Let’s Talk…

In today’s digital world, protecting your retirement savings from scams and cyber threats is more important than ever. Safeguarding your retirement assets requires vigilance, smart security practices, and knowing how to respond if you suspect fraud. Here’s a focused guide to help you protect your retirement savings.

Common Scam Tactics Targeting Retirement Accounts

Scammers often use phishing emails, fraudulent phone calls, and text messages that appear to come from trusted sources such as your financial institution. These messages may ask you to confirm personal information, provide passwords, or click on suspicious links. One common scam involves impersonating a representative and requesting security codes sent via text message—remember, Fidelity will never ask for such codes.

How to Protect Your 401(k) Account

1. Register and monitor your account regularly: Set up online access to your Fidelity NetBenefits account and check it frequently for any unauthorized activity. Early detection is key to preventing losses. Go to NetBenefits.com and select Register as a new user. Manage your account and view your account balance on an ongoing basis.
2. Use strong, unique passwords and multi-factor authentication (MFA): Avoid simple or repeated passwords. MFA adds an extra layer of security by requiring a second form of verification, such as a code from an authenticator app or a phone alert.
3. Keep your contact information up to date: Ensure your phone number and email address on file are current so you receive important alerts and can quickly respond to suspicious activity.
4. Be cautious with communications. Be skeptical of unsolicited emails, texts, or calls asking for personal or account information. Look for warning signs like unexpected requests, spelling errors, suspicious links, or mismatched sender addresses. When in doubt, contact Fidelity directly using the official contact information below—not the contact details provided in the suspicious message.
5. Secure your devices and networks. Use reputable antivirus software and keep your devices updated with the latest security patches. Avoid accessing your retirement accounts over public Wi-Fi unless you use a secure virtual private network (VPN).
6. Use official security features. Visit the NetBenefits Security Center to review recent login activity and manage your trusted devices. Consider enrolling in voiceprint recognition to add layers of protection. When you call Fidelity, a representative will offer to enroll you in Fidelity MyVoice. A voice print is a set of characteristics associated with your unique voice pattern. This pattern is saved and will be used to verify your identity when you call Fidelity.

Reporting Suspicious Activity

If you suspect you have been targeted by a scam or notice unauthorized transactions, report it immediately by calling Fidelity at 800-845-2363. You can also review Fidelity’s detailed information on how to report an online security issue.

Remember: Never respond to unsolicited requests for personal or account information. Fidelity will never ask you for passwords, account numbers, or security codes via email, phone, or text message.

By staying vigilant, practicing good security habits, and knowing how to respond to suspicious activity, you can protect your 401(k) retirement assets from scams and enjoy greater peace of mind about your financial future.

Sources:
Fidelity: Preventing fraud and identity theft
Fidelity: 5 Ways to Protect Yourself from Cyber Fraud 
Fidelity: 4 Ways to Stop Scammers and Identity Thieves