July 2023
Fraud Alert

July Fraud Alert

By Javier Jimenez

With our transition from TD Ameritrade to Charles Schwab set for Labor Day weekend, we want to make clients aware of a new scam.  Scammers are known to be impersonating employees of Schwab and other well-known custodial firms.  We already know there has been an uptick on clients receiving phishing emails and/or phone calls from fraudsters who are pretending to work for brokerage companies. Now we want to share with you how this latest scam works and what you can do to best protect yourself.

How this scam works:

Scammers contact a client to inform them of an urgent matter regarding their account such as a “refund” or “suspicious trades.”  They ask the client to grant them remote access to their electronic device to set up “test transactions” or “catch a criminal.” There can also be multiple layers of deception.   For instance, someone who claims to represent “Microsoft” may say they must connect you to the “Schwab Fraud Department.”

How can you protect yourself and who should you contact:

NEVER click on links or attachments included in unknown or suspicious emails and be on heightened alert when receiving any emails with Office, Zip, or other common file types as attachments. Be on the lookout for clues in the text of emails that may indicate they were sent by bad actors, which typically include errors in grammar, punctuation, and spelling. Also be sure to listen for any background voices that may be providing instructions to the person calling.

Do NOT provide any personal identifying information in an email or by phone, even if they say they’re calling from Schwab.  First verify that you are speaking to someone at Schwab by hanging up and calling Schwab directly or call us and we will contact them together.

As a reminder:

• Do not click on links or call-based instructions from a computer pop up.

• Always verify the phone numbers for tech support providers independently.

• Never grant remote access to your accounts to anyone.

• Contact Schwab and Copperwynd immediately to report all suspicious or fraudulent activity.

Remember, scammers can be very convincing, and they are good at what they do. Always pause and do your due diligence to confirm the legitimacy of message, request, or website. Remain vigilant of suspicious communications that come to you at all times. If you still aren’t sure, you can always reach out to your financial advisor. We are happy to help review anything suspicious!

 If you have questions, please contact us.

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To download the July 2023 Newsletter: CLICK HERE