According to a 2017 study by the Clark School at the University of Maryland, there are around 2,200 cyberattacks per day, which could equate to more than 800,000 people being hacked per year. This equates to one attack every 39 seconds, on average. This stunning, disheartening statistic illustrates the importance of safeguarding digital accounts.
Although your financial institutions and their professionals play important roles in safeguarding your accounts and data, there are preventive steps and actions you can take too. Many involve common sense activities, like checking your monthly statements to confirm that reported account activity is legitimate. Also important is to keep login credentials secure, reset passwords regularly, and not use the same password for multiple profiles.
Below are additional steps you can take. More resources are available at Schwab’s “Our Commitment to Your Security”.
If you are a Schwab client, go to the Schwab Security Center and sign up to receive notifications so you’ll know immediately when activity occurs in your accounts.
Make your Schwab (or other financial institution) login more secure with two-step verification. A code will be sent to your phone via text. After enrolling, you’ll receive a one-time security code to use with your password each time you sign in for stronger account protection.
If you access your Schwab account over the phone regularly, consider enrolling in their Voice ID program. Voice ID allows you to say a passphrase when prompted, and your voice is used to confirm your identity.
Schwab and other financial institutions have numerous behind-the-scenes technologies and team members that work to maintain robust cybersecurity protocols. BCS Wealth Management has its own internal controls as well. Our IT Department maintains network security, employs a cybersecurity incident response plan, business continuity and disaster recovery plan, and antivirus and malware protection. Our staff verbally verifies transactions with clients and triple-checks completed transactions the following day.
In the unlikely event of any of the above protocols being thwarted, Schwab clients are protected by Schwab’s Security Guarantee. If you suspect data compromise or fraud, call your financial professional immediately.
Separately, Schwab and other brokerage clients may be covered by FDIC and/or SIPC coverage in the unlikely event of a broker-dealer’s insolvency. In addition to SIPC, Schwab accounts are protected by expanded coverage through Lloyd’s of London and other insurers.
Thank you for putting your trust in BCS Wealth Management. Don’t hesitate to contact us with any questions.