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Protect Your Investments: Top 10 Steps With Schwab

At Alaska Wealth Advisors, we rely on Schwab as our trusted custodian to hold and safeguard our clients’ investments. The following list of ten practical steps is recommended by Schwab to help you and your advisor bolster the security of your account. While we are committed to defending our clients against cybersecurity threats with a robust, regularly updated cybersecurity strategy to spot and prevent fraud, it is challenging for us to protect against scams that may arise from other sources. Criminals often use email, social media, and even dating apps to steal information and assets. This list offers a straightforward overview of measures you can take to support both us and Schwab in keeping your assets secure from fraud.

  1. Freeze your credit. This prevents criminals from opening credit cards or loans using your identity.
  2. Enable two-step verification. This security measure requires you to enter a unique code each time you access your online accounts, adding an extra layer of protection against unauthorized access.
  3. Protect your passwords. Using password manager software can help you manage your login details for different sites and generate strong, unique passwords. Additionally, setting up a verbal password for your Schwab accounts adds another layer of security, effectively reducing the risk of fraud attempts.
  4. Take advantage of biometrics when available. If your smartphone or computer supports biometric security features such as fingerprint recognition, voice, or facial recognition, we encourage you to use them. These features provide an additional layer of security that can help stop financial criminals. We also strongly recommend enrolling in Schwab’s Voice Identification for enhanced protection.
  5. Do not click on links in emails and texts. Cybercriminals often craft their messages to appear genuine. Always be skeptical of emails, texts, and any links or attachments they contain, unless you are 100% certain the message is legit.
  6. Verbally verify disbursements. Make sure you have sufficient information or documentation to confirm the destination of your funds. If you receive an email requesting a money transfer, double-check the instructions by calling the sender using a phone number you have previously used. Avoid using any new contact numbers provided in the email.
  7. Stay informed about the latest scams. By keeping up with current scam tactics, you can better protect yourself from becoming a victim. Visit the following sites for updates and information:
  1. Set up account alerts. Keep an eye on your financial accounts by setting up notifications that will alert you to any significant changes made to your account.
  2. Be cautious with your online presence. Limit the information you share on social media and adjust privacy and security settings on websites and apps to protect your data.
  3. Regularly review your account activity. Make it a routine to check your financial statements and online transactions, ensuring you recognize all the transactions listed. Report any unfamiliar transactions immediately.

If you notice any fraud or suspicious activity in your Schwab account, or if your email account is compromised, promptly reach out to your advisor and report the issue to Schwab Alliance at 1-800-515-2157. Additionally, you can file a report with the FBI through IC3.gov.

 

Quincy Donley
Summer Intern

 

Alaska Wealth Advisors is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2, which is available upon request. Material presented has been derived from sources considered to be reliable, but accuracy and completeness cannot be guaranteed.

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