Oakland woman loses $12,145 after fraudster pretended to be Charles Schwab employee

Jazz Powell-Loggins, an unemployed Oakland resident caring for a husband battling cancer, was contacted by a loud caller who alleged that someone was trying to "sell" money out of her account and identified himself as a Charles Schwab representative. After hanging up, she discovered a wire transfer of $12,145 had been sent to an Ohio bank. Charles Schwab denied liability, stating she had given a verification code that enabled the fraud.

The firm expressed sympathy but offered no restitution. Security expert Jasika Bawa suggested the call was a diversion while attackers either brute-forced a short PIN or used the verification code to access the account. Powell-Loggins has filed reports with local police and the FBI and intends to seek arbitration over the loss.