Compliance Corner: Trusted Contacts Amid COVID-19
The COVID-19 pandemic has forced many people to stay at home. Although this has provided people with the opportunity to spend more time with their families, it has also taken a toll on income and finances. To continue making payments on expenses, such as mortgages and bills, some investors have had to tap their retirement accounts for extra funds.
Under the CARES Act, there are various forms of relief available. More people are accessing accounts online to determine where to pull money and how much, which could lead to an increase in cybercriminal activity. Before you decide to use funds from your retirement to pay for current expenses, reach out to your Fort Pitt client service team. Not only can we help guide you through the process, but we can also work with you to designate a Trusted Contact to use if/when questions come up or something looks suspicious.
Investors should also protect their private information when using video-sharing technology. These platforms are a great way to keep in touch with friends and family while spending so much time at home, but they can also be an easy way to inadvertently leak private information. Prior to using any video-sharing technology, close any browsers that may have personal information and make sure there is no private information in view of the camera.
For more information on the importance of having a trusted contact in place, visit our other compliance corner blog.