Was your brokerage account hacked? Here’s how to know - News and Current Events | futures io social day trading
futures io futures trading

Was your brokerage account hacked? Here’s how to know
Updated: Views / Replies:828 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Was your brokerage account hacked? Here’s how to know

  #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,886 since Nov 2010
Thanks: 3,304 given, 3,334 received

Was your brokerage account hacked? Here’s how to know

Investors who quickly read their brokerage statements and just glance at the bottom line have reason to look more closely, even at portfolios that are less active: There’s a risk that cyber thieves could hack into your account and wire money to their own accounts, or make unauthorized trades to manipulate security prices.

The cost of this crime could potentially be greater than when a fraudster uses your credit card, as card issuers generally don’t hold you liable for more than $50.

Many brokerages say they reimburse clients in case of cybertheft. But there’s no blanket protection when someone steals money by worming into a brokerage account through phishing emails — which mimic those of a legitimate organization and typically point recipients to a look-alike website — or other hack attacks.

“Whether a firm decides to reimburse a customer who loses money because of some cybersecurity breach is a decision that a firm makes,” says Gerri Walsh, president of the Investor Education Foundation at the Financial Industry Regulatory Authority (Finra). “Even as awareness of security is increasing, we’re still seeing these instances of phishing attempts and hacking.”

Is your brokerage account protected from cyberthieves?

If you sometimes give your monthly brokerage statement only a cursory glance, here’s another reason to look more closely. Priya Anand joins MoneyBeat with Paul Vigna. Photo: Getty Images.

Finra updated its investor alert on online fraud last week, warning that “scams that use spam email or a fake website to lure you into revealing your bank or brokerage account information, passwords or PINs, Social Security number or other types of confidential information—have increased significantly since they were first discovered in 2005.” The industry’s self-regulator says about half of firms have cybersecurity insurance, which can help cover the costs of reimbursing customers.

In May, hackers infected an employee’s files at the brokerage house Benjamin F. Edwards & Co., which has almost 50 branches across the U.S., and siphoned data from the files, according to a New Hampshire breach disclosure notice. The company offered its clients and employees one year of free credit monitoring and said in a statement that it hasn’t heard of or seen any unusual activity on the affected accounts.

A Russian national living in New York, Petr Murmylyuk, was sentenced to 30 months in prison in January for hacking into retail brokerage accounts and making unauthorized trades from online accounts at Scottrade, E*Trade Financial ETFC +0.59% , Fidelity Investments, Charles Schwab SCHW +1.49% and other brokerages. He and his co-conspirators made trades in victim accounts to move the prices of holdings in accounts they had opened using stolen identities, causing about $1 million in losses, according to the Federal Bureau of Investigation. The court ordered Murmylyuk to pay about $500,000 in restitution.

“Fidelity promptly and fully reimbursed the very small handful of customers who were affected” by that hacking incident, says Adam Banker, a spokesman for Fidelity, whose “ Customer Protection Guarantee ” says the firm reimburses any losses from unauthorized activity that occurred through no fault of the customer. Asked about the recent case, spokespersons for E*Trade and Schwab pointed to similar customer-protection programs that reimburse clients for losses due to unauthorized activity.

A Scottrade spokeswoman said the firm couldn’t comment on the case specifically. Scottrade’s “ Online Security Guarantee ” states that it is contingent upon a checklist of “necessary precautions,” including that the customer uses “safe online habits.”

Here are a few ways wealth management firms and advisers can make the most of social media.

The Securities and Exchange Commission and Finra began conducting cybersecurity assessments of brokerages and investment advisers earlier this year, asking firms to explain the threats they’ve faced and how they detect phishing and intruders in their computer networks.

Finra brought about 40 cyber- and data-security cases against brokerages last year, imposing fines in some cases.

Investors are generally entitled to quarterly brokerage statements that describe securities account positions, balances and activities and transactions. While keeping track of the bottom line, investors should also scrutinize the portfolio holdings and daily activity.

“The further it gets away from a 2008, the less details they look at. That’s just human nature,” says Drew Horter, a registered investment adviser and founder of Cincinnati-based Horter Investment Management LLC. “You should have no assumption that everything’s OK when you’re an investor.”

How to protect your account:

•Never log onto your account from a public computer

•Secure your account and devices with strong passwords. This is a basic but critical first step. Use two-factor authentication, which sends a code to your inbox or smartphone as a second step to log into an account. While hackers can sometimes bypass or intercept two-factor authentication, it’s still better to add the second layer of protection.

•Check your account statement monthly to confirm individual assets, trades and transactions. “If a customer sees transactions they didn’t authorize within their account, they need to promptly notify the firm, and notify the firm’s compliance office,” says Lori Schock, director of the SEC’s Office of Investor Education and Advocacy. “You can’t just sit back and see whether or not the stocks will make money or not.” But take caution, reviewing activity daily could induce over-trading in response to daily headlines or market moves, experts say.

•When you log into online accounts, check your recent Web activity log. “Most accounts have the last time that you were logged into it,” Schock says. “If you look at that when you’re online and say, ‘hold it, I didn’t log into this last week,’ I would call the firm and have a conversation.”

Was your brokerage account hacked? Here?s how to know - MarketWatch

Reply With Quote
The following 3 users say Thank You to kbit for this post:


futures io > > > > Was your brokerage account hacked? Here’s how to know

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

July Journal Challenge - $500 in Amazon Gift Cards!


Battlestations: $750 in prizes - Show us your trading desk!


TBA: FuturesTrader71 w/Morad Askar

Elite only

Similar Threads
Thread Thread Starter Forum Replies Last Post
NASDAQ hacked Big Mike Traders Hideout 4 July 17th, 2014 03:03 PM
Time to open retail brokerage account? Limitless100 Reviews of Brokers and Data Feeds 11 June 29th, 2014 10:48 PM
Can I use a Ninja demo account to trade with a live web-based account? budfox NinjaTrader 23 July 16th, 2013 07:49 AM
paper account real account interactive brokers Mehdi IB Trader Workstation 15 January 6th, 2012 11:16 AM
Collective2 hacked Big Mike Traders Hideout 1 December 31st, 2009 05:48 AM

All times are GMT -4. The time now is 12:17 AM. (this page content is cached, log in for real-time version)

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-07-23 in 0.10 seconds with 14 queries on phoenix