Groom principal and firm chair, David Levine, was quoted by Ignites in the article, “Attempted Account Takeovers Reach $135M.” The article highlights that fraudsters are increasingly active in trying to take over retirement and other financial accounts. Using data from Limra, the article reports that, from January-September, 2025, there was a 53% increase in account takeover attempts that targeted $135 million dollars and half of the reported incidents involved defined benefit or defined contribution accounts.
Acknowledging that “[f]raudsters’ attempts to gain access to others’ accounts and then siphon away the money is not abating,” Levine commented, “’It’s a constant game of cat and mouse’” and “[a]ccount takeovers are one of the reasons recordkeepers spend so much on continuously improving technology.”
To read the article, click here.
