![]() Do you have the funds to survive 30 days with a drained checking account?Įdit: Added some links and fix a couple grammatical errors (I don't know if CS's works this way but I've seen other banks not require them on the app, while requiring them on the main site)įinally, keep in mind that a bank can take up to 30 days to reimburse you for fraud. Also, people who use a "root" password (like say, a string of random gibberish followed by "_CS", "_Amazon" etc) would be harmed.Īnd last time I checked, many mobile apps don't utilize the two factor codes. If their password database is compromised, people who reuse passwords would be harmed. Finally, I wrote about this issue and my colleague tweeted the link to my blog (which got a massive amount of attention) and still, Schwab did nothing. I got it, and got a condescending email telling me just that - that it's not an issue because they offer 2 factor authentication. Then I asked a fellow grad student who's well known for shaming companies into fixing their security practices for the email of someone high up at Schwab. Hi, my name is Greg, and I'm a PhD student studying security informatics.Īctually, first I contacted Schwab via customer service, but got a robotic email in reply stating I'm not liable for fraud. ![]() Let me now if you are interested in knowing more about this. However, that is still not the most secure way of storing passwords. Because you enter ABC and the system would try to rehash ABC, which would NOT be ABC. However, if you did have hashing, there would be no way for you to login into the system using the hashed ABC password. If you did not hash and the database was leaked, you could just take those passwords and relogin. The good part about this is that if for some reason, your entire database is leaked, you don't give away users' passwords (which people do tend to share). You compare ABC with the stored ABC value and grant the user the access. You take the XYZ, apply the same hashing transformation on it as you did when the user created the account, you get ABC. Now everytime that a user wants to login, he enters his password XYZ. In this case, a "hash" of the XYZ could be ABC. Instead you take XYZ and transform it in a predictable, but very importantly in a non-reversible way. The concept of hashing is that you don't actually store XYZ on the server. Suppose you create an account with password XYZ. This is an old thread so not sure if you are still interested in this. A Schwab Security Token displays a randomly generated 6-digit passcode that is used in combination with your regular web password.įor more details on this service, please see the SchwabSafe page: In the meantime, Schwab offers an additional layer of security using token authentication for electronic products. I do not have an estimated timeframe for when this feature will be implemented, but we look forward to allowing Schwab clients this option in the near future. I am happy to confirm that a project is currently in-the-works that will allow Schwab clients to lengthen passwords to 20 characters, while adding case sensitivity and special characters. This being said, we recognize that many clients prefer a more complex password. If this happens, the account holder must call our client service line to authenticate before he or she will be able to re-gain access to the accounts. To prevent brute force attacks, user profiles are automatically locked when an incorrect password is entered 3 times. I just emailed them about this a month ago. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future.
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