I just Edited & added the same thought earlier, HoundDogOne! Things need to be changed across the industry--especially for the large account holders who will be getting more & more skiddish.
Yes, my friend, in my professional traders opinion IB's security token is 100% foolproof in terms of wiring money. No, it does not stop someone from somehow breaking into your account and making a trade. If that's your concern, then I agree with you. But it sounded like you were concerned with the security token. And as always, if you don't like the way the firm operates, your choice is to move your account. Personally I think that would be a mistake.... OldTrader
I fucking hate insurance. When I wanted to move my household from NZ to Australia in November 2001 the fuckers charged me a "Terrorism Premium" ... and thats on the other side of the f'ing world. I said I'll risk it ... they said no, sucker, pay. So my vote is: IB, DON'T insure me without my agreement. Its a fucking stupid idea. HD1, use the technology or go to ETrade (and see how you like it).
I am not an expert on the topic, and I'm sure someone else from IB will provide full details when the time is right, but we have already released internally processes that monitor trading activity for our accounts. Similiar to what credit card companies do, when we see activity that doesn't match your regular trading patterns, the account is flagged and reviewed in real time. We are doing similiar things with IP addresses. This will help in the short term. Long term we are considering allowing customers the choice to require a STP device password to enter the TWS. We're taking security extremely seriously. The STP device is the best way to protect against fraudulant withdrawals. We're working on a long list of projects to protect your data from the other types of scams currently being executed. A true expert on the topic will provide a more intelligent summary when the time is right.
Thanks for responding to this thread, IBsal. Communication from you and other IB people in the ET forums is VERY much appreciated! And thanks for the continuous work on security issues. Extremely important for all traders.
i like the flexibility of the current system to wire my money where i want it. in fact i prefer more flexibilitythat i should be able to wire money to whomever i want. oldtrader has it right. if you don't like current procedures you can move your account. the token is more than sufficent security. I am not looking to encounter the nusiances which you have with other firms when it comes to withdrawing your money. (i have never been a fan of this line of reasoning that everybody else does it a certain way. rest assured that if everybody else does it 1 way it is not for the customer's benefit. or well thought out.) I would also like to have checking privilges but IB doesn't offer it . I accept this situation for the other benefits offered.
IB's strategy to automate everything is highly commendable, it is a win win situation for both the firm and the client.
You obviously do not have a significant amount of money to worry about... And do not seem to understand the concept of anti-fraud insurance. "Freedom is another word... for nothing left to lose". Kris Kristofferson
I appreciate this general response... But when I called the Institutional Service Desk today... They were unable to tell me if IB has "anti-fraud" insurance of any kind. I need to know the exact specifics of your insurance coverage... THAT IS MY JOB.
He didn't say there was any insurance HD. Thank God. He said they are applying IT and intelligence to the problem rather than wasting our money. Go to ETrade if you want insurance - consider that to be your next job. F off and leave the rest of us to enjoy IB's improvements (and for f's sake, stop yelling in the thread; its rude!)