No One is Safe from Identity Theft!
No one is safe from identity theft. While cyber crooks may gain access to personal information such as your checking, savings, and other digital assets, your retirement accounts are not a bastion of safety from theft either. In fact, a woman from Madison, Wisconsin recently discovered over $70,000 missing from her 401(k) savings account.
Someone had stolen her identity and was able to pose as her, changing her mailing address, cashing in large portions of her mutual funds and having checks mailed to new locations. The kicker? Once she was able to reclaim her account and contact a representative from her mutual fund company, they would not guarantee they could recoup her losses.
While cyber fraud overall is on the downswing, cybercriminals today are working even harder to find any way into people’s financial transactions. They are now training their focus on outside financial institutions’ firewalls (i.e: email). When these thieves gain access to consumer bank and retirement accounts, the point of entry is usually the victim’s email account.
Cybersecurity experts advise one of the best things people can do to protect their identity and financial assets online is make it very hard for hackers to take over their accounts. Here are some tips they recommend:
- Make sure any computer or device used to access accounts is protected by a firewall and has the latest antivirus and antispyware software installed.
- Be careful of any suspicious emails. Watch out for fishy attachments and avoid clicking on links in emails that ask for your financial information.
- Open and carefully review any letters or paper statements from your mutual fund or money manager and notify them immediately if it appears unauthorized activity has taken place. Investment firms often also will send letters via USPS to inform clients if any changes have been made to details like a home address.
AssetHR has partnered with IDShield to offer the most knowledgeable identity protection in the industry. Our team of dedicated individuals will do whatever it takes to keep you and your employees safe 24/7, 365 days a year. Learn more here.