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Life Health > Annuities

Identity Thieves Are Trying to Loot Annuities

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Officials at the Nebraska Department of Insurance say they see the identity theft crisis starting to affect the annuity sector.

The Nebraska department put out a consumer alert in July, after it heard of malefactors making “numerous attempts” to get into annuity contracts owned by Nebraska residents. 

(Related: Cybersecurity Still Top Compliance Concern for Advisors: Poll)

Since then, the department “has learned that several of these attempts have been made on policies held by individuals across the country,” officials say.

The attacks involved had the annuity contract numbers as well as the holders’ Social Security numbers and dates of birth.

Insurers and insurance regulators have worked to improve data security in recent months.

The new measures seem to be preventing at least some of identity thieves from getting at the annuity assets, officials say.

Nebraska officials are asking agents, insurers, annuity owners and others to contact the department’s fraud prevention team if they hear about any additional efforts by identity thieves to loot consumers’ annuity contracts.

—-Read Your Social Security Number Now Looks Like a Time Bomb. It Is on ThinkAdvisor.

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