ACATS Fraud!
I just read about this in the newspaper, I always try to listen to you on WGN radio so maybe I missed you bringing it up, but please warn listeners about it. Particularly because it happened to a customer at one of the biggest companies…Vanguard! I know Vanguard has since added feature for customers to log in and put a lock on external transfers out. But there’s no standardization amongst all the companies, with E*Trade you have to call in and request it over phone. Thanks!
Terry Says
Whew — I was unaware of this new kind of fraud — transferring your securities at your brokerage account out to another fraudulent account. Thank you for the information.
If readers what to know more, you might check out this explanation:
https://thefinancebuff.com/brokerage-account-acats-transfer-fraud.html
