7 Steps To Protect Your Schwab Accounts From Hackers, #223

Protecting your finances from hackers is more critical than ever. Cybercriminals are getting more sophisticated, accessing sensitive information like social security numbers and attempting to steal directly from financial accounts.

I recently experienced this firsthand when someone impersonated one of my clients. The fraudster knew my client’s social security number and tried to withdraw funds under the guise of an emergency. 

Fortunately, we were suspicious and confirmed the scam before any money was lost. This encounter highlights the importance of being proactive about securing your accounts. That’s why, in this episode, I’ll share seven essential steps to protect your Schwab accounts from hackers.

You will want to hear this episode if you are interested in...

  • [1:22] Join a live in-person retirement readiness workshop or sign up online

  • [1:56] What happened when a hacker tried to access a client’s account?

  • [3:37] Step #1: Make sure your email is secure

  • [5:00] Step #1: Protect your passwords

  • [5:56] Step #3: Keep your web browser up to date

  • [6:48] Step #4: Set up online access to your accounts

  • [9:30] Step #5: Turn on alerts on your Schwab accounts

  • [12:31] Step #6: Monitor your monthly statements for suspicious activity

  • [13:11] Step #7: If you’ve been hacked, call Schwab

Step #1: Make Sure Your Email Is Secure

Hackers often target email to reset passwords and access accounts. Enable two-factor authentication (2FA) to ensure that, in addition to your password, a code sent to your phone is required for login. It’s a good idea to use a second email account for recovery purposes and change your passwords regularly—about every six months—to stay ahead of potential threats.

Step #2: Protect Your Passwords

Avoid using personal information like names or birthdays in passwords. Each financial account should have a unique password to reduce the impact of a breach. Password managers can store passwords securely and make them easier to manage. Even if you use one, it’s wise to reset your passwords periodically to keep your accounts protected.

Step #3: Keep Your Web Browser Up to Date

Using an outdated browser can leave your accounts vulnerable. Regularly install updates to keep security features current. Avoid logging into financial accounts on public computers or over public Wi-Fi networks. If you need to access your accounts while traveling, use a secure private network for added protection.

Step #4: Set Up Online Access to Your Accounts

Even if you don’t plan to use your Schwab account online often, it’s essential to set up access yourself to block hackers from doing so first. If they gain control, they could transfer funds without your knowledge. Go to client.schwab.com to register and secure your account.

Step #5: Turn On Alerts for Your Schwab Accounts

Setting alerts ensures you’ll be notified whenever activity occurs on your accounts. These alerts can be sent via email or text, keeping you informed about trades, transfers, or changes. If you see anything unusual, contact your advisor to confirm. For added security, consider setting a verbal password or enabling voice identification.

Step #6: Monitor Your Monthly Statements for Suspicious Activity

Review your monthly statements closely, looking for transactions or changes you don’t recognize. If you spot anything suspicious, notify Schwab immediately. If you receive paper statements, shred them after review to prevent your information from being compromised. Staying vigilant with your statements can help detect unauthorized activity early.

Step #7: If You’ve Been Hacked, Call Schwab

If you suspect your account has been compromised, call Schwab immediately at 800-435-4000. Update your passwords across all financial platforms and alert your advisor to monitor for further suspicious activity. 

It’s also a good idea to report the breach to the FBI’s Internet Crime Complaint Center. Depending on the situation, you might want to lock your credit to prevent anyone from opening new accounts or loans using your social security number.

Resources Mentioned

Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact

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7 Ways to Keep Your Estate from Landing in Probate, #224

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Can I Do A Roth Conversion Before Age 59 ½? #222