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Hackers Take $1.4M From Connecticut 529 Plan

TedTed
in Fund Discussions
FYI: Hackers breached 21 Connecticut Higher Education Trust (CHET) accounts and withdrew $1.4 million, according to Connecticut’s State Treasurer Denise Nappier.

Nappier said her office received word of the breach from the TIAA-CREF Tuition Financing Inc. (TFI), which is CHET Direct’s program manager. CHET Direct is a 529 college savings plan with more than $3.6 billion in assets under management and approximately 150,000 accounts.
Regards,
Ted
https://www.fa-mag.com/news/hackers-take--1-4m-from-connecticut-529-plan-39586.html?print

Comments

  • Sven
    a total of 44 unauthorized withdrawals
  • Sven
    Where is the safeguard to prevent this unauthorized transactions?
  • Old_JoeOld_Joe
    Ummm... Let me get back to you on that.
  • CrashCrash
    (Listening to my own blood boil.) Worthless scum, lower than worms, would do a thing like this.
  • VintageFreakVintageFreak
    I am still not getting it completely.

    Unless you can prove withdrawals were used for school, taxes are due. I think IRS should go after them.

    More importantly, all companies want customers to "go digital". Apparently it is for THEIR benefit. It's not. It's for the Company's benefit because it reduces their costs.

    Any company that wants you to go "paperless" - why is there no certification required from Government that qualifies their systems as being secure for everyone to conduct business online? Or maybe there is and I don't know about it?

    TIAA-CREF. I have an account with them. This is an institution that has existed for ages. If they are not secure...

  • VintageFreakVintageFreak
    edited July 2018
    Crash said:

    (Listening to my own blood boil.) Worthless scum, lower than worms, would do a thing like this.

    Robin Hood is fiction. But you already know that. However, I would still reserve the choice 4-letter word you used for officials in OK who gave the Oil companies $198MM of tax breaks they didn't need to send their kids to private schools (which they already did), to suffer a $200M shortfall to the public school system, requiring teachers to beg for paper and pen money at the curbside of gas stations.

  • CrashCrash
    VintageFreak said:

    Crash said:

    (Listening to my own blood boil.) Worthless scum, lower than worms, would do a thing like this.

    Robin Hood is fiction. But you already know that. However, I would still reserve the choice 4-letter word you used for officials in OK who gave the Oil companies $198MM of tax breaks they didn't need to send their kids to private schools (which they already did), to suffer a $200M shortfall to the public school system, requiring teachers to beg for paper and pen money at the curbside of gas stations.

    AGREED.
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