Cybersecurity for Retirees: Protecting Your Financial Future

By George McFadden

In today’s digital world, protecting your retirement savings isn’t just about making smart investment choices. As more retirees turn to online banking, digital investment management, and electronic communications, the risks posed by cyber threats continue to increase. Let me share some essential strategies to help protect your hard-earned savings.

Common Financial Scams Targeting Retirees—And How to Avoid Them

Retirees are prime targets for scammers due to their accumulated wealth. Here are some of the most common schemes I see targeting my clients:

  • Phishing Emails: Fraudsters pose as legitimate companies to trick you into revealing personal information. Always verify the sender’s email before clicking on any links.
  • Tech Support Scams: Scammers pretend to be tech support agents, offering to “fix” a nonexistent issue. Never give control of your computer to anyone unless you’ve verified their authenticity.
  • Investment Fraud: Be wary of unsolicited investment offers promising unrealistic returns. Always consult with a trusted financial advisor before making investment decisions.

How to Avoid Scams

  • Never share personal information through email or over the phone unless you’ve initiated the contact.
  • Sign up for fraud alerts through your bank.
  • Regularly check your financial statements for suspicious activity.

Best Practices for Online Banking and Investment Management

Protecting your accounts requires vigilance and good habits:

  • Use Strong Passwords: Create complex, unique passwords for each account. Consider using a password manager to store them securely.
  • Enable Two-Factor Authentication (2FA): This adds an extra layer of security by requiring a second form of identification.
  • Monitor Accounts Regularly: Check your bank and investment accounts frequently for unusual activity.
  • Avoid Public Wi-Fi: Never conduct financial transactions on public networks unless using a secure VPN.

Securing Your Personal and Financial Information

In my experience working with retirees, these security measures are crucial:

  • Keep Software Updated: Ensure your operating system, antivirus, and all apps are current with the latest security patches.
  • Protect Physical Documents: Shred bank statements, credit card offers, and other sensitive documents before discarding.
  • Be Social Media Savvy: Avoid sharing personal information that could be used to answer security questions.
  • Use Official Apps Only: Download financial apps only from official sources like the App Store or Google Play.

Staying Informed About Evolving Cyber Threats

Cyber threats continue to evolve, and staying informed is your best defense. I recommend:

  • Following your financial institutions’ security updates
  • Consulting trusted resources like USA.gov for the latest scam alerts
  • Discussing security concerns with your financial advisor
  • Attending community cybersecurity workshops when available

Work With a Trusted Professional

Are you ready to optimize the full value of your retirement assets? 

I have a passion for helping others. In my role as a retirement planning specialist at Retirement Protection Solutions, working diligently and methodically with my clients, I’m able to fulfill this passion while helping them gain confidence in a sustainable financial future. 

I truly believe that goals are the most important part of a retiree’s financial portfolio, and I work daily to create strategies to fulfill those goals. My ultimate mission is for each and every one of my clients to retire stress-free. 

To schedule a meeting, call (216) 272-2333, email [email protected], or make an appointment online.

About George

George McFadden is the principal at Retirement Protection Solutions, a financial advisory firm in the Greater Cleveland area focused on guiding clients in the “Retirement Red Zone”—those nearing or entering retirement who need protection, reasonable growth, and guaranteed retirement income. With over 25 years of experience working alongside top financial advisors across the U.S., George saw a significant gap in traditional retirement planning. His mission is to fill that gap by helping clients protect their hard-earned savings and create a reliable retirement paycheck that lasts for life.

Many advisors offer a broad array of investment services that expose clients to market risk, often leaving those approaching retirement vulnerable. George’s value proposition is different: he emphasizes protection, ensuring clients don’t lose their principal, and offers guaranteed retirement income solutions to provide lasting confidence and peace. In partnership with Retirement Realized, George brings clients strategies that focus on safety and security, designed specifically for those who want to retire stress-free without relying on risky market-driven approaches. George is passionate about educating retirees on their income options, answering their questions, and separating fact from fiction. He believes the best benefit he provides to clients is a guaranteed retirement income that lets them sleep soundly at night.

Outside of the office, George enjoys golfing, biking, hiking, fly fishing, and boating. He is also deeply committed to supporting research for a cure for Type 1 Juvenile Diabetes, inspired by his daughter’s battle with the disease. To learn more about George, connect with him on LinkedIn.