A heartbreaking story. A growing threat. And a practical framework every family should know before it’s too late.
In this episode of The Agent of Wealth Podcast, host Marc Bautis explores the rise of modern financial scams — from romance fraud and investment schemes to AI-generated deepfakes that can mimic the voices and faces of loved ones. Through the real-life story of a woman manipulated out of $1.2 million, Marc explains why today’s scams are more sophisticated, emotional, and dangerous than ever before.
In this episode, you will learn:
- How scammers exploit psychological triggers like urgency, trust, and fear.
- Why AI-powered deepfakes are creating a new level of financial risk.
- The P.R.O.O.F. Framework for spotting and responding to scams.
- Simple family protection strategies — including creating a shared family password.
- And more!
Tune in for an eye-opening conversation about protecting your finances, your identity, and the people you love in an increasingly digital world.
Resources:
Scam Defense Guide | Bautis Financial: 8 Hillside Ave, Suite LL1 Montclair, New Jersey 07042 (862) 205-5000 | Schedule an Introductory Call
Disclosure: The transcript below has been edited for clarity and content. It is not a direct transcription of the full episode, which can be listened to above.
Welcome back to The Agent of Wealth, this is your host Marc Bautis.
Today we’re talking about a topic that is becoming increasingly urgent for every family we work with. But I want to start by telling you about a woman named Liza.
Liza has spent decades building a life. A career as a backup singer for stars like Stevie Nicks, a marriage, and a sense of security. Then, her husband passed away. The house got quiet. One day, a message appeared in her Facebook inbox from a man named James. He was a gold miner in the Australian Outback – attractive, attentive, and very interested in her.
They talked every single day for two and a half years.
He studied her. He remembered her late husband’s quirks. And after two years of building a relationship, he asked for thousands of dollars for a Wi-Fi router so they could remain in touch. Then came the “lure”: a video of $700 million in gold bars and a promise to fly to Las Vegas to marry her.
Over the 2.5 years, Liza sent a sum of $1.2 million. She sold her home and emptied her savings.
But James wasn’t real. He was a criminal network using stolen photos and 24/7 shifts to manipulate her. This wasn’t a failure of Liza’s intelligence; it was a sophisticated, multi-year criminal campaign. And that is why we’re here today.
The Current Landscape
In 2024 alone, over 850,000 Americans reported being scammed to the FBI, with losses exceeding $16 billion. In addition to that, there were 6.5 million reports made to the FTC resulting in $12.5 billion in losses. The scary thing is that there are probably a lot more of these that go unreported.
As a financial advisor, I see why this is happening. You might say I wouldn’t fall for something like this, but scammers are no longer just “clever” – they are using Artificial Intelligence to weaponize human emotions like trust, fear, and love.
They target people near retirement because that’s where the wealth is. But more importantly, they exploit Cognitive Biases.
- Authority Bias: We are wired to trust the IRS or our bank. Scammers spoof caller IDs to make it look like the “Official” agency is calling.
- Social Proof: They create fake investment clubs with hundreds of “members” (who are actually bots) posting about their huge profits.
- The Sunk-Cost Fallacy: This is what happened to Liza. Once you’ve sent $50,000, your brain tells you that you have to send the next $10,000 to prove the first investment wasn’t a mistake.
The Deepfake Threat
We also have to talk about something that sounds like science fiction but is really happening right now: Deepfakes.
A few years ago, a finance employee at a major company in Hong Kong got an email from his CFO about a confidential transfer. He was suspicious, so he hopped on a video call. He saw the CFO’s face. He heard the CFO’s voice. He even saw other colleagues on the screen. He felt safe, so he transferred $25 million.
Every single person on that video call was an AI-generated deepfake.
Today, a scammer only needs 30 seconds of your voice – maybe from a video you posted on Facebook – to clone it perfectly. They can call a grandparent using their grandchild’s actual voice, crying for help. When your ears hear a loved one in pain, your rational brain shuts down.
If you haven’t heard it already, we talked more in depth about deepfakes in Episode 280 with Robert Siciliano, I’ll include a link to that episode in the show notes of today’s episode. It was eye opening to hear him tell the extent of some of these scams.
The P.R.O.O.F. Framework
So, how do we fight back? You can’t out-think a scam in the heart of the moment. You need a system, which we are going to call the PROOF Framework.
P is for Pause
The scammer’s greatest tool is urgency. They want you to act now. A 60-second pause breaks their momentum. It lets the adrenaline fade so your logic can kick back in.
R is for Require A Second Source
Never trust a single channel. If your bank calls you, hang up and call the number on the back of your actual debit card. If a grandchild calls from jail, hang up and call their parents.
O is for Observe Inconsistencies
Look for the “glitches.” Is the “IRS” asking for payment in Bitcoin or Apple Gift Cards? Is the grammar in the “official” email slightly off? Trust your gut.
O is for Outside Verification Only
Always use contact information you find yourself. Don’t click the link in the text. Don’t call the number they gave you. Go to the official website.
F is for Forget the Request
If it feels wrong, walk away. No legitimate organization will punish you for being cautious. Your bank will never close your account because you took 20 minutes to verify a call.
If you have been targeted, act in the following ways:
- Stop communication immediately.
- Call your bank within the first 30 minutes.
- Report it to the FBI at IC3.gov.
- Tell your financial advisor.
A call to us is important, as we can monitor your accounts and protect your assets.
The Family Action Plan
I want to give you one specific homework assignment this week. Sit down with your family and set a Family Password.
It’s a simple word or phrase – something like “Blueberry” or “Tahiti” – that only your inner circle knows. If you ever get a frantic call from a loved one asking for money, you ask for the password. A deepfake won’t know it. It is the simplest, more effective way to protect the people you love.
Scammers count on your shame to keep you silent. If you’ve been targeted, please do not be embarrassed. These are professional criminal organizations. Reporting what happened is how we shut them down.
I’ve put together a Scam Defense Guide that outlines the P.R.O.O.F. framework, as well as a 24-hour response plan. You can find the link in the show notes of this episode.
If you want to continue this conversation, we can sit down for a private “Security Review Meeting” to look at your specific situation. Schedule a meeting with us using the link below.
That’s all for today. Thanks for tuning into The Agent of Wealth. Stay savvy, and stay safe.
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Bautis Financial LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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