When she logged in to view her account in November, she expected to see a balance of more than $80,000. Instead, she saw a balance of only about $8,000.
Unlike with stolen credit cards, a saver's losses to fraud in retirement investment accounts aren’t limited by federal law, although mutual fund companies typically say they’ll reimburse funds lost to fraudulent activity.
Cybercriminals today are “looking for any possible route into people’s financial transactions, and they are increasingly focusing their efforts outside financial institutions’ firewalls,” said Steven Silberstein, chief executive officer of Financial Services Information Sharing and Analysis Center, an industry consortium dedicated to reducing cyber-risk in the global financial system.
In spear phishing, cyberbandits send emails, purportedly from a known or trusted sender, in the hope of persuading potential victims to reveal confidential financial information. Still, what happened to Bennett serves as a cautionary tale that people with 401 accounts and other types of retirement savings accounts need to be on guard.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jane Bryant Quinn’s New Thinking On Making Your Money LastThe money maven on her new book's tips and her retirement in Rome.
Read more »
Retirement savings calculator: Figure out how much money you need to retireHow much money do you need to be saving and investing for retirement? Use this calculator to help plan your financial future and get a personalized retirement savings goal.
Read more »
3 mistakes not to make with your retirement savings, from people who have already retired - Business InsiderFrom ignoring their savings to watching friends' risky portfolios plummet, retirees warn that a few mistakes can make a big impact on retirement.
Read more »
Ashley Graham’s New Swimsuits for All Campaign Celebrates Pregnant BodiesThe model gets real about pregnancy weight gain and the pressures of 'bounce back' culture.
Read more »
Ashley Graham’s New Swimsuits for All Campaign Celebrates Pregnant BodiesThe model gets real about pregnancy weight gain and the pressures of 'bounce back' culture.
Read more »
Ashley Graham’s New Swimsuits for All Campaign Celebrates Pregnant BodiesThe model gets real about pregnancy weight gain and the pressures of 'bounce back' culture.
Read more »