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How to protect your retirement savings from digital fraud

Cristina POPOV

August 23, 2022

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How to protect your retirement savings from digital fraud

Digital identity theft is a huge problem, and it can be especially harmful when it comes to your retirement savings. For example, if someone manages to get your personal information through a breach that you didn’t even know about, they could access your retirement savings and drain them completely.

Javelin Strategy reports that 1 in 3 victims of a data breach later falls victim to identity theft, so now is the time to look at your options. (source: Sontiq)

How does identity theft occur in retirement plans?

Thieves obtain date of birth, family name, address, Social Security number, and other personal information. This kind of data has become easier to get due to an increasing number of breaches, oversharing on social media, and the habit of sending/ receiving unencrypted sensitive information over a public wifi.

_In 2020, the FTC received 4.8 million identity theft and fraud reports —a 45% increase from 2019 (_source: Sontiq)

When they have all the information they need, hackers submit requests that look legit to access your retirement account. Once they gain access to your account, they can withdraw money and change contact information so you may not discover the fraud until your savings are gone.

Tips for protecting your hard-earned money

Cybercriminals grow more sophisticated all the time. Follow these tips combined with the right tools for digital identity protection so you can rest easy knowing that your retirement savings are safe:

  • Monitor your pension account monthly. Even if you rarely use it, check the statements to ensure everything is ok. Immediately report any unusual or unauthorized activity.
  • Keep your device and computer software updated and install antivirus software.
  • Change your passwords periodically, and don’t use the same or your “usual” password for money-related accounts.
  • Never provide personal information, such as your name, account number, or Social Security number, in response to an email, on social media, or on a phone call/ SMS exchange.
  • Check if your personal information has leaked on the internet using our Digital Identity Protection tool for free.

If you want to spend less time monitoring, checking, and setting up fraud alarms for your accounts, consider getting Bitdefender Identity Theft Protection (available for US only).

It protects against identity theft threats you might not always recognize and includes insurance for reimbursement of stolen funds in case your digital identity is stolen.

How Bitdefender Identity Theft Protection helps you:

  • Monitors and detects. Continuous monitoring of your medical accounts, identity, privacy, and credit.
  • Gives you Real-Time Alerts. When your information is at risk, you are rapidly notified.
  • Recover & reimburse. If you fall victim to identity theft, you have the support of our #1-rated experts, and our insurance ranges from $1 million to $2 million, including reimbursement of stolen funds.
  • Offers 24/7 US-based support

Check out plans and options for your pension account safety.



Cristina POPOV

Cristina is a freelance writer and a mother of two living in Denmark. Her 15 years experience in communication includes developing content for tv, online, mobile apps, and a chatbot.

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