Recently, Schwab notified our team of a new sophisticated scam targeting account owners which we want to share with our clients and friends of our firm.
This advanced scheme combines elements of electronic tech support scams with impersonations of real personnel at the Federal Reserve and Schwab to attempt to obtain access to your assets and other sensitive data. While this latest scam is specifically targeting individuals with Schwab accounts, we want to share this information more broadly in the case that these attempts begin to emerge with other financial institutions.
Most importantly, if you are contacted by someone perpetrating this fraud please reach out to your Litman Gregory advisor or client service team immediately.
How this fraud attempt works
Additionally, Schwab account owners involved in the scam have received personalized letters in the mail that purport to be from the Federal Reserve, referencing the real names and titles of genuine Schwab personnel, tech company employees, and FDIC analysts who are supposedly the individuals contacting them by phone. The letter encourages account owners to verify each person’s identity through their LinkedIn profiles, making the scam even more convincing.
Steps you can take to protect your accounts
You can find more steps you can take to protect yourself against cybersecurity risks as well as actions our team takes to protect our clients’ financial information in our blog post published last Fall. Schwab has also provided the following resources to learn more about scams, phishing and other fraud tactics: Cybersecurity Resource Center and Scam Brochure.
Please reach out to your Advisor and/or our Client Service team if you suspect that you have been involved in a fraud attempt or have any questions.
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