Click, click, there goes your retirement account

Bob Sullivan of MSNBC has a very scary story concerning getting your retirement account wiped out by a digital thief:

One moment Dave DeSmidt had $179,000 in his 401(k) retirement account, the next he had nothing. In an instant, 25 years of savings had disappeared.

With a few clicks, someone raided DeSmidt’s retirement account with J.P. Morgan & Co and ordered a full disbursement to a private checking account.

Then came the really bad news. While credit card and online banking accounts are legally protected in the event of fraud, DeSmidt’s brokerage account came with no such insurance. Two months after the theft, his balance still read $0.

READ THE FULL STORY

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