Every day Schwab partners with Rebalance to protect your personal information and safeguard your assets. Nevertheless, fraudsters persist in trying to exploit your trust by impersonating Schwab and other companies like Rebalance to access your accounts or devices. In 2023 impersonation scams resulted in more than 50,000 complaints and $1.3 billion in investor losses, underscoring the importance and necessity of staying vigilant.

What these scams are and how to recognize them

Scammers impersonate trusted companies like Schwab or Rebalance to trick people into revealing personal information or account credentials. Their deceptive tactics include:

• Urgent communications. Fraudsters may contact you via phone, email, text, or social media, claiming that your account is at risk. They create a false sense of urgency, pressuring you to act quickly to click a link, call a “customer service” number, or grant them remote access. These actions can lead to stolen credentials and personal information or to malware being installed on your device.
• Impersonating trustworthy experts. Scammers may pose as legitimate financial advisors or investment professionals. They often use real employee names and job titles, making it seem like you’re in good hands. These offers often come through unsolicited messages promoting “exclusive” investment opportunities via messaging apps or emails.
• Fake websites. Scammers use search engine optimization (SEO) tactics to make fraudulent websites appear at the top of search results. These fake sites look like trusted ones (such as schwab.com) but are designed to capture your login credentials when you attempt to sign in. They may also display fake fraud alerts, asking you to contact the institution via fraudulent phone numbers or email addresses.

 

How to protect yourself

Fortunately, you need not fall victim. Be aware of these threats and take action to combat them.

• Stick to official channels. Avoid clicking links in emails, texts, or messaging apps. Access your accounts directly through the institution’s official website or mobile app.
• Verify phone numbers independently. Don’t trust caller ID—scammers can spoof legitimate contact numbers. Reach out to the real institution, using verified phone numbers from trusted sources like the official website, your account statement, or the number on the back of your credit or debit card.
• Enable two-factor authentication. Whenever possible, activate two-factor authentication for your accounts. This provides an extra layer of protection.
• Bookmark official websites. To avoid fake websites in search results, bookmark the official URLs of sites you use regularly (such as schwaballiance.com) instead of searching each time.
• Be skeptical of urgent requests. Fraudsters create a false sense of urgency to rush you into action. Before you act, take the time to research and verify any unexpected requests.
• Protect your personal information. Never share passwords, account numbers, or one-time security codes with anyone who contacts you unexpectedly. Sharing sensitive information may compromise your account and could potentially void the Schwab Security Guarantee.