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09-21-2017, 08:50 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jun 2014
Posts: 1,069
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Ira/401k theft
Has anyone ever had password/identitytheft result in someone emptying your account(s)?
If this did happen, say from tdameritade, etc, is there any recourse assuming the criminal is untouchable?
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09-21-2017, 09:09 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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I know several mutual fund companies(Vanguard, Fidelity, maybe Schwab) offer a no hack guarantee. I'm not sure about any others.
Depending on the type of account there may be other protections. The best place to look is on their web site. Probably under security or relationships.
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09-21-2017, 09:11 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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OMG, please, please, no negative energy. Empty out all my accounts.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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09-21-2017, 10:09 PM
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#4
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Moderator Emeritus
Join Date: May 2007
Posts: 12,890
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Vanguard will reimburse you only if you took adequate steps to prevent and detect theft in the first place:
* you reviewed your accounts regularly for unauthorized activity
* you did not share your username, password, or other account information with a third party; you used a strong password; you did not leave your computer unattended while logged on to Vanguard's website.
* you took adequate steps to protect your computer against spyware and viruses.
* you did not respond to a fraudulent email
https://personal.vanguard.com/us/hel...dgeContent.jsp
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09-21-2017, 11:11 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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Quote:
Originally Posted by dallas27
Has anyone ever had password/identitytheft result in someone emptying your account(s)?
If this did happen, say from tdameritade, etc, is there any recourse assuming the criminal is untouchable?
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This article gives some good advice and links to various brokerage fraud policies.
https://www.cbsnews.com/news/how-to-...nternet-fraud/
Besides having a strong password, it's important to have alerts set up to notify you of any trade order or transfer of funds, or contact changes such as email, mailing address or phone number changes, and two-factor authorization where appropriate. This means you are at least notified if something is happening to you account that you did not initiate, and in the case of two-factor authorization, you have to respond for the activity to proceed.
__________________
Retired since summer 1999.
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09-22-2017, 02:56 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2014
Posts: 1,069
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Almost surprises me no one has a "story" with this, one would think it happens more than we know.
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09-22-2017, 04:12 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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The only fraud I seem to hear about with IRAs/401K are suspicious "private" investments that some people fall for.
__________________
Retired since summer 1999.
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09-22-2017, 07:40 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Des Moines
Posts: 1,371
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The unnamed company I used to work for would have made good on this, unless the owner did something really off to make this happen. It would have caused a bad public outcry to do otherwise. I can add this would be a very rare occurrence and it is the reason companies are always working on their security.
Check your accounts often!
__________________
Retired in 2013 and we are living the dream!
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09-22-2017, 08:13 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by iloveyoga
Check your accounts often!
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+1
No personal experience, but here's something I wouldn't have thought of: account plundered by ex-spouse.
https://benefitslink.com/boards/inde...pants-account/
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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09-22-2017, 08:17 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Nothing too surprising here, but this seems to be a decent checklist:
https://www.cbsnews.com/news/how-to-...nternet-fraud/
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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09-22-2017, 08:28 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Another reason I like my 1% Merrill Lynch account.
I can't even get my money. And believe me I've tried.
The only way is agent initiated transfer. I call and they transfer. I call and they transfer funds to my checking account.
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09-23-2017, 06:07 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Location: Des Moines
Posts: 1,371
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Quote:
Originally Posted by jazz4cash
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Yes, if you have given your ex-spouse access to the proper data.....
__________________
Retired in 2013 and we are living the dream!
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09-23-2017, 07:03 AM
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#13
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Recycles dryer sheets
Join Date: Feb 2011
Location: On a dirt road
Posts: 332
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Worked at a financial institution 15 years ago and had a situation where the wife had been making unathorized withdrawals from husband's IRA and running them through my F/I. I don't remember which company had the IRA, but the husband had to either suck it up or press charges against wife... Maybe she was a soon to be ex-wife.
__________________
"Up sluggard and waste not the day, in the grave will be sleeping enough." Benjamin Franklin
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09-23-2017, 08:21 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by iloveyoga
The unnamed company I used to work for would have made good on this, unless the owner did something really off to make this happen. It would have caused a bad public outcry to do otherwise. I can add this would be a very rare occurrence and it is the reason companies are always working on their security.
Check your accounts often!
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+1
The Megacorp I worked for would have done the same. It's not worth the negative PR.
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09-23-2017, 10:34 AM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by MRG
+1
The Megacorp I worked for would have done the same. It's not worth the negative PR.
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I don't see how the employer would be on the hook for ID theft at the 401k provider. I could see maybe the 401k provider would restore the stolen funds and press charges unless employer/employee was negligent.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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09-23-2017, 11:10 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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Quote:
Originally Posted by jazz4cash
I don't see how the employer would be on the hook for ID theft at the 401k provider. I could see maybe the 401k provider would restore the stolen funds and press charges unless employer/employee was negligent.
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Not what I'm saying.
I worked for a transfer agent who kept track of the ownership of other's mutual funds. It would be very bad for business if they were hacked.
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09-23-2017, 04:45 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,704
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OMG I scheduled my first withdrawal of dividends from my IRA account. So I plugged it in, put in 25% Federal withholding and 8% state withholding, and confirmed. Less than a second later I had a text and an email from Schwab asking me if I did this. I never knew that would happen, but I'm glad it did
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09-23-2017, 05:10 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Location: New York City
Posts: 2,838
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Quote:
Originally Posted by gayl
OMG I scheduled my first withdrawal of dividends from my IRA account. So I plugged it in, put in 25% Federal withholding and 8% state withholding, and confirmed. Less than a second later I had a text and an email from Schwab asking me if I did this. I never knew that would happen, but I'm glad it did
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This I like, Im going to call Vanguard on Monday and see if I can do some sort of "do not send any money to me without double checking."
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
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09-24-2017, 07:00 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2005
Posts: 6,098
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fidelity found my wife's account and password for sale on the dark web .
they have their own hacker team that looks for this stuff .
they locked our accounts and re-did everything .
they said they have other safeguards that would have triggered if the money was attempted to be moved but they can't elaborate on it .
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09-26-2017, 06:44 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,587
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Yes - it is a pet peeve of mine that we have all sorts of Federal protections for a "loss of funds" or "billing error" for Credit Cards and bank savings/checking accounts -- ie. the type of accounts that folks like us only have a few thousand dollars in.
The IRA/401k accounts, on the other hand, where our "big money" is stored, do not seem to enjoy any of these consumer protections.
I keep thinking that I should probably open up multiple IRAs at different companies so if any one is hacked, and I am not made whole, then it would limit the damage to my financial house.
-gauss
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