In the aftermath of the National Public Data breach, my name, DOB, address, phone, email, and SSN are now on the Dark Web. Also, because I have given lectures which are posted online, and I have no ability to take them down (it’s marketing content posted by a former employer - I don’t control it), threat actors can create AI voice deepfakes of my voice to circumvent Fidelity MyVoice voice ID.
I don’t see what’s in place at Fidelity to keep the highly motivated threat actor from completely taking over my accounts. They know all my basic data, they can deepfake my voice in real time (our CIO gave a demo of this at our company during a seminar on IT security). They can spoof the Caller ID to look like me. Theoretically, I could be totally screwed.
Schwab does ONE THING Fidelity does not do. At Schwab, you can set up a verbal passphrase. Example: “porkbelly jambalaya titanium”.
Someone calls into Schwab, and the rep asks, “What is your passphrase?”. If the caller can’t deliver it (“porkbelly jambalaya titanium”), they get hung up on. That’s not going to be in ANY public database.
I have further stipulated, which is an even higher security option under their program, that no one can change the verbal passphrase over the phone… they have to come in to a Schwab office with a government issued photo ID in order to change it. They have a scan of my driver’s license on file. The threat actor has no ability to circumvent this requirement. This is simple, effective security.
This National Public Data thing is so enormous, and Kroll has been sending me tons of alerts this past week about exactly what is on the Dark Web, and it’s absolutely everything.
I like Fidelity Cash Management, HSA, and Fidelity Charitable, and the Rewards 2% cash credit card. I would keep those. I would also keep enough in Fidelity Brokerage in case something terrible happens with Schwab… enough to pay the bills for months, even as long as a year.
Does avoidance of AI deepfake voice takeovers seem like enough of a reason to move my IRAs back to Schwab? I know it’s a low probability event, but very severe in terms of potential impact. (I’ve never needed seatbelts - I always used them).
It’s just tough to push the ACATS buttons and move over my IRAs all at one go. It feels scary. I’d get the sad calls from Fidelity, “please we love you, don’t go!” I really like my free CFP Advisor there. I know I would instantly be entitled to a free CFP Schwab Advisor, but breaking those human bonds is tough.
Another idea would be to just change my mobile phone number. We have a totally new area code in our city starting in 2025. I could get a fresh never-used number, and only use it for a handful of Financial Institutions - kind of like Clark’s Financial Chromebook concept. Everyone else would get my Google Voice number, or my Ooma number. So if someone were to spoof the wrong phone number when calling Fidelity (or any other FI) that would be the tell.