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Why should you protect your identity? | California Benefit Advisors

On September 7th, the credit reporting agency Equifax reported that it was the victim of a massive cyberattack — one that resulted in the exposure of more than 143 million U.S customers.  Social Security numbers, birth dates, addresses and driver’s licenses were accessible, everything needed to wreck financial havoc.  Worse yet, although the breaches occurred between May and July, Equifax did not report it until September.  Senior executives of Equifax used this time to unload Equifax stock worth almost $1.8 million in the days following discovery but before reporting it.  You should not trust your institutions to act quickly. 

To learn more, including what you need to do to protect you and your family, click here.

12/19/2017 – This just in:

According to a lawsuit, U.S. v. $81,963.74 in U.S. Currency, the FBI’s Denver Division was contacted by in November 2016 by Great-West Financial’s VP of Internal Audit regarding allegations of fraudulent transfers from clients’ 401(k) accounts from JP Morgan. At that time, Great-West Financial had 20 participants affected and a loss of at least $1 million with a potential loss in excess of $2 million, according to the suit.  Basically, according to Great-West, plan participants established an account online. Thereafter, the Great-West call center assists as needed when contacted by a plan participant, utilizing a four-part authentication process using biographical identifiers for the plan participant. The plan participant is provided a distribution form via either email or mail. Once a plan participant has access to an account, information could be changed or updated and disbursements requested. According to the suit, Great-West observed that unauthorized individual(s) had been fraudulently using this process to obtain access to funds held in retirement accounts for which Great-West was the recordkeeper, causing funds to be transferred from those retirement accounts to other bank accounts without the knowledge or consent of the actual participant.  See the whole story  http://www.napa-net.org/news/technical-competence/defined-contribution-plans/fraud-scheme-targeting-401k-accounts-uncovered/? 

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