Sep 22, 2017
At Newport Group, we take the online security of our clients and their participant retirement accounts very seriously. Data security requires continuous adaptation, as the nature of online threats changes over time. These are some of the recent protocols we have put in place to help prevent unauthorized access to participant data:
Educating Plan Participants
- We are no longer using the Automated Clearing House (ACH) network for non-recurring distributions. Although ACH provides an efficient way to deposit monies into a participant's bank account, the security of an ACH transaction does not require the validation of an account holder. As an alternative, Newport Group can wire funds in those cases where expedited delivery is needed.
- After certain activities on an account (for example, a change of address), we have instituted a waiting period for requesting a distribution.
- We have implemented two-factor authentication (2FA), an enhanced security feature to help verify user identity. Upon login, participants are sent a one-time verification code. Even if a fraudster has a participant's user ID or password, 2FA makes it much more difficult for them to access their accounts or personal information.
- We continue to provide training to members of our Client Services and Participant Service Center teams on the latest security threats.
To help retirement plan participants protect all of their online data as well as their sensitive financial information, we have prepared a flier offering best practices on online security. Click here to download the flier.
If you have any questions, please contact your Newport Group representative.