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Is your money safe? Hackers are targeting retirement accounts, experts warn

Is your money safe? Hackers are targeting retirement accounts, experts warn
Posted at 7:49 AM, Jan 16, 2020
and last updated 2020-01-16 09:49:20-05

As banks make it more difficult for hackers to get into their systems, criminals are now trying to get into retirement accounts.

There are a couple of reasons why hackers would target a 401(k) and other types of retirement accounts.

First, there are usually significant amounts of money in these accounts.

Second, there are usually fewer safeguards when it comes to access.

Consumer groups are finding that getting your retirement account breached may hurt you more in the long run.

“There’s no guarantee that the financial institution that holds your retirement account will return the money that’s been stolen from you,” says Adam Garber, a consumer watchdog with U.S. PIRG. “They’re not under obligation to do so, unlike the case of a credit card or a bank.”