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In this issue:

• From Anthony's Desk
• Stay focused when it comes to your personal finances, goals
• The evolution of AI and its impact on scams
• Multifactor authentication protects your accounts

From Anthony's Desk

Welcome to your Proactive newsletter for March 2025.

We know from experience you must thoughtfully make many small steps in your retirement journey.

Our vision at the Michigan Office of Retirement Services (ORS) is focused on your empowerment in traversing everyday life.

The reality is we encounter uncertainty at times in our lives. Change is a constant.

When you are facing unsettling matters unfolding in real time, it’s good to have trusted advisors for timely advice when it comes to your personal finances and matters.

Voya Financial is our trusted partner at ORS. We contract with Voya to administer, advise, and provide information on the State of Michigan 401(k) and 457 Plans.

Voya’s learned and overarching advice is to stay the course when navigating market volatility, with information, tools, and resources that assist.

When it’s personal and it’s your money, you deserve to find steadiness and confidence.

Know we are here as you aspire and work for a secure today and successful tomorrow.

Anthony Estell, executive director
Michigan Office of Retirement Services

Stay focused when it comes to your personal finances, goals

Life happens, even with the most thought-out plans.

You’ve got plenty to deal with, especially when there are distractions or other things competing for your attention.

Do your best to stay focused when it comes to your personal outlook, finances, goals, and retirement savings.

Here are some time-tested strategies to help:

• Review your budget and make adjustments when necessary.
• Get your family, trusted others, and certified financial professionals involved.
• Make things automatic when saving.
• Manage your money better by putting some aside for major milestones.
• Be ready for the unexpected with an emergency fund.
• Pay down debt to save on interest and fees, build credit, and increase your net worth.  
• Seek opportunities for extra cash or income.
• Focus on what’s most important at every stage of your life.
• Stay motivated by improving your financial confidence.
• Remain educated, with no-cost options such as:
  • Voya Financial’s Voya Learn.
  • Michigan Department of Treasury’s MI Money Matters.
  • Consumer Federation of America’s America Saves.

Gain more informative tips, suggestions, and ideas from the Michigan Office of Retirement Services social media channels — Facebook, Instagram, and X — particularly during America Saves Week (April 7-11), Financial Literacy Month in April, and National Retirement Security Month in October.

The evolution of AI and its impact on scams

Artificial intelligence (AI) has evolved rapidly in recent years, with large language models, like ChatGPT, enabling computers to respond in human-like ways. These advancements allow AI to create art, generate videos, and even mimic real human voices. However, scammers quickly recognized AI’s potential for fraud, using it to create highly convincing scams that are harder to detect.

AI-powered scams

• Deepfakes and voice cloning: Scammers can use AI to replicate voices from social media, then call you while spoofing the number of a loved one. Hearing a familiar voice may trick you into sending money.
• Phishing attacks: AI can generate emails that appear authentic, mimicking messages from trusted sources like banks or government agencies, often pressuring you to act quickly.
• Fake social media profiles: AI can create fake social media accounts that look real. Scammers use these profiles to build trust with you before scamming you for money or personal information.
• Fake websites: Scammers can use AI to create websites that may seem legitimate. They may also embed AI-powered chatbots in these websites to prompt you to click on malicious links.

Recognizing a scam

Look for red flags like:

• Pressure to act immediately.
• Requests for unusual payment methods (gift cards, wire transfers, cryptocurrency).
• Requests for personal or financial information.

Protecting yourself

• Be cautious about unsolicited calls or messages. If you receive a suspicious call, hang up and contact the person or organization directly using a number you know is legitimate.
• Create a code word with your loved ones. A prearranged code word can help verify the identity of someone claiming to be a family member or trusted contact.
• Investigate suspicious emails. Look for misspellings in the sender’s email address or in the body text and be wary of unexpected attachments or links.
• Use multifactor authentication on your accounts. An extra layer of security can help protect your online accounts even if your password is compromised.
• Report fraudulent transactions immediately. If you suspect you have fallen victim to a scam, contact your bank or payment service right away to report the incident.

AI is evolving fast, and scammers are evolving with it. Stay informed, be skeptical, and use extra security measures to protect yourself and your retirement from these new threats.

Multifactor authentication protects your accounts

To protect your account, you use multifactor authentication through MiLogin to access your miAccount. When you attempt to log in, you will receive a code via text, phone call, or email regarding accessing your MiLogin account. This ensures any attempts to access your account are legitimate. 

If you’re registered for multifactor authentication and receive a code via phone call, text, or email that you did not initiate, delete the message and consider changing your password right away. Even if someone has your password, they won’t be able to get into your account without the second authentication step. Monitor your accounts regularly; otherwise, you could miss early warning signs of fraudulent activity. Learn how you can keep yourself cyber-safe by visiting the Cybersecurity & Infrastructure Security Agency website. 

The Michigan Office of Retirement Services (ORS) will never email or text you asking for verification of personal information like your Social Security number, member ID, birth date, or other account details. The only secure online method of contacting ORS is through the miAccount Message Board. ORS also routinely uses a service called GovDelivery to send informational emails (and this newsletter) to customers who keep their email address current with us.