Has Charles Schwab Data/Security Been Breached?

Has Charles Schwab Been Hacked?

Key Discoveries:

In 2023, Charles Schwab had a data breach that affected about 61,000 customers.
After that, Schwab has not had any more hacks.
Schwab now puts a lot of effort into cybersecurity.

If you are worried about how safe Charles Schwab is, here’s what you need to know:

2023 Data Breach

In May 2023, Charles Schwab was moving accounts from TD Ameritrade, a company Schwab bought. Schwab used MOVEit software, made by another company, for this process. Hackers broke into this software, and information for about 61,000 clients was taken.

The stolen data was actually from TD Ameritrade accounts, not Schwab accounts. Stolen information included birth dates, Social Security numbers, and government IDs like driver’s licenses. This was one of the biggest cyber attacks in 2023.

Schwab’s Response

When Schwab found out the file-transfer system had been hacked, they stopped using the software right away. They also called the police and checked everything with an internal investigation. In August 2023, Schwab told TD Ameritrade customers about the breach.

Some TD Ameritrade clients were upset because Schwab notified them late. A group of them started a class-action lawsuit, saying Schwab did not do enough to keep their information safe.

Safe Charles Schwab Account

Ways You Can Respond

If this data breach affected you, here are some steps to help protect your account:

Change your password. Sign in to your Schwab account and set a new password.
Set up two-factor authentication (2FA). On Schwab’s website, turn on 2-step verification for extra security when logging in.

Recent Data Thefts at Schwab

Since the 2023 event, Schwab has not had more data breaches. Schwab is a huge company with a lot of assets, so people have probably tried to hack it. The reason there have not been more problems may be the extra security measures Schwab added after 2023. Here is what they do now.

Schwab Security Guarantee

Schwab’s Commitment to Cybersecurity

Schwab puts a lot of effort into keeping customer accounts safe from cyber attacks. Their software uses encryption and risk-based security tools. Employees get special training on handling private information, and Schwab’s system always checks for possible breaches. Schwab also shares information to help people stay alert about cybercrime; is one example.

Schwab also has a Security Guarantee. With this policy, Schwab promises to cover any losses from unauthorized activity in its customers’ accounts. This guarantee is included with every account automatically (except for annuities, 529 plans, and some trust accounts), so clients do not need to sign up for it. Schwab does advise everyone to keep their login details safe and to call 1-888-3-SCHWAB if anything suspicious happens.

Free Charles Schwab Account

Visit Schwab Website

Updated on 3/31/2026.

About the Author

Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.