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How to Protect Your Retirement Account from Hackers

Are you worried your retirement accounts may get hacked? Don't panic. Here are the best ways to save your retirement funds from cybercrime. Click here to know more.

  • 3,239 Views | Updated on: Jan 15, 2024

While cybercrime may not be a new phenomenon, individuals are certainly getting crafty at committing crimes. From fake bank calls and identity theft to cloning cards, they always find a new way to commit crimes. Often senior individuals are targeted. With a sizeable corpus in their accounts and a lack of knowledge to secure them, they become the easy bait for scamsters.

However, securing your accounts isn’t as hard you may imagine it to be. Just using a few tips can help you secure your accounts and keep them protected from fraud.

Here are a few ways to save retirement funds for cyber theft.

1. Use Trustworthy App or Website

Thanks to digitisation, most people use bank websites and apps to invest and save. It is vital to use a trustworthy app or website to access your accounts. Here are few tips-

  • Download the banking app on your smartphone by accessing it from the bank’s website instead of searching for it on the Play Store or the App Store.
  • Make sure the website you use for your transactions is SSL protected. You can easily find that out by looking at the complete URL of the website. If the website is prefixed by HTTPS, it means it follows SSL protocol. If it’s just SSL, avoid using the website.

2. Beware of Clickbait Adds

Clickbait ads on some sites can be a virus or a trojan horse for banking theft. You should never click on random ads or open emails that don’t seem authentic. Usually, banks always mention that they don’t send out emails asking for account details or regarding any promotional offers.

3. Don’t Share Sensitive Information

Senior citizens and retirees often need to speak to a banking official to resolve their queries. Please note that no bank official will ever ask you for sensitive information such as passwords, OTP, credit card details, etc. It is necessary to protect yourself from these fake calls. Never share your account details or card details with anyone on the phone or via the internet.

4. Choose Strong Passwords

To make their life easier, many people often set easy-to-guess passwords making them prone to account hacking. When it comes to passwords, follow the below rules-

  • Don’t share or send your password to anyone.
  • Your password should never be your birth date, name, or publicly available information that can be guessed easily.
  • Use a combination of letters, numbers, and special characters to ensure your password strength is strong.
  • Always protect your laptop, mobile or any other device with a strong password and genuine antivirus software.

5. Review Your Account Activity Regularly

Even if you already get a text message every time you make a transaction, you should always check your e-statements regularly and check for any discrepancies. Notify the bank or the concerned party if you notice any discrepancy.

Live a Worry-Free Retirement Life

You have worked hard to accumulate a sizeable corpus for your retirement years. Make sure you follow these tips and keep it secured and protected from fraudsters. Some banks also give you a dedicated relationship manager to handle all your accounts. This can help you protect your accounts.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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