We recently had a client fall prey to a sophisticated Schwab Bank scam.
This fraud began with the scammer sending a text message to the client’s cell phone. The text message read:
“Charles Schwab Bank Fraud Dept: [Name] Did You Make A Scheduled Transfer For $2,500.00 To Jessica Johnson Reply Yes or No. CA 345768/ To Opt Out Reply STOP”
The scammers had this client’s first name and listed it where “[Name]” is quoted above. They also mentioned the name “Jessica Johnson” which is unknown and unrelated to the client. The “345768” appears to be a random string of numbers.
On the phone, the scammers talked the client through how to accomplish two wire transfers of about $5,500 each. They lied to say that these transfers were to return the funds to the account, but this is how the scammers stole the funds. Thankfully, the client called our firm immediately after and together the advisor and client were able to work with Schwab to cancel the second wire transfer.
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