Fidelity 401(k) Breach: A Stark Reminder to Secure Your Accounts Today

Описание: Timestamps:
0:00 2024 Fidelity Investments data breach
0:46 Enable multi-factor authentication on your accounts
1:07 Take a look at your passwords
1:19 A method to create strong passwords
2:40 Your email is the gateway to almost everything else online
3:00 Be cautious of phone calls or emails claiming to be from your bank or a trusted institution
3:23 Conclusion

Imagine checking your retirement account and seeing a zero balance.
That’s not a hypothetical. Late last year, Fidelity Investments experienced a data breach. Hackers reportedly exploited vulnerabilities in the company’s call center procedures, and in some cases, retirement funds were completely emptied. Fidelity did reimburse those affected—but lawsuits are now pending. And for the rest of us, this should be a serious reminder: our online security needs to be stronger than ever.

So how do we protect ourselves?
First, enable multi-factor authentication on your accounts. This means that even if someone gets your password, they still can’t log in without a second form of verification, such as a code sent to your phone or an app. It’s one of the simplest, most effective protections you can enable.

Next, take a look at your passwords. If you’re using personal details—like a pet’s name, a birthday, or your favorite team—it’s time for an upgrade.

Here’s a method to create strong passwords that are unique, yet easy for you to remember:
Choose a city you’d like to visit. Let’s say Atlanta.
Pick a future travel date—June 2025.
Select the number of times you have been there in the past - say Four.
Add a special character, like %.
Then choose a well-known person from that city—Jimmy Carter, for example.

Now let’s build a password for your favorite website - let’s say it’s Amazon:
First 3 letters of the city in uppercase: ATL
Four digits from the date: 0625
The fourth letter of the website name (for Amazon, that’s z)
Your special character: %
And the first four letters of the last name: Cart
Your Amazon password would be: ATL0625z%Cart

When your chosen date arrives on June 25, it will be a reminder it is time to update your password, with a new location and date. This keeps your system secure—and easy to manage.

Your email account is the gateway to almost everything else online. If someone gains access, they can reset passwords to your bank, investments, and more. So treat your email password with extra care. Make it strong, unique, and protect it with MFA.

Finally, be cautious of phone calls or emails claiming to be from your bank or a trusted institution. These so-called "social engineering" attacks are a common way for people to fall victim to fraud. If you receive a suspicious message, don’t respond directly. Instead, contact the organization using their official phone number or website.

Start by reviewing your passwords, enabling MFA, and staying alert to scams. You’ve worked hard to build your savings—let’s make sure you keep them safe.

Let me know what you think of this topic in the comments below. Thanks for watching!