American Funds, one of the largest US mutual fund companies with 20 million investors sent emails to 825,000 of these clients a letter to change their computer usernames and passwords due to the threat of the “Heartbleed” internet virus. Financial services dependent on technology Financial services firms go to great lengths to secure their technology but nonetheless even the most sophisticated technical setups are vulnerable. While the firm had “no information to suggest that investor passwords or account information had been compromised,” the mutual fund provided the advice “out of an abundance of caution.” “The risk, though quite remote, involves…
Mutual Fund Company Asks Clients To Change Passwords Amidst Virus
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.