Reducing the Risk of Fraud and Loss to Retirement Accounts

Q. What are some best practices for reducing the risk of fraud and loss to retirement accounts?

A. The DOL’s Employee Benefits Security Administration (EBSA) suggests that the following practices can reduce the risk of fraud and loss to retirement accounts, not only for plan sponsors but also for plan participants. 

• Register, set up and routinely monitor online accounts. 
• Use strong and unique passwords. 
• Use multi-factor authentication. 
• Keep personal contact information up to date.
• Close or delete unused accounts. 
• Be wary of free wifi.
• Beware of phishing attacks. 
• Use antivirus software and keep apps and software current. 
• Know how to report identity theft and cybersecurity incidents.