Philip happened to be talking with his financial advisor late one afternoon and mentioned that Schwab had emailed him indicating that he needed to update his password to his Schwab account, for security reasons. Philip mentioned to his advisor that he would take care of this the next day.
Upon closing the call, his advisor immediately contacted Schwab, thinking that it did not make sense for an email such as this to be sent. Typically, if passwords need to be updated, financial institutions do not send out emails. Rather, such a need is communicated when one is logging on. Indeed, no such email was nor would be sent from Schwab.
A call was immediately placed to Philip instructing him to delete the email and not to respond in any way. Had Philip clicked on the link and followed the instructions that gave every appearance of being from a reliable source, he would have inadvertently exposed all his investment accounts to cyber-fraud and theft.
At Entrust Financial we work with our team and our clients to reinforce effective cyber-security practices. This endeavor is ongoing. We welcome your call whenever you even have a concern, or to start a conversation about the cyber-safeguards you have in place for your protection. Contact us today: firstname.lastname@example.org or 610-687-3515.