Schwab security measures during uncertain times

Melissa Kolcz |

We want to assure you that Beacon Financial Planning and Schwab are carefully monitoring the current geopolitical situation, and as threats evolve we are taking precautions to keep your assets and information secure. We've enclosed a list of resources outlining Schwab's asset safety and cybersecurity protections along with tips on how to protect yourself from cyber and fraud risk.

Schwab Protection:

  • Multi-layered technology: Schwab's site features encryption, behavioral analytics, risk-based security technology and additional safeguards. These controls, combined with automatic alerts, an identity verification process and rigorous monitoring, help defend against unauthorized account access.
  • Highly-trained specialists: employees who handle sensitive information are trained in privacy and security.

Additional Security Options:

  • Set up security alerts: Go to the Schwab Security Center and sign up to receive notifications so you'll know immediately when activity occurs in your accounts. Click here to set up your alerts.
  • Enroll in advanced authentication: make your Schwab login more secure with two-step verification. After enrolling, you'll receive a one-time security code to use with your password each time for a stronger account protection. Click here to enroll.
  • Sign up for Voice ID: access your account over the phone by saying the phrase when prompted. Call 800-435-4000 to enroll.

Schwab Security Guarantee:

  • Schwab will cover losses in any of your accounts due to unauthorized activity. To ensure this protection, please make sure to safeguard your account access information and report any unauthorized transactions as quickly as possible. Click here to read more.

Fraud Prevention Checklist (click here to download full document):

  • Follow general best practices: Be suspicious, be cautious, do not disclose personal information, verify payment requests.
  • Keep your technology up to date: install anti-virus software, enable security settings, keep your web browser and operating system up to date.
  • Be cautious with public networks: avoid using public computers, only use wireless networks you trust, don't accept software updates using public wi-fi.
  • Be strategic with your login credentials and passwords: Do not use personal information, create unique passwords, don't share passwords, use two-step verification whenever possible.
  • Be sure you're on a secure website: check the URL to see if it's secure, check the address bar for validity, don't visit websites you don't know.
  • Beware of phishing: do not click on links or attachments if you question the validity of the sender, check the senders domain name in email address, activate spam filters.
  • What to do if you suspect a breach: contact your Schwab Alliance team immediately at 800-515-2157 and call Beacon Financial Planning so they can watch for suspicious activity and collaborate on other steps to take.

As a friendly reminder, any trade or money movement requests that are sent via email require verbal approval through our office. We appreciate your continued trust in our team and we welcome you to reach out should you have any concerns.

With gratitude,

Your Team at Beacon Financial Planning