Cybercrime is a thriving industry, and it has devastating consequences. Nearly one-in-three Americans has been the victim of online financial fraud or cybercrime, according to a 2023 Ipsos survey, with nearly $16.6 billion in losses reported to the FBI’s Internet Crime Complaint Center (IC3) in 2024 alone.

While no one is immune to cybercrime in today’s digital age, wealthy families are especially susceptible to online attacks.

“High-net-worth (HNW) and ultra-high-net-worth (UHNW) clients are prime targets for cybercriminals because the potential losses are significant,” says Charles Laugen, senior manager of Client Risk Prevention at RBC Wealth Management–U.S. “True wealth protection for these families requires robust cybersecurity measures to safeguard their sensitive information and assets.”

The businesses that support them are also at risk. Nearly three quarters of family offices in North America have experienced a cyberattack in the past year, according to the 2025 North America Family Office Report by RBC and Campden Wealth.

As cybersecurity threats continue to evolve, it’s essential to understand common cybercrime tactics and take proactive steps to protect your safety, privacy and legacy.

Cybercrime is becoming more sophisticated

Hackers are getting stronger, ramping up the volume of cyberattacks and using increasingly advanced tactics to evade detection and maximize impact. Evolving technology and artificial intelligence (AI) provide even more opportunities for deception, making it harder to tell what’s real and what’s fake.

“While HNW and UHNW individuals are becoming savvier about cybersecurity, technology is also morphing faster than many people can keep up with,” says Bill Ringham, director of Private Wealth Strategies at RBC Wealth Management–U.S. “A cybercriminal is no longer someone sitting in a cyber café trying to get access to your home internet. Today, the more sophisticated operations are run by organized crime groups.”

These groups are using elaborate techniques and tools to attack wealthy people, their families and family offices. When successful, the crimes can result not only in financial loss but also reputational damage.

Common cyberattack strategies

Cybercrime might start or finish online, but it rarely takes place completely in cyberspace.

“A lot of cybercrime still relies heavily on exploiting human vulnerabilities,” Laugen says. “The most significant losses I’ve seen have occurred when clients—or their family members or advisors—have been tricked by fraudsters. The human element is still essential for these criminals to succeed, as they often focus on persuading someone to share access codes, investment account details, or to authorize fraudulent wire transfers, rather than hacking into secure financial systems directly.”

Some of the most common cybercrime tactics include:

• Deepfakes: Highly believable AI-generated audio or video content that is used to spread false information that could harm a person’s or company’s reputation, or to impersonate public figures to gain illegitimate access to their money and information.
• Phishing: Fake emails (phishing), text messages (smishing) or calls (vishing) that attempt to trick individuals into clicking a fraudulent link, downloading an infected file or revealing sensitive information such as login credentials, financial details or personal data.
• Ransomware: Malicious software that locks and encrypts a victim’s data, devices or systems, rendering them inaccessible and unusable until the attacker receives a ransom payment.
• Data breaches: Sensitive, confidential or otherwise protected data that is accessed or disclosed in an unauthorized fashion. 
• Man-in-the-middle (MITM) attacks: Hackers insert themselves into online communications or transactions to steal information or impersonate one or both parties, while making it appear as if a normal exchange is underway.

How to protect yourself online

Consider these practical tips to increase digital security and defend yourself, your family and your assets against cybercriminals:

Verify before sharing information

Criminals can use AI to mimic the voice of someone you trust, so before providing sensitive information or authorizing transactions, always verify the requester’s identity, either in person or with a phone call to a trusted number. A family password or secret question can be implemented as an additional safety measure.

“Scammers have impersonated financial advisors, law enforcement and government entities including the IRS,” he says. “They rely on emotion over logic, using fear and urgency to push victims into quick decisions before they can step back and assess the situation. Always take time to confirm—even if the situation seems dire.”

Set ground rules for social media

Social media is a huge vulnerability, so be careful not only about what information you post online, but also what can be seen in the background of photos and videos. Use strict privacy settings and require new followers to be approved. Consider using a pseudonym or burner identity for further protection.

Enable multifactor authentication

Passwords that are easy to guess or used across multiple accounts put you at increased risk for cybercrime. “People don’t use secure passwords or change them often enough,” Ringham says.

For an added layer of protection, you can elect to require multiple forms of verification to access accounts, such as a one-time passcode sent to your phone when you log in. However, be cautious of any requests to provide a one-time passcode that you did not initiate.

Engage cybersecurity specialists

UHNW families and family offices should have procedures in place to detect and respond to cyberattacks. Some families hire private security companies to safeguard their digital presence. These firms can conduct risk assessments, penetration testing and monitor threats. They can also provide cybersecurity education and training to family members and staff.

Take extra precautions when traveling

Travel is inherently risky from a cybersecurity standpoint, as criminals target public wireless networks in luxury hotels and airports to gather sensitive data. Before your trip, make sure your data is backed up and protected against viruses and ransomware. Then while you’re away, turn off auto-connect and location-sharing features on your devices. If you must use public Wi-Fi, always use a virtual private network (VPN) and secure communication channels.