the convertible bond asset class. Mr. Miller received his Bachelor of Science degree in Business Administration from American University’s Kogod School of Business in Washington, DC, where he specialized in finance, and his Master of Business Administration degree from Babson College.

Greg Miller

Greg Miller

Greg Miller, CPA, Portfolio Manager and Founder, has over 30 years’ experience investing in convertible bonds. Mr. Miller founded Wellesley Asset Management in 1991. He is the architect of the firm’s convertible bond investment strategy and has been Portfolio Manager on Wellesley’s separately managed account and prior mutual fund suites since their inception. Mr. Miller has written numerous articles and has been profiled in various prominent investment and financial publications, including Barron’s, Institutional Investor, Investment Advisor Magazine, and Bloomberg Businessweek. He has been the recipient of numerous industry-related awards throughout his career and a frequent guest speaker on convertible bond investing. Mr. Miller graduated from Boston University with a Bachelor of Science degree in Business Administration, and holds a Master of Business Administration in Finance with high distinction from Babson College.

David Clott

David Clott CPA

Portfolio Manager and Co-CIO

David joined Wellesley in 2023 with over 30 years of asset management industry experience. His convertible bond investing experience began in the mid 1990’s as an analyst at Phoenix Investments. David joined Aviva Investors in 1999 as a US convertible bond portfolio manager and in 2002 David founded the Aviva Investors Global Convertible Bond Strategy, launching a European based long only convertible mutual fund. In 2005 he founded the Morley (Aviva) Convertible Arbitrage hedge fund and in 2009 he founded the Aviva Investors Global Convertible Absolute Return fund. David graduated from Bryant University with a Bachelor of Science degree in Finance and received his Master of Science degree in Energy and Climate Policy from Johns Hopkins University. He holds the CFA designation.

James Buckham

James Buckham CFA

Portfolio Manager and Co-CIO

Jim joined Wellesley in 2011 with over 30 years of asset management industry experience. Jim is responsible for researching new convertible bond investment opportunities, monitoring existing holdings, trading, and instructing clients and prospects about convertible bond investing. His professional background encompasses over thirty years of fixed income trading, deal making and analysis experience. Before joining Wellesley Asset Management, Jim worked at DeutscheBank on the convertible bond desk advising mutual funds and hedge funds in New York, Boston and Toronto. Prior to that Jim spent 12 years trading convertible bonds, equities and derivatives at Fidelity Investments. Jim graduated from Boston University with a Bachelor of Arts degree in Economics and received his Master of Business Administration degree from Bentley University. He holds the CFA designation.