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WARNING – WARNING
By Staff Reporters
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A “retirement account scam” is a type of online fraud that occurs when a third party administrator (TPA) for retirement investment accounts is tricked into authorizing a money distribution to an imposter posing as the true account holder.
The imposter often starts the scam by calling the TPA, identifying himself or herself as an actual account holder, and requesting a withdrawal distribution form. Once the imposter receives the withdrawal distribution form, the imposter returns the completed form to the TPA. The form is completed with the account holder’s real personal identifying information (PII)—often stolen via schemes, data breaches, and other hacking offenses—and bank account information for an account controlled by the imposter or the imposter’s conspirators.
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After the TPA processes the fraudulent request, the request is forwarded to the investment firm responsible for managing the account holder’s investments, and the funds—often the account holder’s life savings—are then directed to the imposter’s designated bank account.
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Filed under: "Ask-an-Advisor", Accounting, CMP Program, Ethics, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing, Marcinko Associates, Portfolio Management, Risk Management | Tagged: abuse, financial abuse, fraud, hacks, imposter, IRA, money fraud, online fraud, online scams, PII, retirement account scam, Risk Management, scam, TPA | Leave a comment »
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