Personal finance

Master mimics - the scams targeting the wealthy

In recent months we’ve seen a rise of scammers using impersonation to build trust. High net worth individuals can be particularly vulnerable to these, not solely because they may have access to the large amounts of capital that can attract criminals, but also because so many wealthy people live and work in a network of trusted private and professional contacts.

If a fraudster is able to compromise this by impersonation, then the consequences can be catastrophic.

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26 Sep 2025

Below, we explain how new technologies are making mimicry easier and more convincing. We also explain how you could guard yourself from sophisticated fraud in the first instance.

Firstly, how are wealthy individuals being targeted?

AI and digital developments

Increasingly, we’re seeing scammers and fraudsters employ AI to fool victims into thinking a message or request is legitimate or to mimic a person or organisation they trust. It’s no longer a case of looking out for the easy signs such as typos, bad grammar or odd language in a nefarious message. AI means criminals can now accurately imitate an individual or a brand’s tone of voice and mannerisms.

One time password scams

There’s been a concerning rise of scams using fake texts, emails, and social media ads to get access to your digital wallet (an app that stores card details, like Apple Pay or Google Pay). These are fake messages that pose as something innocuous such as a parcel delivery update or an advertisement for fashionable clothing, sharing a link to a convincing but entirely fake website.

The fake website will encourage you to enter your card details in order to complete a ‘purchase’ or ‘delivery’. As part of this process your bank will share with you a genuine one-time passcode (OTP). However, when you enter this OTP, the criminals will use it to add your card details to their own digital wallet – allowing them to spend your money elsewhere.

Organised criminal networks are behind these schemes. To protect yourself, always read the wording that accompanies an OTP from your bank – this will confirm what the code is for. It’s also so important to remember never to click on an unsolicited link or enter your details into a website you’ve accessed through one – no matter how legitimate it may appear.

Fraud through a friend

Wealthy individuals are also falling foul of scams shared through their friends. On one level this might be someone you genuinely know who’s been duped into sharing the details of something they believe to be a sure thing and encouraging you to invest. On another it could be a fraudster mimicking a friend, loved one or colleague to convince you to help them out or put your money into a scam investment or purchase. The danger is if you already believe you trust this person then you are less likely to do your own due diligence.

In 2024, £144.4m was stolen by investment scams using techniques such as this, according to the UK Finance Annual Fraud Report 2025. The same report also reveals that scams involving CEO impersonation alone stole £11.8m, while the total lost to impersonation scams in 2024 (including by mimicking banks and the police) was £113.5m from more than 25,000 reported cases.

Protection and prevention

In all these cases the preventative wisdom still holds – if something seems too good to be true, it probably is.

We encourage clients to consider ‘PAL’ as part of their digital self-defence if they’re ever unsure or want to raise a question.

PAL – Pause. Ask. Look around.

Pause – take the pressure off. Don’t feel rushed into making a decision or moving money.
Ask – independently contact the business or service they claim to be from, using a number you recognise or that is published on an official and trusted source, such as the company’s website.
Look around – google and do some independent research, it’s likely there are already people talking about it online if it’s a scam.

Your challenge word

This is a word or phrase chosen by you, so you know that a call from us is genuine. Setting up a challenge word acts as an extra layer of protection and helps reduce the chances of you becoming a victim to any scams and potential losses.

If you haven’t set up your challenge word already, simply contact your banker or speak to Coutts 24 on 020 7957 2424. They'll provide a form to set up your challenge word.

All calls with Coutts are recorded for training and monitoring purposes.

Remember that scepticism is the key to a healthy scam proof mindset – scammers will use emotional connections to try and disarm our natural caution. It’s a little like fake news, you might want to believe it but, once you’ve taken a moment, you’ll be sceptical as to its validity, source and reputability. Emotional scams are a form of fake news aimed at an individual – they’ll play with your hopes, fears and fear of missing out (FOMO). Take the emotion out and look for those telltale signs that it’s not legitimate.

Break the connection, pause and think. Coutts 24 is there to help and is just a phone call away.

Watch Matt Potter’s scam prevention advice on our NatWest Premier page.

If you've been targeted by a fraudster or to report anything suspicious

Call us straight away on 020 7770 0011. All calls with Coutts are recorded for training and monitoring purposes.

Matt Potter is a cybersecurity consultant and journalist appearing in the Washington Post and on the BBC. He lectures on disinformation, cybercrime and conflict, and is author of We Are All Targets: How renegade hackers invented cyber war and unleashed an age of global chaos.