How to protect your retirement savings from hackers on the rampage!

Every year I get dozens of Facebook messages wishing me well on my birthday and I don't have the heart to tell my circle of acquaintances that they've wasted their time. I deliberately changed my birth date to make it a bit harder for identity thieves to work out my South African identity number. But that's probably not enough to reduce my risk of falling victim to hackers. Far too many of my passwords are the same or linked to things that will jog my memory. I've got two-factor authentication on most accounts, though, which is a help. MarketWatch suggests taking extra measures on accounts we seldom access, like long-term retirement savings, to keep tabs on their security as hackers increasingly target these accounts. – Jackie Cameron

By Thulasizwe Sithole

Hackers are attacking retirement life savings with increasing frequency, warns MarketWatch.com.

"Bank accounts are a top target for hackers, and retirement accounts may not be far behind. Cybercriminals are moving toward retirement and loan accounts," it reports.

"Although the number of consumers affected by identity fraud has declined between 2017 and 2018, hackers are targeting new types of financial accounts — such as customer rewards programs and retirement plans, according to the 2019 Identity Fraud Study from Javelin Strategy & Research," says MarketWatch.

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