DENVER – Financial services giant and custodian Charles Schwab said it has taken data security measures for clients who use third-party credential-sharing applications.
Some of Schwab’s actions mirror those taken by competitor Fidelity, which has recently asked 401(k) clients, including those using the 401(k) management platform Pontera, to reset their login credentials as part of a verification process that some have considered burdensome.
‘As part of our security processes, we determined that some clients provided login access to third-party data vendors which may void policies we have in place to protect clients through our Schwab security guarantee,’ a spokesperson for Charles Schwab said. ‘As part of our data security policy, we required these clients to update their account information.’
