Many of us are concerned about the Equifax Security Breach. Consumer Reports discusses the problem which included the following excerpt:
The two biggest investment companies, Fidelity and Vanguard, have voluntary online fraud policies that promise to reimburse assets stolen in unauthorized online transactions.
To get protection, Vanguard requires (and Fidelity requests) that you follow certain safeguards, which you should be doing anyway, including regularly reviewing your account statements and promptly reporting any errors or suspected fraud; keeping up-to-date security on any computer or other device you use to access your account (firewall, antispyware, and antivirus software); not responding to, clicking a link in, or opening an attachment in an e-mail that you suspect might be fraudulent and that requests personal financial information; and using two-factor authentication.
Many of us are concerned about the Equifax Security Breach. Consumer Reports discusses the problem which included the following excerpt:
The two biggest investment companies, Fidelity and Vanguard, have voluntary online fraud policies that promise to reimburse assets stolen in unauthorized online transactions.
To get protection, Vanguard requires (and Fidelity requests) that you follow certain safeguards, which you should be doing anyway, including regularly reviewing your account statements and promptly reporting any errors or suspected fraud; keeping up-to-date security on any computer or other device you use to access your account (firewall, antispyware, and antivirus software); not responding to, clicking a link in, or opening an attachment in an e-mail that you suspect might be fraudulent and that requests personal financial information; and using two-factor authentication.
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.
I miss the days when "being able to sleep well at night" referred to your asset allocation. Now, it's about whether your identity is going to get stolen or your retirement savings drained to nothing. Ugh.
* Make sure your user name, password, and answers to your security questions are unique and strong.
* Never share your user name, password, or other account-related information with anyone.
* Never store your user name, password, or answers to security questions in your browser.
* Clear any temporarily stored copies of online information by closing your browser after signing off. Do not leave your computer unattended while logged on to Vanguard.com.
That includes spouses using each other's sign-ins. If you want your spouse to have the authority to make transactions of your account, fill out and send in the Full Agent Authorization form. If you want your spouse to view your holdings only, use the Limited Agent Authorization form.
How can we expect Vanguard to maintain security on our accounts, if we don't we do our simple part?
Thanks, I've done this for both firms. Was a little surprised that Fidelity was a bit stronger. I chose an option where if someone tries to alter my personal info or make a transaction, a security code would be sent to my cell phone before that action could take place. VG doesn't have that process.
“Those who move forward with a happy spirit will find that things always work out.” -Retired 13 years 😀
Other brokerages may have similar protections. Schwab, for example, says they "will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity."
celia wrote: ↑Sun Sep 24, 2017 10:44 am
That includes spouses using each other's sign-ins. If you want your spouse to have the authority to make transactions of your account, fill out and send in the Full Agent Authorization form. If you want your spouse to view your holdings only, use the Limited Agent Authorization form.
How can we expect Vanguard to maintain security on our accounts, if we don't we do our simple part?
Currently, Mint (and other sites like Personal Capital) require that we give our username and password. Some banks are starting to give "read only accounts" that allow an aggregator to see account activity but not do anything else; meaning if someone hacked the bank, the only thing they could do is see our account balance.
Neither Vanguard nor Fidelity support this yet, but I've been thinking if we could use these "limited agent accounts" as a way to do it. Has anyone tried that?