This month I attended the annual Schwab Solutions event in Chicago. It is an excellent opportunity for DWM to make sure we are up to date on all the recent enhancements to Schwab’s technology offerings, which we offer to our clients. The focus was on cybersecurity and fraud prevention: Cybercrime is now more profitable than the illegal drug trade. That’s scary. In addition, “Financial services firms are hit by security incidents a staggering 300 times more frequently than businesses in other industries, with attack patterns changing frequently to outwit IT pros, according to Websense.” Phil Muncaster, Info Security Magazine. One great way to help prevent fraudulent wires or identity theft is to take advantage of electronic signatures and approvals through the Schwab Alliance website and the Schwab Mobile app on your smartphone. No pen needed! They also have some other really handy features too, like remote deposit (great for those April 14th IRA contributions!). It’s quick, easy, and, most important, secure. Schwab even has a guide that will walk you through setting up both.
On the Schwab Alliance website, you can view real-time information, nickname your accounts, retrieve 1099s, enroll in paperless delivery, approve wires, electronically sign applications, and more. You can even update your contact information (no need to sign a change of address form!)
Schwab also offers a very useful app. As with the website, you can see your Schwab accounts, approve wires, and electronically sign applications. And you can remotely deposit checks. It’s available for iPhone/iPad, Android, & Kindle.
The electronic approval tools are a key feature of the website and app. It enables you to access forms and wire requests securely by logging directly into Schwab with your credentials, thus helping prevent fraud. Besides coming to sign in person, this is the most secure method. Email was not designed with security in mind, and accounts can be easily hacked. You may not realize what kinds of data a thief could mine from your sent and filed emails. It could be enough for them to commit wire fraud or steal your identity. For this reason, it’s best to avoid using email for anything that contains sensitive information.
So what’s the next step? Follow the guide to set up your Schwab Alliance credentials and app on your phone. Make sure your cell phone number and email address are up to date (which can be done through Schwab Alliance). That’s it! The next time we need you to sign a Schwab form or approve a wire, you will receive an email with a link to the Schwab Alliance login page. You will also receive an alert on your phone screen prompting you to log in to the Schwab Mobile app to approve/sign digitally. It will walk you through the signing or wire process; just click a few buttons and you’re done! We can even include DWM forms in the same ‘envelope’.
We are confident the Schwab Alliance website and mobile app will save you time and give you peace of mind.