18 Oct Protect Your Identity at Schwab: 9 Steps to Take This Week
I know I wrote about this last quarter, but I don’t think I can say it enough, and I’m certain you’re going to see more material on this next year. Assume your Social Security number, address, and birthdate are already out there. Data breaches have made that true for almost everyone.1 What you can control is how hard it is for a thief to use that information to get into your Schwab account.
Most identity theft is a numbers game. Criminals go after whoever has the fewest protections. The steps below make you a harder target. Each one takes about fifteen minutes or less, and all of them are free. Some add a little friction to your day, and I am bummed we have to spend our time going through these tasks. It’s a trade-off, though. Find a balance between convenience and protection that makes you feel safe.
- Add a Verbal Password to Your Accounts
- A verbal password is a spoken code word Schwab asks for before discussing your account or making changes by phone. It stops a thief who has your basic details from calling in and posing as you.
- Call Schwab Alliance at 800-515-2157 and ask them to add a verbal password to all of your accounts. Pick something that is not in any public record. Your mother’s maiden name and your first pet do not qualify.
- Turn Off Voice Authentication
- Schwab offers a feature called “Your Voice is Your Password.” AI-generated audio can now copy a person’s voice well enough to fool some systems.
- On the same call, ask Schwab Alliance to disable it. Rely on the verbal password instead.
- Move Away From Text Message Codes
- Text messages can be intercepted if a thief hijacks your phone number. An authenticator app is safer.
- Ask Schwab Alliance to help you switch to the Symantec VIP authentication app. It’s a free download from the app store. The same call can cover steps one through three.
- Lock Down Your Email
- Your email is the front door to your financial life. If someone gets into it, they can reset the password on your Schwab login from there.
- Use a long, unique password and turn on two-factor authentication for your email account. Never reuse your Schwab password anywhere else.
- Turn On Account Alerts
- Alerts tell you when something changes, such as a new login, a change to your contact information, or money leaving the account.
- Log in to Schwab and look for the alerts settings. Menu names change from time to time, so call Schwab Alliance if you cannot find them. Send alerts to an email address and phone number only you control.
- Check Your Activity Mid-Month
- Problems are easiest to fix when you catch them quickly. Waiting for a monthly statement can leave you weeks behind.
- Pro Tip: Pick one “money day” each month and use it to log in and review all of your accounts.
- Name a Trusted Contact
- A trusted contact is someone Schwab can reach if they cannot reach you or have concerns about your well-being. This person cannot touch your money.It is simply one more safety net, especially as we get older.
- Ask Schwab Alliance how to add one, or I can send you a DocuSign to update your account.
- Slow Down When Money Is Moving
- Scammers pretend to be Schwab, and they pretend to be me. They create urgency and ask you to click a link, read back a code, or send a wire.
- Schwab will not ask for your password or a one-time code (other than your passcode if you call them). If a message feels off, do not click. Type the Schwab address (www.Schwab.com) into your browser yourself or call Schwab 800-515-2157.
- If you get an email from me asking you to move money, call me before you do anything. I will never be offended. A quick call is one of the best protections you have.
- Freeze Your Credit and Get an IRS PIN
- These protect you outside of Schwab, and they matter just as much. A credit freeze at Equifax, Experian, and TransUnion stops anyone from opening new credit in your name. An IRS Identity Protection PIN stops a thief from filing a fraudulent tax return.
- I cover both in more detail in my post, Protect Your Identity: 14 Cybersecurity Tips.
If Something Looks Wrong
Act the same day. Call Schwab Alliance first, then call me. Change your Schwab and email passwords, and write down any activity you do not recognize. If your Social Security number may be involved, report it at IdentityTheft.gov.
Schwab has a security guarantee for unauthorized activity. It asks that you report problems promptly and follow its security practices. Recently, Schwab unwound and covered a fraudulent trade of $33,000 that was placed in a client’s account without their knowledge.
You do not need to be a tech expert to do this well. Start with the phone call in steps one through three. It takes about fifteen minutes and closes the biggest gaps. If anything feels off along the way, please give me a call. I would much rather hear from you ten times about nothing than miss the one time it matters!
Sources
All links were checked on October 14, 2026.
1. Identity Theft Resource Center, 2025 Annual Data Breach Report (January 29, 2026). https://www.idtheftcenter.org/post/2025-annual-data-breach-report/
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