People from Meta know this now but if you have a Schwab call them today and set up a verbal password before someone tries to do it for you. A running scam now where people call the bank as you and set up a verbal password after being asked simple questions that they can find answers online. Then they have total control of your account. If you work at Schwab, get your security in order.
WhatsApp is also a scam
Nothing like Bofa
Any source on this? Afaik schwab only uses “voice id”, not verbal passwords
Is it for voice id or voice password?
Verbal password, I wouldn't do voice id either though.
I just called and the representative explained that while fraud does happen and a verbal password does help the thief would have to know all your personal authentication information to set it up in the first place. If that's the case, you have a big problem in general. Plus they have other fraud systems in place to mitigate the dangers of that happening in the first place. I might set one up anyways because it's not a bad idea to have. They are pain to change, you need to submit a notarized document with identification if you want to change or remove the password, but they are secure. I'm posting to add more relevant information here for those that are curious.
Confirmed. The questions asked to establish verbal password are ridiculously stupid.
It’s a pathetic situation. 1. They said that people are fooled by phishing and provide information that then scammers used. This is BS I know people who had adverse impact did not fall for any social engineering that compromised the PII information. 2. It’s possible that some personal data has been compromised from some company that scammers are using to identify. It would be good for everyone to setup a voice id in addition for enhanced protection. 3. I asked Schwab if I can completely disable verbal password, they said not possible. 4. I asked if they can enable 2 factor authentication so any time someone tries to setup verbal password I get a text. They said only possible on Login 🤷♂️ . This needs to go public. It’s crazy how defensive Schwab rep was and kept saying the scammers obtained through phishing and then used that data. First, that is highly unlikely based on the cases I am aware of. Second, even if that is the case, why would you not enable two factor authentication immediately at the minimum? Boggles my mind. I finally wilted and setup a verbal password to be safe for now.
So I need to call them and setup a verbal password over phone? Like a person will save it somewhere? Hope not and it will be done by some automated system, otherwise I haven’t heard more stupid thing for years
Thought most financial institutions did away with this years ago.