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Brokerage Account Fraud?

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  • Avatar eyebulls 
    Participant
    Status: Physician
    Posts: 5
    Joined: 06/13/2019

    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?

     

    #244027 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2806
    Joined: 01/03/2017

    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.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #244032 Reply
    Liked by Vagabond MD
    Avatar eyebulls 
    Participant
    Status: Physician
    Posts: 5
    Joined: 06/13/2019

    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.

    #244033 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2806
    Joined: 01/03/2017
    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.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #244034 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4405
    Joined: 01/08/2016

    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

    #244048 Reply
    ACN ACN 
    Moderator
    Status: Physician
    Posts: 628
    Joined: 01/08/2016

    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.

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    #244076 Reply
    Avatar eyebulls 
    Participant
    Status: Physician
    Posts: 5
    Joined: 06/13/2019

    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.

    #244156 Reply
    Liked by EndoRobert

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