Monday, November 10
Scam Alerts & Security
“The New Scam Targeting Seniors’ 401(k)s - And How to Stay One Step Ahead”
Last week, a close friend called me in a panic. She’d received what looked like an urgent message from her 401(k) provider, “Account access suspended. Click here to verify.”
She almost did.
But something stopped her, a small hesitation that saved her from losing tens of thousands. These scams have become so convincing, even seasoned investors are getting caught. Let’s walk through what’s happening, and how to protect what you’ve earned. 👇
🌟 Today’s Highlights
The new wave of 401(k) and retirement scams spreading online
What red flags to look for before clicking or responding
How to lock down your accounts and monitor them safely
📊 Stat of the Day:
According to the FBI’s Internet Crime Complaint Center, Americans over 60 lost over $3.4 billion to scams in 2023 alone, a record high. (Source: FBI IC3 Report 2023)
Crash Expert: “This Looks Like 1929” → 70,000 Hedging Here
Mark Spitznagel, who made $1B in a single day during the 2015 flash crash, warns markets are mimicking 1929. Yeah, just another oracle spouting gloom and doom, right?
Vanguard and Goldman Sachs forecast just 5% and 3% annual S&P returns respectively for the next decade (2024-2034).
Bonds? Not much better.
Enough warning signals—what’s something investors can actually do to diversify this week?
Almost no one knows this, but postwar and contemporary art appreciated 11.2% annually with near-zero correlation to equities from 1995–2024, according to Masterworks Data.
And sure… billionaires like Bezos and Gates can make headlines at auction, but what about the rest of us?
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23 exits. Net annualized returns like 17.6%, 17.8%, and 21.5%. $1.2 billion invested.
Shares in new offerings can sell quickly but…
*Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.
💡 Today’s Insight: The “Trust Trap”
Cybercriminals are getting smarter, and more patient. Many 401(k) scams begin with months of quiet phishing attempts before a big strike. Here’s what you need to know:
1️⃣ The Fake Provider Email
Scammers copy the exact logos and tone of real financial firms like Fidelity or Vanguard. They’ll ask you to “log in” via a fake link. Always go directly to the official site instead, never through an email link. (Fidelity: How to Spot Fake Emails)
2️⃣ The “Advisor” Impersonation Call
Some even call pretending to be your retirement plan manager, using public info to sound legitimate. Real advisors will never ask for your password or PIN over the phone. (AARP Fraud Watch: Imposter Scams)
3️⃣ The Phishing Text Message
Text messages claiming “Your retirement account is frozen” are on the rise. Don’t click. Verify by calling your plan provider directly. (FTC: Recognizing and Avoiding Phishing Scams)
4️⃣ Secure Your Accounts Now
Turn on two-factor authentication, set strong passwords, and monitor your retirement balance weekly. (Investor.gov: Protecting Your Retirement Accounts)
Protecting your nest egg is less about paranoia, and more about vigilance. These steps take minutes but can prevent years of financial heartache.
🔑 What You Can Do Today
Review your latest 401(k) provider emails and delete any suspicious ones.
Log in directly (not through email links) to verify your account status.
Enable two-factor authentication if you haven’t yet.
Share this warning with one friend who’s retired or planning to retire.
📬 Question for you:
Have you (or someone you know) received a “too real” email or call about your retirement account lately? How did you spot it?
Reply and tell me, I’ll include a few real examples in next week’s Scam Watch edition.
💌 PS: If this email landed in your Promotions tab, drag it into “Primary”, it’s one of the simplest ways to make sure you never miss an alert that could protect your money.
Stay sharp and stay safe,
Sarah