Victoria Pigott, Chair of Private at Mishcon de Reya, has commented for Luxury London on the rise of AI deepfakes and how high net worth and ultra-high net worth people can protect their wealth.
Speaking about how vulnerable wealthy people are to online scams and frauds, Victoria said, “Wealth doesn’t buy immunity – quite the opposite. Wealth can make you a target... It’s now much easier for fraudsters to purport to be experts in specific matters – whether that’s investment strategies, tax structures or luxury goods. The more someone appears to know about something, the more likely you are to believe they are an expert and, therefore, mistakenly trust them with your money.”
Victoria advises people to “trust your instincts” but “be alive to red flags" and lean on the knowledge of experts who are adept at dealing with financial fraud and have built a reputation for doing so. “If something seems too good to be true, it usually is. If people are behaving unpredictably, be particularly wary,” she said. “Don’t be time pressured into anything – and if you are told to keep something secret or asked not to tell your trusted advisors, walk away.”
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