Def, Thank you for the reply. For every feature we vote its implementations represent a cost for IB. However, my understanding is that IB provides us the poll possibility to help the company to improve and remain competitive. Did I miss something? If not, why IBâs representatives are negative and sarcastic when it comes to security? Why the different treatment? It might be that fraud protection demands high cost. If this is the case then I can assume that the fraud incidents IB (as well as every other direct access firm) is involved might be high. In order for us, the customers, to make the proper risk assessment, is there a change to have reliable data on how many fraud actions IB customers were victims the resent period and how mach capital is stolen? Thanks Nick
Where do you get these numbers from? Are you still asserting that IB might not be based in the US, too? When people start using the challenge-response keys, knowledge of the password won't be enough to access your account. If you want to continue this strawman, I'll help: yes, dishonest employees can screw with your account, and they don't need to know your password. One broker, due to a keystroke error, once put someone else's stock purchase into my account (and blew out my margin). It took them an hour, but they found the employee who made the error, and he personally called me to apologize. But the point is, you should consider a company's reputation before you give them your money or bank account numbers. Anything can happen, but if we were afraid of everything we wouldn't use any broker or bank ever and just stuff our money in a mattress.
Let me assure everybody on the board that NOBODY in IB can read your passwords and only a few people know how to decrypt them. To NickPhil: It is obviously not a discussion of our security. It was never breached so far and we are very serious about it. It is rather a discussion of how we can protect everybody from their own mistakes. The new security program is obviously a very important step in this direction. Let me also add that nobody really knows how to calculate possible risks under the circumstances. We are a broker, not an insurance company.
I have a better idea. Why not take those risks of fraud which are reasonable to take, and avoid those risks of fraud which are unreasonable? Why not ask one's broker to take reasonable precautions in order to minimize risks of fraud? I think it is extremely unreasonable and simple-minded to oversimplify the available choices as just the two of not trading at all, versus not asking for reasonable precautions to minimize fraud risks. I am really amazed by the inability of so many people to approach this subject rationally.
Perhapos you have done this and perhaps I have overlooked it. Please detail a plan of how and what should be done. Thanks. Then perhaps I'll stop "kicking against the pricks"
What do you expect. Of course they get angry reading these ridiculous questions and insinuations against their company. They know they run a tight ship, and yet have to read through heaps of assumptions and paranoia stories from 5k account "traders". Can't blame them for stinging back!
No. Def would only be way out of line if he called some of the IB baiting wankers the wankers that they are. Instead he gives honesty and some idiots get upset about it. IB, the idea of arranging a policy option (or an insurance company introduction) for those who want might not be a bad one. The introduction would avoid raising IBs underlying costs while negating the issue and giving customers the advantage of an insurance company with a "reasonable" understanding of IB's risks.
A general question about fraudulent activity in your IB account: At the end of the day, you run your daily reports and you see that you have become the victim of recent pump and dump schemes by some Eastern European "rogue trader" (I'll try to keep this professional and not label him/her a scumbag). Can these trades be busted before settlement? Can they be busted after settlement? Does the account holder have any such recourse other than SOL? Not trying to inflame the argument, just want clarification as to what can be done to protect oneself. Thx.