Waverly Secure: Scams Targeting Investment Account Holders

Written by Waverly IT Team on September 23, 2024

This month’s Waverly Secure intends to alert you to an important and timely topic: investment account scams. Unfortunately, these scams are on the rise, and it’s crucial to stay informed and vigilant to protect your accounts and assets.

What Are Investment Account Scams?

Investment account scams involve fraudsters attempting to gain access to financial investment accounts. Scammers employ various strategies, including phishing emails, fake websites, and unsolicited phone calls pretending to be a financial institution, in an attempt to steal personal and financial information.

Example 1: Charles Schwab Phone Call Scam

We were recently notified of a known phone call scam targeting Schwab account holders. Scammers are calling Schwab clients pretending to be Schwab representatives.  In some cases, the caller ID may even appear to be from “Schwab” or “Charles Schwab.” These scammers ask for key information about your accounts such as address, date of birth, and the last four digits of your social security number. The scammer may also ask you to confirm or deny transactions within your accounts. A text message could also be sent asking for additional verification. Beware of text message links because, if clicked, the bad actor can gain access to your device and/or login(s).

What to do: Our Custodians rarely call clients directly, so our recommendation is not to answer calls that appear to be a Custodian, like Schwab, and not disclose personal information over the phone. If you have questions about your account or receive a suspicious phone call from your Custodian, contact a member of your Waverly Advisors Team.

Example 2: Fidelity Email Phishing Scam

Another tactic we’ve recently been notified of is an email phishing scam targeting Fidelity account holders which indicates unusual account activity has been detected prompting a verification link to be clicked. Scammers send deceptive emails that appear to be from reputable sources, tricking recipients into revealing sensitive information. Be cautious before clicking on any links or downloading attachments. Verify the sender’s address and look for signs of phishing.

What to do: Always verify the legitimacy of any unsolicited communication, especially those requesting personal or financial information. Phishing emails often contain spelling errors, generic greetings, and urgent requests. If something seems off, it’s better to be safe and not respond to the email. If you’re unsure about the legitimacy of an email from your Custodian, contact a member of your Waverly Advisors Team to verify its authenticity.

We’re Here to Help

At this time, we are not aware of these scams directly involving any Waverly clients, but we want to make every effort to protect your assets and keep you aware of possible scams—thank you for your vigilance in this matter.

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