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Brokerage Account Fraud?

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  • Brokerage Account Fraud?

    Hi All,

    I just received an email from Betterment stating that my individual brokerage account has been closed and that any remaining money will be transferred to my banking account. I did not authorize any withdrawals or closure of my taxable account.

    I'm attempting to maintain a detached and rational mindset about this, since any liquidation would take 4-5 business days to complete and will likely be halted in time. If nothing else it illustrates the value of having 24/7 customer service available, as I'd really like someone in their offices offering me some reassurance right now rather than tomorrow mid-morning.

    Has anyone else using Betterment for their taxable brokerage account had this happen? If so, what did you do?

     

  • #2
    Can you log in to your account? Does it show any pending transactions? Also, don't click on any links in the email you received.

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    • #3
      Yes, logged in, everything is present and correct. No pending activity to indicate a wholesale withdrawal. The email seems legit - same sending address, same typeface, etc.

      The anti-fraud email address was embedded in the account closure notification email, so I clicked on that to send an email alert not to sell. whoops.

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      • #4


        The anti-fraud email address was embedded in the account closure notification email, so I clicked on that to send an email alert not to sell. whoops.
        Click to expand...


        I'd be changing some passwords if I were you.

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        • #5
          Never click on anything in any email.
          Change the passwords to your email as well as betterment.
          Call them now and make sure you put a lock or whatever is possible on your account

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          • #6
            Never click links in emails and never call the phone number on text messages about credit card fraud.

            If you have a question, go to the actual website and call the number or call the number on the back of your credit card.

            My wife got a random text about cc fraud. Clicked the number that was texted and was asked random questions that she answered. ?‍♂️ Anyways, I requested new cards the next day.

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            • #7
              That's all reasonable advice, and I never click links on emails. This email was from Betterment - I mean, it looked identical to every other notification email from them (same color background, typeface, fine print, etc), which is what makes it so confusing.  Even the fraud department email address is identical on their website. It seems unlikely that a scammer duplicated all of that and sent it to my inbox, but maybe I'm naive.

              I changed my passwords and have sent 3 different emails into their fraud and customer service departments, but they don't run customer service after hours so no way to "lock" anything.

              Hopefully this all gets sorted out later this morning.

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