What You Need To Know About The SPIC Phishing Scam

On July 21, 2008 the Securities Investor Protection Corporation (SIPC) issued a warning on their website about a known phishing scam.

Here’s the lowdown:

Would-be identity thieves are sending out emails claiming to be from a brokerage firm working on behalf of the SPIC. The firm is supposedly handling the liquidation of an SPIC account and trying to “return money” to you – the investor.

Here’s a quote from the SPIC press release:

The scheme involves an “insurance investment claim” supposedly to be made through the brokerage firm on behalf of SIPC.

In order to get the information needed to “file the claim”, the would-be thief includes a fake SIPC “Beneficiary Information for Automatic Deposit of Payment” form that requires information that could be used to directly withdraw funds from an investor’s accounts.

The phony form even includes a false detailed form routing number: “SIPC 4531/09 (4-00).”

The brokerage firm mentioned is legitimate, but is not involved in the scheme. This is just one in a list of schemes that have targeted the SIPC in recent years.

If you receive this email, the SIPC is asking that you forward it to them at this address:vdrew@sipc.org

For more information on how SPIC brokerage accounts are actually liquidated, you can download their PDF here.

Please pass this on to anyone you think might be affected!