A famous bank robber, once responded “because that is where the money is”  when asked why he robbed banks.  Therefore it should come as no surprise that scam artists the only criminals we call artists, are increasingly targeting the brokerage and retirement accounts of their intended victims.  According to a recent study by Javelin Strategy & Research, retirement account fraud tripled in just the last year.  https://www.javelinstrategy.com/coverage-area/2019-identity-fraud-report-fraudsters-seek-new-targets-and-victims-bear-brunt

Scammers are using spear phishing and other tactics to gain access to the accounts of unwary people and then steal their money.

TIPS

While brokers and financial advisers must do a better job of protecting the security and privacy of the accounts of their customers, the best place for you to find a helping hand is at the end of your own arm.  Use dual factor authentication, when available, for all of your accounts as well as encryption such as provided by Virtual Private Networks for secure electronic communications.  You should also make sure that all of your electronic devices including your cell phone are equipped with security software and keep your security software up to date with the latest security updates and patches.  However, even the best security software will be at least a month behind the latest zero day defects, which are malware that exploit previously unknown vulnerabilities.  Therefore it is important to never click on links or download attachments in emails or text messages that may contain such malware unless you have absolutely confirmed that the communications are legitimate.

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