Firm nabs employee who drained hundreds of thousands from 401(k)s

Case study

Three employees at a Northeastern regional firm reported unauthorized withdrawals from their 401(k)s. Because the firm had a Red Flags Rule program in place, it knew how to respond properly to this series of events and did not dismiss the reports as coincidental. When the firm contacted its 401(k) provider, the provider discovered two more potentially related cases. The firm's outside counsel contacted CyberScout Solutions to determine the point of compromise.