Your 401(k) is the new identity theft target

A scammer impersonated a Colgate-Palmolive employee to steal $751,430 from a 401(k) account, highlighting the vulnerability of retirement plans to identity theft. The incident led to a lawsuit against Alight Solutions, Colgate's benefits committee, and BNY Mellon. The Government Accountability Office has called for new guidance on protecting retirement plan participant data.