By: Jake Gensemer
In today’s world of rapid technological advancement and digital convenience, cyber-attacks are not just more common, they’re more convincing than ever. For individuals who have recently come into sudden money through an inheritance or other means, the risks are especially high. Cybercriminals often target those who may be managing inherited wealth for the first time, knowing that financial transitions can make people more vulnerable.
Take Jerry, for example. He received a phone call that appeared to be from his bank. The caller claimed there was a fraudulent charge on Jerry’s credit card and offered to help dispute it and recover the funds.
There were red flags from the start. The caller was pushy and insisted that Jerry act immediately or risk losing the opportunity to reverse the charge. This urgency is a hallmark of many scams, designed to override rational thinking and create panic. Jerry was also told to stay on the line because he wouldn’t be able to reach the caller again if he hung up.
In an attempt to be cautious, Jerry cross-referenced the number with the one on his bank’s website. When they matched, he let his guard down and trusted the caller. What Jerry didn’t know was that a scam artist had altered their caller ID to appear as his bank. After following their instructions, Jerry unknowingly transferred money to the scammer—and didn’t realize it until after the call ended. What he initially perceived as a beneficial interaction, actually was a costly transaction.
Unfortunately, Jerry’s story is all too common. Many individuals who receive a sudden windfall of money—whether from an inheritance, legal settlement, or other circumstance—may not be prepared to spot the signs of digital fraud. And today’s scams can be as subtle as a malicious link hidden behind an “unsubscribe” button in a seemingly ordinary email.
If you’ve recently come into inherited wealth, it’s crucial to take cybersecurity seriously. Protecting your financial future starts with awareness:
- Be cautious of urgent requests or unfamiliar contacts.
- Avoid clicking on links unless you are certain they are safe.
- Never share personal or financial information over the phone unless you initiated the call and verified the number yourself.
- When in doubt, contact the institution directly using a known and trusted source.
At The Wealth Conservancy, we specialize in helping clients manage inherited wealth and navigate the unique challenges that can come with sudden money. Cybersecurity is a critical part of that conversation. If you have questions about protecting your financial information or want guidance on safe digital practices, we’re here to help.
Disclaimer: The events and characters in this article are based on real people and occurrences, but certain details have been altered or fictionalized to protect privacy and maintain confidentiality. Any resemblance to actual persons or events is unintentional and purely coincidental.