What is a trusted contact and why should you have one?

Financial fraudsters are becoming more sophisticated by the day. First and foremost—E*TRADE will never call or text you asking for personal information, such as your user ID or password; debit card number or PIN; or one-time passcode that you did not request. If you receive a call or text from the Firm and feel unsure if you’re speaking with a legitimate person from E*TRADE or Morgan Stanley, hang up and call the number on our website.

Regardless of how a well-devised scam begins, the intent is always the same: gain access to your personal information and hard-earned dollars. One common scam involves impersonating someone you are likely to trust, such as IRS officials. If the IRS is legitimately attempting to contact you, they will do so by mail. Such scams can lead to significant financial losses for victims. Since 2018, more than 75,000 victims have lost a collective $28 million to IRS-related impersonation scams.¹

Having awareness of these scams and taking preventive measures can help thwart scammers from gaining access to your personal information and finances. One way to protect yourself or your loved ones from fraud and financial scams is to add a trusted contact to your E*TRADE brokerage account.

A trusted contact is someone you designate to be contacted if we cannot reach you with concerns about your well-being, suspected unusual activity on your account(s), or potential financial exploitation.

Your trusted contact should be a close family member or friend who is at least 18 years or older. This person can be likened to an emergency contact and should be familiar with your wellbeing and typical financial behavior. For example, your trusted contact should be able to confirm if you’ve been hospitalized or if a sudden request to move significant funds from your account would be considered out of character for you.  

Your trusted contact can confirm your health status and verify authorized individuals who are linked to your account such as your spouse. A trusted contact does not have permission to access your account details, make financial decisions, or perform any actions on your behalf.

If we notice suspicious or unusual activity on your account and are unable to reach you, we can reach out to your trusted contact. If a situation arises and your trusted contact is needed, they can act as an additional layer of defense from suspicious activity. If your trusted contact confirms any particular financial request would be unusual for you, we can take next steps to block suspected fraudulent activity.  

You can add a trusted contact to your account by logging into your E*TRADE account or you can contact the E*TRADE Client Services Center at 800-387-2331. Trusted contacts cannot be added to bank accounts or accounts where you are not the primary owner, such as a trust.

To add a trusted contact yourself, use this link or follow the instructions below:

 

1. On the top right corner of the home page, hover on “Profile” then click on “Account Preferences.”
2. Scroll down to “Trusted Contact Person” and click “Add.”
3. Complete the “Edit trusted contact person” form with details of the Trusted Contact you wish to add.

 

1. On the bottom bar, press “Menu.”
2. Press “My Profile.”
3. Press “Update Personal Information.”
4. Press “Account Preferences” and scroll down to “Trusted Contacts.”
5. Click “Add.”
6. Complete the “Edit trusted contact person” form with details of the trusted contact you wish to add.

Article footnotes:

¹ NPR. No, the IRS isn’t calling you. It isn’t texting or emailing you, either. Published April 7, 2025, by Kaitlyn Radde. https://www.npr.org/2023/04/07/1168353969/irs-scam-tax-day-imposter-how-to-avoid

CRC# 4523382 06/2025