TSP Account Security - PSA Warning

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TSP Account Security - PSA Warning

Post by evilanne »

bizkikr wrote: Thu Nov 24, 2022 9:38 am PSA W A R N I N G ! ! !

The new system change occurred because of lax internal controls resulting in TSP recipients having un-authorized withdrawals. This isn't FDIC insured, so a big loss doesn't guarantee you will be made whole. And un-authorized account access is still occurring. Have that account locked and ensure it's checked regularly. Withdraws should be hard but criminals are using sophisticated credential stealing ruses to make TSP recipients victims; still an ongoing issue. Worst, those losses are being covered by everyone else invested in the TSP funds. Ever wonder why the expense ratio keeps creeping up?
I think this deserves a new thread. I thought the new system was supposed to increase security but I know of one instance where the changeover resulted in theft of money from the TSP where the account was taken over & a loan was taken out for $99K. https://www.govexec.com/pay-benefits/20 ... ys/378871/. Anyone know of any other recent incidences of fraudulent activity?

This is what I found historically from doing a basic search:
January 2007 stole $35,000 from 23 users using keylogger
-https://www.computerworld.com/article/2 ... -plan.html
-https://www.marketwatch.com/story/feder ... line-theft
In a warning posted on its Web site, the TSP said federal employees and retirees who access their retirement savings account electronically "must be vigilant and protect their computers; the TSP cannot be responsible for their negligence."
May 2012 Hacked contractor computer, info 123K accounts, no reported losses
- https://www.washingtonpost.com/blogs/fe ... _blog.html
- https://www.securityweek.com/serco-quie ... ement-plan
April 2015 Audit - Potential Vulnerabilities in TSP security
https://www.govexec.com/pay-benefits/20 ... ay/110575/

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