About once a year I am reminded of how dangerous the modern world has become due to financial scammers. Like most bankers, investment advisers and other financial services industry professionals, I receive annual training regarding issues related to financial fraud, but despite this training I am still often shocked and surprised at how pervasive this problem is in the United States, and the bad news is, it’s only getting worse.

By this time, I think most Americans are on to the traditional scams about African princes and oil moguls who just need U.S. bank accounts to “store” money while they work out the details to get the funds repatriated to the United States (with the generous offer to share the money, of course), and although I do still see these types of letters and emails forwarded by clients from time to time, nearly all just illicit laughter at this point.

Unfortunately, as Americans have gotten wiser, the scammers have also gotten…

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