Data security at retirement plans varies, and there are numerous ways to breach it. Cybercriminals seek to exploit each plan’s weakest link.
In one of the instances, a retiree at a large employer recently discovered that his monthly pension cheque was not deposited on time. He got in touch with the retirement administrator, who, after some investigations discovered that the specified bank account for the contribution had been altered.
The retired person did not alter the account. Instead, the request was made by an unidentified party. An employee of planning processed the change request since it was relevant and accurate.
Fortunately, neither the retiree nor the plan lost financially. The payments were abruptly terminated, and the retirement account was changed from a payment method to a depository. After a brief investigation, the plan administrator found that change requests had been made for several other retirees, all of which were being paid to the same bank account.
By monitoring his accounts carefully and noting that his monthly payment was not deposited on the usual day of the month, this retiree was able to avoid becoming a victim of cybercrime. He further got in touch with the administrator right aw
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