Cybersecurity & Fraud Protection
Protecting Participants. Securing Retirement Assets.
ERISA SMART combines advanced identity verification technology with professional fiduciary oversight to prevent fraud, detect threats, and safeguard retirement savings before assets leave the plan.
A Proactive Approach to Plan Security
We don't wait for fraud to happen. We stop it before retirement assets ever leave the plan.
ERISA SMART utilizes its affiliated technology company, Participant I.D., to strengthen cybersecurity, prevent fraudulent distributions, and protect sensitive participant information. By combining innovative security technology with professional fiduciary oversight, we take a proactive approach to protecting participant data, preventing financial fraud, and safeguarding retirement savings.
Powered by Participant I.D.
Through advanced biometric facial recognition, identity verification, and fraud detection technology, Participant I.D. adds an additional layer of security to the retirement plan distribution process — helping ensure that funds are released only to properly verified individuals.
Biometric Facial Recognition
Identity is verified using biometric facial recognition technology, making it significantly harder for bad actors to impersonate participants and access retirement funds.
Identity Verification
Multi-factor identity verification goes beyond traditional documentation, detecting compromised credentials and flagging suspicious activity before distributions are processed.
Fraud Detection Technology
Advanced fraud detection algorithms analyze distribution requests in real time, identifying patterns consistent with identity theft, impersonation, and account takeover.
Fiduciary Oversight
Technology alone is not enough. Our fiduciary team reviews flagged activity and applies professional judgment to protect participants and plan sponsors from liability.
Key Threats We Address
Traditional distribution processes rely heavily on personal information and documentation that can be compromised. ERISA SMART and Participant I.D. are designed to detect and prevent the most common — and most costly — retirement plan fraud threats.
Identity Theft
Stolen personal information is used to impersonate participants and initiate fraudulent distributions. Our biometric verification stops impersonators before funds are released.
Account Takeover
Cybercriminals gain unauthorized access to participant accounts through phishing, credential stuffing, or social engineering. We detect and block suspicious access attempts.
Fraudulent Distributions
Unauthorized withdrawal requests are one of the most direct threats to participant retirement savings. Our verification layer ensures only legitimate participants can initiate distributions.
Phishing & Social Engineering
Participants and plan administrators are targeted by sophisticated phishing schemes designed to harvest credentials and personal data. We add verification checkpoints that phishing cannot bypass.
Impersonation
Bad actors impersonate participants using stolen documents and personal information. Biometric facial recognition makes impersonation exponentially more difficult.
Data Breaches
Sensitive participant data — Social Security numbers, addresses, account details — is a high-value target. We help plan sponsors implement controls that limit exposure and detect unauthorized access.
DOL Cybersecurity Guidance
The Department of Labor Has Made Cybersecurity a Fiduciary Obligation
In 2021, the U.S. Department of Labor issued its first-ever cybersecurity guidance for retirement plans, making clear that plan fiduciaries have an obligation to protect participant data and plan assets from cyber threats. The guidance covers three areas: cybersecurity program best practices, tips for hiring service providers with strong security practices, and online security tips for participants.
Fiduciary Duty Includes Cybersecurity
The DOL has made clear that ERISA's fiduciary duty of prudence extends to cybersecurity. Plan sponsors who fail to implement adequate controls face potential liability for participant losses.
Service Provider Due Diligence
Plan sponsors are expected to evaluate the cybersecurity practices of their service providers. ERISA SMART and Participant I.D. are designed to meet and exceed DOL expectations.
Ongoing Monitoring Required
The DOL guidance emphasizes that cybersecurity is not a one-time exercise — it requires ongoing monitoring, annual reviews, and prompt response to identified threats and incidents.
Protect Your Plan and Your Participants
Contact ERISA SMART to learn how Participant I.D. and our fiduciary oversight services can strengthen your retirement plan's security posture.
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