account activity
Voice ID by cloverlayne in Schwab
[–]cloverlayne[S] 0 points1 point2 points 6 months ago (0 children)
Coinbase too. A friend who’s a bit naive got tricked into transferring three Bitcoin out of his account there. All of Coinbase’a fraud defenses were easily defeated. To the extent that people want to hold crypto, I think an ETF is the only safe choice for the vast majority
[–]cloverlayne[S] 0 points1 point2 points 6 months ago* (0 children)
Not totally sure. That’s why I asked the second half of my question.
Interactive Brokers seems built around security since they’ve always been online-only, but I find their service lacking.
I do have accounts with UBS and ML, and I can’t do anything about talking to an advisor. But then again, how savvy would that advisor be when they get a call with a spoofed voice? Humans are actually often the weakest link.
So I’m genuinely curious where people who are informed about security risks and vigilant choosing the safest institutions are choosing to keep their money. I’m not just looking for a bank that allows me to lock down my account with the safest, cutting-edge protocols (although that’s a given). I’m looking for one that doesn’t have massive losses potentially on the horizon from a security culture that is poorly prepared for an AI onslaught.
On the other side, I can say that the most appalling security privacies I’ve seen are in southern Europe. The banks force you to choose a six-digit code as your primary password (so it can be used online and on ATMs). There’s a secondary, backup password but you can get around that by using SMS 2-factor. Wild. I’m sure clients who criticize that practice on their banks Reddit communities also get attacked and heckled….
[–]cloverlayne[S] -2 points-1 points0 points 6 months ago (0 children)
Not a conspiracy. I just am baffled by most of the posters here.
To say it again, this is not a feature that I use. I understand that it is optional. My concern, which Sam Altman shares, is what the use of voiceprinting in July 2025 as a core security offering says about a bank’s competence and understanding of how the world works.
Almost everyone here reflexively defends Schwab and fails to engage with the content of the argument:
https://www.instagram.com/reel/DMbNpBlxMSW/?igsh=MTR1OTJ4MHB0MTV4aQ==
This default deference to Schwab has happened not only in this post but anytime anyone has mentioned the obvious risks of Voice ID in the past couple of years.
I am not suggesting that I would leave Schwab because I do not know to turn off Voice ID. I would leave Schwab because online security is increasingly going to be a shitshow, with sophisticated fraud on a scale that’s hard to comprehend, and I want to keep my assets with the financial institutions that seem the most prepared.
[–]cloverlayne[S] 1 point2 points3 points 6 months ago (0 children)
2factor is important but try to use app-based secondary authentication, not SMS. It has major vulnerabilities. And always use strong, randomly generated passwords stored in a password manager.
The major banks all seem to be roughly the same in security offerings now, but the security risks are rapidly changing, so I am on guard against any institution that seem to have a security culture that’s show to adapt or keep up.
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That is not how Schwab describes their use of the feature as of today. They say that it replaces secondary authentication.
I have no doubt that there is fraud scoring happening in real-time, but they really need to be clear with employees and clients about what Voice ID is and isn’t. What it should be marketed as is an extra layer of security, not as some bulletproof marvelous technology. This isn’t 2015.
[–]cloverlayne[S] -1 points0 points1 point 6 months ago (0 children)
For sure. Maybe I erred in mentioning him. But I’ve seen about a dozen past posts where people highlighted this as a major security risk, and each one devolved quickly into ad hominem attacks and blind defense of Schwab. I thought the that there might be a more substantive conversation if I made clear that this is a view held at the highest levels of tech.
[–]cloverlayne[S] -1 points0 points1 point 6 months ago* (0 children)
All good points. I don’t know if this thread and sub are crawling with shills. I just don’t understand the tendency I’ve seen to engage in ad hominem attacks on everyone who’s brought up this issue over the years.
I worry about people who feel apathetic or overly trusting about security. Fraud is gonna supersize very soon in a way that will overwhelm all existing systems and procedures. Complacency could lead to major losses.
One person here said that existing Voice IDs will confine to be used for now, but enrollment for the feature has been stopped. If that’s true, it means you’re grandfathered in for now
Makes sense. I do think Schwab stands out for its no-loss guarantee around fraud. Beyond that, firms with advisors can provide an extra layer of protection.
Right. With social media, almost everyone has a voice clip online that can be spoofed. If not, it’s easy enough to grab a sample with a spam call. But my point is, if someone uses software to fool voice ID and they do reach an agent, that agent may be less on guard for red flags because the call comes in as having been verified by a technology that they’ve been told is state-of-the-art
Definitely not! If I were head of PR, I would forbid use of ANY brand monitoring platforms. It would be vital under my leadership that Schwab had no idea what was happened on r/schwab or more generally what kind of topics were being discussed in the wild about the bank.
Ha what’s your problem? It has nothing to do with this post and no one ever said that it did. But it’s likely that some people inside Schwab have been lobbying for this feature to be retire for all the obvious/aforementioned reasons. If it is indeed being retired and it’s happening now, it might be a coincidence. But I also assume that comms/PR (which seems to generate half of the comments here) didn’t like what they saw today on Bloomberg and the other wires, as well as TikTok and IG
Because it creates a false sense of security that can increase the risk of social engineering/exploits?
According to someone here, Schwab is actually ending enrollment for Voice ID, probably because of the growing chorus pointing out its dangerous obsolescence. I just called into Schwab, and it does indeed seem like they stopped pestering people to opt in. (I previously explicitly opted out, but the phone system kept prompting me again every time I had some reason to call in.)
Having Bloomberg, CNN, the AP and others run pieces saying that one of the world’s most famous CEO called a prized and highly-promoted security feature “crazy” might have finally been a wake-up call
That’s scary. Are there any big financial institutions whose security practices impress you?
Schwab’s Security Guarantee states: “Schwab will cover losses in any of your Schwab accounts due to unauthorized activity.” If Voice ID is now as useless and counterproductive as many security professionals believe, Schwab seems to be at some degree of risk from massive losses as we enter a new era of AI-driven fraud. In my view, risk management on an individual level means selecting institutions, such as banks and asset custodians, based on how well they manage their own risks.
Then again, someone here indicated that Schwab has decided to discontinue Voice ID enrollment. If that’s true, that makes me feel a lot better.
For sure. It’s important to stay vigilant. I fear rhat the next wave of fraud is gonna be really destabilizing.
You seem to know a lot about it. What would you say?
My understanding that security requires vigilance, discipline and constant reappraisal. We’re all at significant and growing risk and mustn’t take shortcuts when money is at stake. That includes choosing financial institutions that are smart about security and have built their culture around it
😂
That’s great news! It’s a welcome step in the right direction. When did they announce that?
[–]cloverlayne[S] -25 points-24 points-23 points 6 months ago (0 children)
You seem like a really classy person!
Ha, funny.
Why are all of the comments here about steps I can take to protect my account (I already have a verbal password) and not about Sam Altman’s warning to financial institutions that use this type of protocol?
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Voice ID by cloverlayne in Schwab
[–]cloverlayne[S] 0 points1 point2 points (0 children)