Consumers' fear of credit card fraud over retirement plan fraud is a "dangerous blind spot," as retirement plan frauds are on the rise, warns a LIMRA Secure Retirement Institute study published Monday.
The study, Financial Fraud and Retirement Accounts: An Opportunity to Engage, Educate and Build Trust, showed that 83% of American cardholders are concerned about credit card fraud but only 53% of retirement plan savers expressed worries over fraud in their retirement plan.
The incidence of fraud is increasing among individual life insurance contracts, individual annuities and defined contribution retirement plans, LIMRA SRI found.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
