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BMO Bank of Montreal

BMO Bank of Montreal

February 26, 2012 08:00 ET

BMO Retirement Tip of the Day: Protect Your Retirement Nest Egg Against Fraudulent Activity

TORONTO, ONTARIO--(Marketwire - Feb. 26, 2012) - As the February 29th deadline approaches to make a contribution to a Registered Retirement Savings Plan (RRSP) and as part of its ongoing commitment to improving financial literacy, BMO Financial Group will be providing daily retirement tips during the month of February from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement…And How To Rescue It.

Tip Number 49:

Understand the dangers and protect your retirement nest egg against fraud and theft

There are precautions you can take to protect your retirement savings against falling prey to fraudulent activity:

  • Protect your Personal Identification Number (PIN) - Memorize your PIN, keep it confidential and cover the keypad while punching it in to ensure no one sees it when you make a credit or debit card transaction. If you must write it down, never keep it in your purse, wallet or mobile phone contacts. Keep it somewhere safe and separate from your credit and debit cards.

  • Do not give out personal information - If you receive an email or call asking for personal information, be wary. Ask why it is being requested, how it will be used and how it will be protected. When in doubt, err on the side of caution and do not provide your information and do your own research by contacting the company directly to find out whether the request is valid or not.

  • Always review your statements - One of the easiest ways to spot fraud is to review your bank and credit card statements every month. If there are any transactions you do not recognize, contact your financial institution immediately.

  • Shred it - Rather than put mail with your name, address and any other personal information straight into the recycling bin, shred it first.

For more information on retirement: www.bmo.com/retirement.

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