A New York retired nurse lost $43,000 of her life savings to bitcoin scammers, after transferring the money to them through a malicious computer pop-up – an unfortunate reminder to be vigilant when it comes to your money.
Retirement Tip of the Week: Be careful of what sites you trust, and if a pop-up or email looks fraudulent or concerning, have it checked – don’t immediately hand over your savings.
The woman, who was using her work computer, said she was told to send the money through wire transfer and “bitcoin ATM,” which converts dollars to cryptocurrency, The New York Post reported. The ad pop-up stated she had to move her money to a new location so that her computer would not be locked and her money stolen. Bitcoin ATM transactions can’t be reversed, Todd Maher, president of the financial crimes consulting firm BitSource AML Solutions, told ABC affiliate WKBW.
It is always important to vet your investment decisions in all accounts, but especially retirement savings. Cryptocurrencies need not be entirely avoided, but they should be treated as the risky assets that they are. Many advisers suggest keeping these investments to a minimum in retirement accounts and investing in them in a separate account. Investors should also be comfortable losing whatever amount of money they put into these alternatives, just as they would if they were gambling it at the casino.
In this case, however, savers need to be watchful of others trying to siphon their hard-earned dollars. Financial scams are common, and can affect retirement accounts, savings accounts and Social Security benefits, to name a few.
Want more actionable tips for your retirement savings journey? Read MarketWatch’s “Retirement Hacks” column
Pop-ups are a common fraud tactic — in some instances, they show up as a warning, as they did with this retired nurse, while in others, they might look like a virus or a text message notification.
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