Did you know cybercriminals are targeting retirement accounts?
You have saved early and often for retirement.
You know you need a significant nest egg to cover your expenses in your golden years.
What happens if you reach retirement and the money is not there?
According to a recent Insurance News.net article titled “Cybercrooks Targeting Retirement Accounts,” this happened to Beth Bennett.
She had saved about $80,000 in her retirement account.
When she checked it, she saw it only had $8,000.
How did this happen?
Bennett did not check her account frequently.
For this reason, a cybercriminal was able to steal her identity, change her mailing address, and withdraw her retirement funds.
Two large checks were cashed before Bennett stopped payment on the third check.
And it got worse.
The retirement fund institution could not guarantee reimbursement for the loss.
Because cybercriminals are ruthless, investors need to be aware.
Because retirement accounts can be well-funded, they are prime targets.
Cybercriminals are looking for means to access these account through spear phishing, social profiling, and email compromises.
Some criminals are even getting account numbers and passwords from the “dark web.”
Access to a single email can grant them access to your account through a simple password reset.
What can you do?
Do not open or response to suspicious emails seeking account information—even when they appear to come from a trusted sender.
Be cautious about clicking on links or opening attachments since they may be sent by cybercriminals.
Only connect to accounts through devices protected with current antivirus and antispyware software as well as a rock-solid firewall.
Select longer passwords.
Do not repeat passwords.
Open and read statements and letters from your retirement accounts in a timely manner.
This will help you recognize unexpected drops in the fund balances.
If you see unauthorized transactions, call the fund institution immediately.
Taking these simple steps will help protect your retirement savings from cybercriminals.
Reference: Insurance News.net (Jan. 8, 2020) “Cybercrooks Targeting Retirement Accounts”