Interactive Brokers has NO respect for your privacy!

Discussion in 'Retail Brokers' started by mgregor, Jun 20, 2001.

  1. mgregor

    mgregor

    Is it just me, or do any of you other IB customers mind receiving your monthly statements via regular e-mail???

    I mean, come on! Anybody could capture, store, read, share, etc., that information before it gets to my computer.

    Included on the statement are my account #, balance, and complete trade log for the month. Why don't they just put the password on there also!!!!!???????

    Would it be that difficult for IB to create a secure area, where customers could view their statements?

    I'm all for electronic statements, saving trees and costs, but this is ridiculous!

    Why don't they just mail us our statements on a postcard via regular mail?

    I contacted IB and they were very unresponsive. I told them that Datek also has electronic statements, but you need to go to a secure area and enter a password prior to viewing them.

    Their response--"That's Datek."

    I really don't understand this idiocy!
     
  2. vvv

    vvv

    i'm not with ib, but i would have a severe problem with any broker that passed on sensitive information over the web, which pretty much means that anyone who is halfway IT literate - or at least knows how to use a search engine to find the relevant info - has full access to all and any email.

    plus, if the only info that is missing is a password, where does that leave potential manipulation by hackers?
     
  3. mgregor

    mgregor

    That's what I'd like to know. I guess they don't really care because they have you sign all these waivers when you open the account.
     
  4. Actually, IB does have a secure area on their website where you can login and check your statements securely. It's just that they also send you emails of the statements. I think the reason they don't send out hard copies is that for a broker to be able charge commissions of only $1.95 per option and .01 per share on stocks, it's not feasible to offer some of the same features that other higher priced brokers do. Especially when you realize that there is a statement for every day that there is activity in a client's account. For IB in particular, whose client roster is probably largely active traders, to have to mail out postcards every day for God knows how many clients they have would be a huge expense.

    However, I understand and share your concern about regular email transmissions, which are not secure. My .02 on the issue is that since IB already allows clients to log onto their site to look at their statements, it would be smarter for them to simply send out an email notifying a client that their new statement is online for them to view if they so choose, rather than include the statement details in the email itself. I'm sure Def can relay this request to IB mgmt.
     
  5. mgregor

    mgregor

    Zach,

    I was being ironic when I suggested they mail statements on postcards... just to illustrate that anyone could read it on the way to the user. lol ; )

    I don't think it would be that expensive for them to implement a system where they just e-mail you a notification that you have a new statement in the secure area.

    Then, the user could go there and read it. I wish they would at least let you opt-out of getting the statement e-mailed to you.

    I would much rather log into the secure area myself and see the statement, without them even sending me anything.

    There just isn't an ounce of logic in their current policy. They divulge everything, but your password with each e-mail statement!
     
  6. Well, I wasn't thinking very clearly about the postcard thing was I? ;) I agree that there should be an option to opt out of emailed statements, and simply receive email notification of new statements posted online. That probably won't be difficult for them to do.
     
  7. mgregor, just because you are paranoid doesnt mean they arent out to get you =)

    seriously, if they dont care about you, why not move your money somewhere else?

    -qwik
     
  8. Def, please pass this request along. They must be able to do better ... secure it somehow. Our names, addresses and login information in clear text e-mail? Not good at all. Thanks for anything you can get done about it.
     
  9. def

    def Interactive Brokers

    mgergor,
    you're the first person that I heard complain about this. Blanket statements and complaints will get you nowhere. A person on the help desk is not going to be able to formulate policy. There is a link on the website where you can send mail to management. Why not use that avenue or even contact me before making what are inaccurate blanket statements. passwords aren't given out, and to transfer money, you have a key and must do it from the web site. I believe most people prefer to get an e-mail of their statement rather than log onto the web for their daily trades.

    I beg to differ on your comments as I can't feasibly see what someone is really going to do if they take the time and trouble to try to pick off your account statement. Great, so you have x dollars in your account or made or lost x dollars trading. Big deal. If someone was out to harm you, your name and address are probably listed in a number of places easily accessible from the web.

    In any event, any concerns over privacy are worth looking into. This evening I will make suggestions to both the chairman and the head of compliance.
     
  10. mgregor

    mgregor

    I just opened my IB account and I have yet to see if I'll be happy with my trading there.

    I am by no means paranoid, however I do oppose outright stupidity when it comes to security measures on customer accounts.

    The main reason I'm inclined to trade with IB, besides their low commissions, is the fact that they support OCA, or "order cancels all" orders.

    Does anyone know of any other equity brokers that support those type of orders?
     
    #10     Jun 20, 2001