Protecting yourself from predators and creditors

Wealthy individuals and families have always been targets for financial predators and creditors. With advances in technology and artificial intelligence (AI), the risk of exposure to fraudulent activity has increased at an exponential rate.

Drivers of data vulnerability

Wealthy families are prime targets for cybercriminals and fraudsters due to various reasons, chiefly:

• High financial value: Increased potential payoff for attackers
• Public visibility: Business dealings, philanthropic work or social media presence can reveal private information
• Complex digital footprint: Multiple devices, homes, staff and third-party services create many access points
• Inconsistent cybersecurity habits: Family members and staff may lack training or awareness, making them the weakest links

Types of threats facing wealthy families

Attacks on wealthy families have become increasingly sophisticated as technology has continued to advance and evolve at a rapid pace. As such, families are vulnerable now in more ways than ever before. Examples of attacks include:

• Identity theft
• Financial fraud and account takeovers
• Social engineering and phishing attacks
• Data breaches via third-party vendors or household staff
• Deepfakes or impersonation in scams

Our teams have witnessed attacks as easily identifiable as poorly edited PDFs of fraudulent invoices, to as sophisticated as fraudsters inserting themselves into existing email threads with updated bank information and payment approvals.

Solutions

Despite the variety and scale of attacks on wealthy families, there are steps that can be taken to help prevent attacks and mitigate risk. Solutions involve a mix of technical safeguards, education, monitoring and legal structuring to reduce vulnerabilities and respond quickly to threats. A proactive, layered security approach is essential.

Cybersecurity infrastructure