Actual case studies of money getting taken from somebody’s account. See how it happened, how it was stopped, and what you can do to prevent theft.
Can someone steal your 401(k) or IRA? While these events are rare and logistically difficult, it is possible for somebody to get into your investment accounts. Then, they may try to send money out to a bank account that they control.
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By using best practices like 2FA and strong, unique passwords, you can reduce the chances of theft. And monitoring your account is always helpful. Log into your account or review account statements so you can see if there’s any unexpected activity.
It’s important to ask your financial institution: How are my savings and investments protected in case of hackers or account takeovers?
Find out if you can have a trusted third-party monitor an account or get alerts if that seems appropriate. Read the policies on investor protection carefully, and get help interpreting the legalities from an attorney in your state.
Also, remember that most financial exploitation happens from somebody you know: They’re family members, people with access to your home, or others in your community. So absolutely be mindful of your internet security and hackers, but don’t ignore the possibility of more mundane threats, as well.
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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.
IMPORTANT:
Consult with your financial institution to understand all risks to your assets, as well as the institution’s policies. Risks can come from various places, known and unknown. It’s impossible to cover everything you need to know in a video like this. The only thing that’s certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.
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