Remember when you could spot a scam email because it had six misspelled words and started with "Dear Respected Sir"?
Those days are disappearing.
Artificial intelligence can help criminals create convincing emails, text messages, and even voices that sound remarkably like someone you know.
The FBI has already warned about criminals using AI-generated voice messages to impersonate real people. In its 2025 Internet Crime Report, the FBI logged more than 22,000 complaints tied to AI-related fraud, with reported losses exceeding $893 million.1
Welcome to financial security in the age of AI.
Here are seven things I'd do right now to stay ahead of the scams, plus one rule that ties them all together.
1. Stop Using The Same Password
If your Netflix password is also your Gmail password and your banking password, you're asking for trouble.
Use a password manager and create a different, long password for every important account.
Your email password may actually be the most important one. If a criminal controls your email, they may be able to reset passwords across your financial life.
2. Turn On Multifactor Authentication
A password alone isn't enough anymore.
Enable multifactor authentication on your email, bank, brokerage, retirement, and credit-card accounts.
But here's the important part: text-message verification isn't the strongest option.
Whenever possible, use an authenticator app, passkey, or physical security key. CISA recommends phishing-resistant authentication such as security keys when available.2
3. Lock Down Your Cellphone Account
Why would a thief want your cellphone number?
Because many companies text authentication codes to it.
In a SIM-swap attack, a criminal can convince a cellphone provider to move your number to another device. Suddenly they're receiving your calls and security codes.
Contact your wireless carrier and add an account PIN or other protections against unauthorized changes.
4. Create A Family Safe Word
Your daughter calls.
She's crying.
She's in trouble and needs $5,000 immediately.
Except it may not be your daughter.
AI voice cloning makes this scam particularly frightening.
Create a private family word or phrase that isn't posted anywhere online. If there's an emergency involving money, ask for it.
Better yet, hang up and call the family member directly using a number you already know.
5. Never Trust An Incoming Call About Money
Caller ID isn't proof.
If "your bank" calls saying there's fraud on your account, don't give the caller your password, PIN, or verification code.
Hang up.
Open the bank's app or call the number printed on your card.
You make the call. Not the scammer.
6. Turn On Financial Alerts
Set alerts for withdrawals, transfers, credit-card transactions, password changes, and new logins.
I'd rather receive ten annoying notifications than discover $50,000 disappeared three days ago.
For brokerage accounts, ask what additional restrictions are available for money movements and wire transfers.
This is also a good moment to ask your custodian directly what platform-specific protections are available, because many of the strongest tools are the ones nobody thinks to turn on.
At Fidelity, for example, you can turn on Money Transfer Lockdown, one of my favorite features. It blocks certain electronic money movements out of eligible Fidelity accounts until you unlock them. You can turn it off when you legitimately need to move money, then turn it back on.
At Schwab, you can add a verbal password for telephone transactions. Schwab allows you to set a verbal password on the account that becomes the primary authentication when discussing the account or giving verbal instructions. Schwab also offers Voice ID. In the AI era, having a verbal password that isn't used anywhere else and isn't posted online is a smart extra layer of protection.
If you custody with either firm and aren't sure how to activate these features, reach out to our team and we'll walk you through it.
7. Freeze Your Credit
If you aren't planning to apply for new credit, consider freezing your credit files with Equifax, Experian, and TransUnion.
A credit freeze doesn't prevent every type of financial fraud, but it can make it significantly harder for someone to open new credit in your name.
And remember, freezing your credit is free.
The New Rule: Verify Everything
AI isn't necessarily breaking into your bank account.
It's getting better at breaking into your trust.
That's the real danger.
The email looks legitimate. The caller sounds like your son. The text appears to come from your bank.
Adopt one financial rule for the AI era. Trust the person. Verify the request.
Taking an extra 60 seconds to hang up, call back, or check an account yourself might be the most profitable minute you spend all year.
CFP®, CRPC®, CRPS®, AWMA®, AAMS®, CMFC®, CEPA®
CEO & Managing Partner ยท Exit Wealth®
SOURCES
- FBI Internet Crime Complaint Center (IC3) — 2025 Internet Crime Report — fbi.gov/news/press-releases/cryptocurrency-and-ai-scams-bilk-americans-of-billions
- CISA — Phishing-Resistant Multifactor Authentication Guidance — cisa.gov/mfa
All opinions expressed in this newsletter are for general informational purposes and constitute the judgment of the author(s) as of the date of the newsletter. The opinions and views expressed by the author are personal and based on economic or market conditions at the time of publication. Actual economic or market events may turn out differently than anticipated. Nothing in this material is intended to serve as personalized investment, tax, or insurance advice. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual.
The material has been gathered from sources believed to be reliable, however Exit Wealth® cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always, please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional.
