Helpful miscellaneous articles
regarding our retirement plan and planning.
Like you, I review my retirement nestegg and plan from time to
time. Recently, I went though some continued
education for some credentials I maintain and it occurred to me that we all
could use a review about these issues.
So with your help, we will share and post articles and info that may be
helpful and of interest to many of you in this section.
ONE MORE TIME!
Improve Your Protection – Mark’s Tips
Equifax breach (which got most of us) is just a current
reminder of how this kind of data breach will go on over and over again and how
we need to be viligiant about our financial account’s security. Here is a few things I have found out.
First, the bad guys got enough to open accounts or take out
loans in your name and with a little extra skill break in to some of your
accounts to transfer funds. The first
part of opening accounts or taking out loans is what account freezes helps with
but I am also concerned with account hacks that allow transfer of funds. A word about Lifelock. It predominantly locks up the first part of
the problem but as to the account hacks and transfer of funds you must take
your own extra precautions. Here is
what you can do to improve security:
1. Security
Freezes : because of the breech it may
even be given to you for free. But what
I can tell you is that companies like LifeLock’s main means of protecting you
is two fold.
a. Security Freezes – Which basically
prevents someone getting a loan or starting a NEW account in your name. If you have been a “victim” the security
freezes are suppose to be free for 5 years.
I had a house breakin and sent in proof and have been frozen ever since. If not a victim (which I think as an Equifax
breach victim would qualify), then there is a small fee to freeze your credit
bureau account.
b. Their
2nd free service includes customizable
ALERTS. Which you can set up for
free at every single financial account that you have.
So from my perspective
I like security freezes (I have 3 at Equifax, Experian and TransUnion) as they
prevent loans and new accounts building debt and putting me on the tab for
them. But there are other steps that are
quite simple to take and maybe even more important. Lets leave the credit cards alone for a
moment and talk about your main financial and retirement accounts login and
hacking protections.
ONE
MORE PLUG FOR “VIP ACCESS” APP FROM
SYMANTEC – Allow me to really strongly recommend this extra level of hack proof
loogin protection to your biggest and most important financial accounts. This service is GREAT!
Give up a little swift login convenience for much much
greater protection.
2. 3rd
level of login procedure. Most financial
institutions have a 3rd tier of login protection, in addition to the
ole username and password, they will use a security question, a customer ID #, or a new service call VIP Access by Symantec. Big brokerage and banks are starting to use
the VIP Access system. It is easy to
use. You download an app for your phone
and then the account is linked to the serial number of your app. Every 60 seconds the app produces a new
special one time use ID #. When you
login at Schwab or Fidelity or the like, the 3rd tier of protection
is the VIP Access step before you have access.
Those institutions will then ask you for your VIP Access number now
appearing on your phone. Enter it and
wallahh your in. But the good news is
that without that ID the bad guys CANNOT get in. Pretty neat and really almost a must have in
today’s world of constant scammers. This
really shores up your online login in security protection, but what about over
the phone verbal protection. Ask your
financial custodians about a 3rd tier of login and hacking
protection like VIP Access. If they have
it employ it……..if not insist on them getting it or move to a custodian that
does have it.
3. Phone
CALLIN account protection. Two things
here:
a. Add a PIN or some call it a Verbal
Password to your account for when you call in.
This prevents all those who may have all things necessary to call in and
rob you blind but if they don’t know this PIN or VERBAL PASSWORD they can’t do
a thing.
b. Sign up for Voice ID. Both Fidelity and
Schwab have this and it is fantastic.
You record your voice and the computer on their end recognizes as
distinctly as fingerprints. A bad guy
cannot, even with a recording of your voice, fool their computer. It provides you a very high level of scammer
protection. Absolutely use VOICE ID to
add incredible call in protection to your account.
4. Now
credit cards:
a. If
the breech says your credit cards were included in the breech, call the card
companies and ask for new card account numbers issued.
b. In
addition, every credit card account allows for significant alerts to be
established. Do that and also even
consider withdrawal restrictions.
c. Lastly,
limit the number of cards you have active and monitor these fewer cards activity
more often.
There are certainly
risks having assets under someone else’s roof, and you cannot control
all of them, but the most dreaded of hackers scheming into your account and
draining you dry is a reality that we must all be vigilant against. Take the above steps and you will go a long
way to improving your security. Happy, secure retirement! Mark
~~~~~~~~~
(As
with any of these informative articles, anyone who needs someone to talk to
about
this
very subject contact me and I can direct you to a knowledgeable advisor).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Full post disclaimer in left column. PCN Home Page is located at: http://pcn.homestead.com/home01.html
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