Additional Features Schwab Offers to Ensure Your Account and Assets Stay Safe!
In previous blog updates and client communications, we have highlighted the default security settings Schwab has in place for keeping our clients safe. Working with a reputable custodian like Schwab puts clients in a good position to be safe online, but there are always risks clients should continue to mitigate. With fraud cases on the rise and more sophisticated attackers, Schwab continues to update their security offerings for their clients and advisors to do just that.
In addition to providing multi-layered technology, highly-trained specialists, and secure processes and procedures, Schwab is committed to continually improving the ways clients can stay safe online.
Two-Factor Authentication:
Most clients are likely already enrolled in this feature, but if not, we recommend enabling this as soon as possible. When enabled, upon each login request, the client will receive an added layer of security from Charles Schwab by sending the client an authentication code via text message. When the text message is received, the client will provide the code to the Schwab website to successfully authenticate themselves. This feature protects you against someone stealing your password and being able to login to your profile, since they would also need access to your cell phone to complete the login request.
Activity Alerts:
Within the Charles Schwab App and Schwab Allianz web page, clients have the option to receive “Push Notifications” sent to their cell phones anytime there is activity (trades placed, distributions, contributions, market alerts, etc.) on the account. We recommend clients enroll in, so they can be notified upon any activity in their accounts that they are not aware of. We want our clients to have peace of mind, knowing they are aware of what is going on in their accounts.
Verbal Password:
This security feature consists of adding a verbal password to a client’s personal profile. To enable this, the client will be required to provide Charles Schwab with a verbal password of their choice before any account information is provided, or any action is taken on the account when they call into Charles Schwab or visit one of their locations. This feature adds an extra layer of protection from someone attempting to impersonate the client, even if they were able to gain access to personal information. We recommend using this form of verbal confirmation versus VoiceID since AI is now able to copy a client’s voice. Once enabled, this verbal password should be kept private and only be used when the client is sure they are on a call with a representative from Charles Schwab.
Charles Schwab is continuously upgrading the features and settings they have available to keep our clients safe. As a firm, Total Wealth Planning, recommends taking additional steps to enable these settings to logins and assets secure. The extra step of enabling these security measures (and the account security it provides) is worth the potential inconveniences it causes.
As the Operations Manager at Total Wealth Planning, Micah Peterson serves our team by keeping our systems, processes, and data running smoothly. He consistently works at improving the way that we work together as a team to serve our clients better. Micah also works alongside several of our advisors to provide comprehensive financial planning for our clients. As a result, he understands how to protect and make clients’ lives easier both directly and indirectly through the work he does every day.