If your investment money gets hacked, are you protected?
A national consumer group says it’s an area where consumers now need to be more vigilant.
Here are the responses from the company's mentioned in NBC 5 Respond's report Tuesday.
T. Rowe price:
T. Rowe Price is committed to protecting our clients’ accounts to ensure that their communications and transactions with us are secure and protected. Safeguarding the security and privacy of our clients’ information is our utmost priority. We have a comprehensive fraud prevention program and employ a variety of measures to protect client information, including encryption, 2-factor authentication, and stringent user name and password requirements. Situations involving the unauthorized disbursement of funds from a client’s account will be fully investigated, with the goal of recovering the funds and re-investing the money in the client’s account.
Vanguard:
Statement: Protecting our clients and their data is Vanguard’s top priority. Our comprehensive cybersecurity program, fraud prevention efforts, and account safeguards make Vanguard a leader in the industry when it comes to protecting client assets and information.
Local
Can also use: For your own background, when we identify a potential fraud case, we take immediate steps to protect investors from loss. In most cases, we are able to shut down attempted fraud before it occurs. In other instances, we are able to recover the assets. And in a still smaller subset of cases, if we are not able to recover the assets, then on a case by case basis – and depending on the circumstances – we will reimburse the client.
Fidelity:
At Fidelity, we take security very seriously and closely monitor the online environment. Fidelity has a range of safeguards and multiple layers of security in place to protect customer accounts and information, our sites, and systems. For security reasons, some of these protections are visible, some are not.
We believe that applying multiple layers of protection is a “best in class” approach. That’s why, as part of our regular security measures, we monitor accounts to protect against fraudulent activity and require additional authentication steps for certain online transactions. Additionally, we provide customers with information about some of the ways we protect them and ways that they can protect themselves, at www.fidelity.com/security. Similar information is available on NetBenefits.
We also offer the Customer Protection Guarantee (CPG). Under the terms of the Guarantee, we will reimburse Fidelity accounts for losses due to unauthorized activity if we conclude that the activity occurred through no fault of the customer (or, for Workplace Investing customers, i.e., those in 401(k), 403(b) plans, etc., through no fault of the customer or their employer). Please note that certain exclusions apply to the Guarantee, such as if the loss is the fault of any party to whom the customer has given access to or control of his or her account. For more about the Guarantee and its coverage and exclusions, please see https://www.fidelity.com/security/customer-protection-guarantee.
Edward Jones:
We take our clients’ security seriously. We're regularly enhancing our security standards and fraud protection protocols for the clients we're privileged to serve. We don't have requirements for our clients to qualify for protection. Instead, we have a dedicated team that reviews potential fraud cases, on a case-by-case basis, and when fraud occurs, we work with our clients to take the appropriate steps to protect them from loss.
Merrill Edge:
We always want our clients to feel safe doing business with Merrill Edge, and we work hard to protect our clients’ information and the assets that they entrust to us. As a commitment to our clients' online account security, we offer this guarantee: We will reimburse our clients for quantifiable monetary losses that occur through Merrill Edge® due to unauthorized third party activity and subject to the conditions outlined below and on this page of our website: (https://www.ml.com/privacy-and-security-center/merrill-edge-fraud-protection.html).
Any instance of alleged unauthorized activity is reviewed carefully on a case-by-case basis. It is important for us to have a working partnership with our clients that enhances their online account security. We ask that clients take reasonable measures to protect against unauthorized online access, including the following (in summary). In order to be eligible for our guarantee, clients must:
• Frequently review their online account information and report any suspected unauthorized activity within 60 days
• Take reasonable steps to safeguard their online access information, including Login ID, passwords and other access codes
• Cooperate with us in any investigation of suspected unauthorized activity
• Learn the importance of Protecting Yourself
Within the “Protecting Yourself” link, we provide tips and guidelines as suggestions (not requirements) for how consumers may protect themselves. In general, these fall into five main categories, which are standard practices:
• Creating passwords and PINs not easily associated with you
• Using caution with email and websites
• Discussing the risks of identity theft and fraud with your family
• Safeguarding your at-home information, such as hard copy account statements
• Understanding Mobile Device Security
(The “Fraud Protection Guarantee” can be reviewed in full on our site here https://www.ml.com/privacy-and-security-center/merrill-edge-fraud-protection.html.)
TD Ameritrade:
Clients entrust their assets to us and we work hard to protect their accounts against unauthorized activity. Incidents of unauthorized, fraudulent activity are very difficult for those impacted, and we understand that. That’s why we have the policy. TD
Ameritrade investigates every matter and evaluates it based on the specific facts and circumstances to determine if the Asset Protection Guarantee applies.
We are committed to protecting the assets clients entrust to us. For more information about the Asset Protection Guarantee, please visit: https://www.tdameritrade.com/security/asset-protection-guarantee.page
Charles Schwab:
Charles Schwab maintains rigorous cybersecurity and fraud prevention controls to secure our clients’ accounts. We want our clients to have the highest level of confidence when doing business with Schwab which is why we offer a simple guarantee (Schwab.com/guarantee) - we will cover 100% of any losses in a Schwab account due to unauthorized activity.
TIAA:
The information contained in the article on TIAA’s fraud reimbursement policy is inaccurate. In the event of fraud, our practice is to reinstate a client’s TIAA account in full, if there is a loss that is determined to be the result of unauthorized activity, through no fault of the client.
American Funds:
We have an important role in protecting our investors and intermediaries against fraudsters and other bad actors who would attempt to harm them. We work closely with law enforcement and other experts to be aware of current developments to help ensure the safety of the personal information of our investors and intermediaries. More information is available on the recently updated Security section of our website.
