Cybercrooks are targeting retirement accounts, and there's no guarantee you'll get your money back

[MULTIZ321]

Cybercrooks are targeting retirement accounts, and
there's no guarantee you'll get your money back.

Cybercrooks are targeting retirement accounts, and there's no guarantee you'll get your money back

Cybercriminals have turned their attention to retirement funds, and savers should make hacking harder.

www.usatoday.com

Richard

 

[SmithOp]

I have 2 factor on mine with Fidelity. If I change the direct deposit account OR my home address it takes one month before I can do a withdrawal, and I get email notification.




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[klpca]

I was just talking about this with my boss yesterday. It is one of my biggest fears. I also use TFA but I still worry that it's not enough. For now we check those accounts every day.

 

[pedro47]

Thanks!! I have shared this article with others.

 

[Talent312]

It seems like non-financial sites take more precautions than banks do.
I'll be changing passwords on my financial accounts pronto.

 

[Brett]

I have 2 factor on mine with Fidelity. If I change the direct deposit account OR my home address it takes one month before I can do a withdrawal, and I get email notification.
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same with Charles Schwab - it's not easy to change your address and transfer $$ out of the account in that situation. Two factor authentication, and email and actual paper mail is sent to the old and new address.
The article didn't reveal the mutual fund or employer, --- it could be an unusual situation

 

[VacationForever]

Ours have to go through a recorded line with our Financial Advisor's assistant to transfer any money out. With monthly transfer of RMD, after we work the details with our Financial Advisor and his assistant, we have to complete the paperwork for standing instructions for the year so that we do not need to get on the phone every month. We like the arrangement.

 

[rhonda]

Interesting. Thanks for posting the story link and (to all) for the discussion!
I just changed my password and turned on 2 Factor Authentication ....

 

[goaliedave]

Cybercrooks are targeting retirement accounts, and
there's no guarantee you'll get your money back.

Cybercrooks are targeting retirement accounts, and there's no guarantee you'll get your money back

Cybercriminals have turned their attention to retirement funds, and savers should make hacking harder.

www.usatoday.com

Richard

3 days ago i heard a horror story while relaxing in the Cypress Pointe resort hot tub. A member had sold his house in Florida to a couple from Baltimore who were teachers a year away from retirement. While driving home, their mortgage company emailed them a form to fill out to enable the transaction. So the spouse filled it in during the drive home.

Except it wasn't the mortgage company. A crook had spoofed the email address by adding 1 letter to the email address which the couple didnt take care to notice. By the time they got home, $400,000 was gone from their retirement account plus all their other money was gone. Guess who isn't retiring.

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[Ralph Sir Edward]

I've hardened my account to require physical presence and ID verification to initiate a withdrawal.

 

[elaine]

Thanks. We will make better PW and check into 2 step authentication.

 

[BJRSanDiego]

Interesting. Thanks for posting the story link and (to all) for the discussion!
I just changed my password and turned on 2 Factor Authentication ....

How did you turn on 2 Factor authentication? Is it an option under your Account details?

 

[klpca]

How did you turn on 2 Factor authentication? Is it an option under your Account details?

Look under your account security section.

 

[rhonda]

Agreeing with post above, I found it under Account Security Settings. However, this is likely dependent on which bank/institution and their website variations.