Linda Dixon

Jan 17, 2026

Too easy to establish Schwab accounts

Schwab does NOT have enough security in place to open a new brokerage account. They allowed a new account to be established with my husband's stolen ID information and then they followed up with a debit to his personal checking account and transferred money to the fraudulent Schwab account. When we called on Monday to report the fraud, we were told the money would be transferred back to his checking account and someone from the Fraud Department would call the next day. After no one from the fraud department called on Tuesday, we called Schwab on Tuesday to report a second fraudulent account. This person said my husband's bank had to request the money Schwab removed from his checking account be transferred back to his checking account. After five days, no one from Schwab's Fraud Department has called my husband. I cannot believe Schwab makes it this easy to establish a fraudulent investment account. They need more safeguards in place!