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Keep the cyber crooks’ hands off your estate funds

On Behalf of | Jun 26, 2020 | Estate Planning

Your nest egg may have grown comfortably, and you want it to be there for you when you need it. You most likely also want assurance that your heirs receive the amount left in the account after you pass away. Unfortunately, cybercriminals may have other intentions for your estate funds. 

As noted by MarketWatch, hackers often favor bank accounts, but retirement accounts and other long-term financial programs also provide attractive targets. An infrequently checked account may appear more vulnerable to a cyber crook. You can, however, take steps to help protect your accounts from hackers. 

Review long-term accounts more often and set up notifications 

Review all your accounts regularly, not just your checking and credit card accounts. Look over everything to make sure nothing has changed and no unfamiliar transactions or logins show. 

You can also set up your account to notify you when a transaction, password change or login occurs. Contact your account’s security or compliance department as soon as possible if you notice anything unusual. 

Use hard-to-guess passwords and two-factor authentication 

Use passwords a hacker could not surmise from any of your personal information. Although they are easy to remember, combinations of consecutive numbers and your initials may not provide the optimal amount of password security. 

Some of your accounts may already have two-factor authentication as a default sign-in procedure. If available as an option choice, this adds an extra layer of protection. It requires anyone accessing your account to enter two forms of identification: a password followed by a unique one-time code sent to the predesignated email, cellphone or landline. 

Stay up to date while also planning ahead 

Lessen the chances of your accounts getting hacked by staying current with the most up-to-date operating systems, browsers and program versions. Updates frequently address newfound vulnerabilities that cybercriminals can otherwise exploit. 

Besides remaining current, plan for the future. In addition to safeguarding your own retirement nest egg, the security of your financial accounts may also affect what your heirs receive. Maintaining optimal security and trustworthy stewardship of your accounts helps ensure that your wishes regarding your heirs proceed as you intended.