Our lives are increasingly digital. Online banking, electronic investment platforms, and even day-to-day communication have brought unmatched convenience. But this convenience comes with risk — cybercriminals are no longer focused only on corporations. They are targeting households, especially high-net-worth families, retirees, and professionals across communities, even ones in our area.
Cybersecurity isn’t just a technology issue. It’s a wealth management issue. This guide explains why affluent households are at risk, the scams most likely to target investors in Northern Michigan, how to spot early warning signs, and the steps you and your family can take to build a digital shield around your financial life.
Why Wealthy Families Are Prime Targets
It’s tempting to assume hackers only chase large corporations or government agencies. The reality: households with significant assets are increasingly appealing targets.
- Wealth attracts attention. Multiple accounts, larger balances, and regular wire transfers make affluent households a high-value prize. A single breach can mean hundreds of thousands of dollars lost.
- Demographics matter. The relaxed lifestyle in Northern Michigan often fosters a false sense of safety. Retirees are particularly vulnerable because fraudsters know they may be less familiar with new technology — and more trusting of official-sounding requests.
- The emotional toll is real. Cybercrime victims experience more than financial loss. Many describe ongoing anxiety, embarrassment, and fractured family trust after nearly wiring funds to an imposter posing as a grandchild or advisor.
Scams That Hit Retirees and Investors the Hardest
Criminals adjust their tactics constantly, but some scams succeed year after year because they prey on universal human emotions — fear, love, urgency, and trust.
- Phishing emails & texts. Fake messages that look like they’re from a bank, custodian, or even a well-known nonprofit. Clicking a single link can compromise entire accounts.
- Investment scams. Pitches promising outsized returns or “exclusive opportunities” with pressure to act quickly. They may reference private deals, limited windows, or unlicensed advisors.
- Tech support scams. Pop-ups or calls claiming to be from Microsoft or Apple. Once given access, scammers install malware or demand payment.
- Online relationship scams. Scammers might create a fake profile on a dating app or Facebook to cultivate a “relationship” with victims, ultimately trying to get the victim to send money.
- “Grandparent” scams. A fraudster builds trust online or calls pretending to be a grandchild in distress, asking for money to solve an “emergency.”
- Amazon package scams. Packages not ordered by the victim, typically from Amazon, contain a QR code inside that directs the victim to a website used to steal their personal information.
- Local twists. Criminals sometimes exploit community familiarity — impersonating Cherry Festival vendors, utility companies, or regional conservation groups. The local angle makes their pitch feel authentic.
Red Flags You Can’t Afford to Ignore
Most scams share common warning signs. Being alert to them can stop fraud before it starts:
- Urgent demands for money or personal information.
- Emails or texts with subtle misspellings, grammar mistakes, or strange links.
- Calls from “authorities” threatening arrest or fines.
- Requests to transfer money into a “safe” or “temporary” account.
- Pressure to keep the transaction secret — even from family.
If something feels wrong, trust your instincts. It’s always safer to slow down and verify.
Simple Steps to Build Your Digital Shield
The strongest defense is being proactive. A few practical measures dramatically reduce the risk:
- Strengthen accounts. Use strong, unique passwords and enable two-factor authentication (2FA) wherever possible. A password manager can make this manageable.
- Monitor financial activity. Freeze your credit to prevent new accounts from being opened in your name. Review bank, credit card, and investment statements monthly.
- Verify communication. Don’t click unknown links. Confirm unexpected requests by calling the institution directly using a published number — not the one in the email.
- Confirm transfers. Whether wiring funds or making a charitable gift, confirm instructions verbally with a known contact. Wire fraud is one of the costliest threats to affluent families.
- Plan as a family. Establish household code words to verify urgent requests. Encourage regular conversations between adult children and parents about suspicious calls or emails.
Think of these steps as digital home security. Just as you lock doors and install alarms, these measures create barriers that make you less appealing to criminals.
How Black Walnut Protects Your Wealth from Cyber Risks
At Black Walnut Wealth Management, cybersecurity is part of protecting your financial well-being. We take a multi-layered approach:
- Vigilant oversight of partners. We choose custodians and institutions with robust cybersecurity protocols, from encrypted communication to advanced fraud detection.
- Proactive education. Cybersecurity is part of your ongoing financial review, not an afterthought.
- Your first call for clarity. If something seems suspicious, call us first before moving money or sharing information.
- Contact local law enforcement:
- Grand Traverse County Sheriff: (231) 995-5000
- Traverse City Police: (231) 995-5150
This approach reflects our broader philosophy: true wealth management goes beyond investments to include other factors that could impact your family’s financial security.
Protect Your Future, Protect Your Peace of Mind
A strong financial plan doesn’t only grow wealth — it protects it. Just as diversification reduces market risk, a strong digital shield reduces cyber risk.
At Black Walnut Wealth Management, we serve families and individuals across Northern Michigan, from Traverse City to Petoskey, and beyond. Our holistic approach includes tax planning, retirement income strategies, insurance reviews, and estate planning — all while keeping cybersecurity at the forefront.
If you ever receive a suspicious call, email, or request for funds, pause before you act. Then, call us first. Together, we’ll separate fact from fraud and protect not only your wealth, but your peace of mind.
