Connect with participants about cybersecurity

Participants are aware of cybersecurity risks, and they’re looking to financial service providers to give them tools and information to protect themselves against cybercrime.

Americans are worried about retirement plan security

More than half of Americans in a recent survey said they were very concerned or somewhat concerned about the security of their workplace retirement plan account.1 Here’s an opportunity to make sure participants are engaged in retirement plan activities that can help them protect themselves.

Encourage participants to use online accounts

Despite being concerned, 40% of consumers monitor their accounts less than quarterly, if at all.2 Your clients may want to periodically remind participants to log in and monitor their accounts and offer tips about what to check and how to take action if anything seems suspicious. For the 60% of participants who say they’re checking for fraud at least once a quarter, further engage them with online resources that can help them become more successful retirement savers.3

Security and asset consolidation

When discussing asset consolidation, we often communicate the benefits of managing total retirement savings in one account, rather than keeping track of multiple accounts. Reducing the risk of financial fraud can be another benefit of completing a rollover—60% of participants say they would move money from old accounts so they can more easily monitor for fraud.4 It may make sense to highlight security when discussing rollovers with participants.

Participants want cybersecurity information

Not only are consumers worried about financial fraud, but they’re also hungry for knowledge about what they can do to prevent it: 67% say they’d like to learn more about steps they can take to combat fraud, and they list financial service providers as the source from which they would most like to receive that information.5 68% want financial service companies to share more information about what they’re doing to combat fraud.6

Share cybersecurity tips with participants, and highlight the security expertise of their retirement plan provider. Consider working with your clients to develop new resources to meet this desire for knowledge. Participants are worried and looking for information—take the opportunity to be the resource they need.

1 LIMRA, Financial Fraud & Retirement Accounts, 2018.
2 Ibid.
3 Ibid.
4 Ibid.
5 Ibid.
6 Ibid.