Content courtesy of Schwab and applies to the industry.
Investment scammers are getting more savvy and increasingly personal. They may pose as investment professionals, leaders of trusted financial institutions, and even Schwab employees, all to gain your confidence and trust. With vigilance and a few tips on imposter tactics and techniques, you can recognize these fraudsters and steer clear of their traps.
Here are four signs to watch out for:
Too-good-to-be-true offers. If you’re getting an unsolicited investment offer, especially one claiming guaranteed or unusually high returns, watch out. Opportunities that sound too good to be true probably are.
High-pressure tactics. Messages or social media ads that demand your attention are trying to press your panic button. Don’t fall for any urgent requests to act immediately to “protect” your account, avoid losses, or accept a special offer.
Contacts from out of the blue. Unexpected messages you receive through social media, messaging apps, texts, or emails you didn’t initiate are often a good sign you’re being targeted by a fraudster.
Access and download requests. Think twice if you receive any requests to download software, share one-time passcodes, or allow remote access to your device. You never want to give fraudsters access to your accounts or private information.
If you encounter any of these:
Stop. Don’t give out or confirm any personal information (even if they already have it). Never send money, open new accounts, or take any action without stopping to verify what you are doing is legitimate. We'll never contact you through social media or messaging apps to offer investments or request personal information.
Drop. Scammers can’t reach you if you disengage. Hang up the call, ignore the chat, swipe past the ad, or leave the group and then block the phone number or profiles so they can't contact you again. Then report the incident as spam or scam to the company or platform where you received it.
Report. If you received a suspicious call or notice any suspicious activity on any of your Schwab accounts, please contact your advisor immediately, or call Schwab Alliance™ at 1-800-515-2157 (or +1-602-355-3405 if calling from outside the U.S.). (Other financial institutions will have their own contact information.)
Stay informed, stay protected.
We’re always ready to help at the number shown above. You can strengthen your information security by learning more about imposter fraud and checking out other useful tips at our Security Knowledge Center.
The remaining fine print here is specific to Schwab, but know that all major financial institutions are doing similar tasks and offering similar resources.
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If you have any questions or concerns, please contact the Schwab Alliance team at 800-515-2157.
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