Fraud vs. cybersecurity: What’s the difference?
Understanding the fundamental differences between fraud and cybersecurity is essential.
Fraud is an intentional act of deception designed to secure unlawful financial gain or benefits. It often involves manipulation or deceit to trick individuals or organizations into making financial transactions or revealing sensitive information. In the context of retirement, fraud can take many forms, such as investment scams or elder abuse.
On the other hand, cybersecurity refers to the practices implemented to protect electronic data from unauthorized access or damage. It includes strategies to safeguard personal and financial information against cyber threats such as hacking or phishing. In the retirement planning context, robust cybersecurity measures are vital to prevent unauthorized access to retirement accounts.