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..___STEADY_PAYWALL___.Insurance against this type of risk is offered by Fidelity, TD Ameritrade and Schwab, which all guarantee protection in the event of a hack, says the website..Part of the problem is identity theft, which can provide hackers with the keys to getting into important accounts, points out MarketWatch. ."Data breaches have become common — Target, Sony and Microsoft were all targets of major data breaches in recent years — and provide scammers with credit card information and billing addresses. Capital One was also hacked in 2019, revealing information of more than 100 million of its customers — including dates of birth, income and payment history and Social Security numbers," it continues..Read also: WEF's Han Yik: Most of us will outlive our retirement savings – by many years.Hackers may use information for their own endeavours, or sell this sensitive data on the "dark web," a part of the internet only found using specific browsers. ."Retirement accounts in particular can be a hacker's dream, as they're not checked nearly as often as other financial accounts and retailer sites," it says..Here's what you can do to keep your accounts safe:.* Check your accounts — but just for security purposes."Financial advisers typically suggest not to frequently check your retirement accounts, as market volatility may cause a balance to appear lower than normal and thus, concern individuals about their retirement security. But people should occasionally sign into the account, just to ensure nothing has changed pertaining to account information," advise the MarketWatch personal finance experts..Set up notifications that alert the account holder when someone has logged into the account, conducted a transaction or changed a password, they advise.."If you notice transactions you're unfamiliar with, contact the compliance department of the custodian immediately, Always be cautious with sensitive information, such as passwords, and addresses or phone numbers. People may not know when this information has gotten into the wrong hands.."Thieves may not use your information for months or even years, waiting for a time when you may not be as attentive to the risk," warns the website..Other tips include:.Use password managers to store or even generate secure passwords;Turn on two-factor authentication, which means someone logging into the account would need to input the password and then a code sent via text message, email or phone call;Change the default Domain Name System, which internet service providers initially create; and use a VPN, which creates an "encrypted tunnel" for data sent and received;Don't click on unfamiliar links via email or web searches;Always use the most updated software and operating systems when on your computer or mobile device. An out-of-date program may not have the same security measures as the newest version, or they may no longer be supported, which creates vulnerabilities.

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

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