Investopedia: “Do You Know how to Protect Yourself From Scams? Insights from a Financial Advisor”
February 4, 2026 — In today’s issue of Investopedia, Marguerita Cheng, CFP® Pro and CEO of Blue Ocean Global Wealth, explains AI-powered tools like voice cloning have made impersonation scams far more believable, increasing the likelihood of real financial losses, clear, pre-established rules—such as never sharing authentication codes or moving money in response to unsolicited requests—help protect clients when pressure is high, and an emergency fund can provide temporary financial stability after a scam, but early reporting and prevention remain the most effective defenses.
Rita explains: What makes today’s scam environment different is not just volume, but design. Many scams have always relied on impersonation, but AI has changed how believable those impersonations are. Voice cloning can recreate a family member in distress or a colleague requesting an urgent wire transfer using just a short audio clip. That believability is translating into losses.
According to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households, 21% of adults reported experiencing financial fraud or scamsinvolving their money, with 17% reporting credit card fraud and 8% reporting another type of financial fraud.1
And for many, the damage isn’t temporary. With reported fraud losses reaching $12.5 billion, and more victims reporting actual losses, my conversations with clients are no longer reactive or limited to “at-risk” situations.