According to Business Insider, a FINRA claim says scammers posing as Microsoft support directed multiple Schwab wire transfers to a Cross River Bank account named Coinbase Inc., where the funds were converted into cryptocurrency.
George Chryssanthou filed a FINRA arbitration claim against Charles Schwab after losing $284,650 in an alleged scam, according to Business Insider. The claim says fraudsters impersonating Microsoft support induced a series of wire transfers between Jan. 17 and Jan. 29, 2025, sending funds to a Cross River Bank account named Coinbase Inc. The money was then converted into cryptocurrency. The case centers on whether Schwab bears responsibility for the transfers in a dispute that moved customer funds from a traditional brokerage account into crypto.