A new fraud scheme has been identified as criminals attempt to capitalize on current market volatility and investor anxiety to steal funds and personal information. Fraudsters know that during times of uncertainty and emotional stress, investors may be less vigilant about security, making them easier targets.
In this latest scheme, you may receive a text message prompting you to “verify a transaction.” Clicking the link in the message leads you to a fraudulent website designed to mimic Charles Schwab’s login page. Once you enter your credentials, the fraudsters capture them for their own use. The site may also request a two-factor authentication code sent from Charles Schwab — once entered, this allows the fraudsters to fully access your account.
After gaining access, the fraudsters typically change the account’s security token to one associated with their own device, effectively locking you out. From there, they can initiate wire transfers and quickly drain assets from the account.
The best defense is heightened vigilance. If you notice any unusual activity on your Charles Schwab account(s), please call us immediately.
How to Protect Yourself:
- Do not click on links or attachments received via text message. Instead, manually type Charles Schwab’s official website URL into your browser or use Charles Schwab’s verified mobile application.
- Never enter your Charles Schwab credentials or other sensitive information through a link received by text.
- Be cautious of phone numbers received via text. Always use a verified number you’ve used previously.
- Double-check URLs carefully — watch for subtle variations that could indicate a fake site.
- Stay calm and verify communications through official, trusted channels.