Just received my IB Secure Device.. Here's how it works

Discussion in 'Retail Brokers' started by demoship, Jul 13, 2007.

  1. Just my thoughts about the secure device...

    First of all, here's how it works:

    - you log in as usual
    - IB gives you a challenge #
    - You turn on your secure device
    - You type in your PIN
    - You type in the challenge # into the secure device
    - the secure device gives you back an 8 character passphrase, which you type into the IB window

    After it's activated, you MUST use it for account management, TWS, and web trader.

    My thoughts about it:

    First off, this is A+ security, even if you gave someone your username/password, they cannot get into your account. There's 3 ways for security. Something you know, something you have, or something you are. The something you know security method has always been a weakness, and the something you have type is being used more and more commonly. As long as you don't lose your secure device, it's impossible for someone to break into your account.

    It IS a pain, since it adds like a minute to the time to login to your account, but it's WELL worth it. Hey, it's your money.

    IB does NOT cover you for fraud, and now that they are issuing secure devices, it's purely your own fault if you don't have one. In the past, if someone had their account hacked and lost a lot of money, they'd probably sue IB, and they may have a good case. Now, if you opt out of having the secure device, your case will be severely hurt as to why IB should be responsible for your loss. If you DO get the device, and somehow your account gets hacked (and you didn't let someone use your device or lose it), then you can hold IB liable for the loss provided it was no fault of your own, and they will probably sue the company that makes these things. However, the chances of that happening are about zero. Hacking past a secure device is not worth it when there's easier targets out there (like ameritrade for example).

    Anyway, the thing isn't that hard to use, it takes a minute of your time when logging in, and it provides you 99.99999999999999999% safety of your assets in your account. It will cost you $150 if you lose the device, but if you're stupid enough to lose the device (come on now, just tape it to your desk, and if you're logging on from somewhere other then your own computer, you DEFINITELY need this thing), then you're probably stupid enough to get your account hacked if you didn't have it.

    So whether you have a $5000 account or a $5 million account, I'd say get the device.

    Think of it this way. You have locks on your doors right? Doesn't that take time to unlock it and relock it every day? How much will it cost you if you lose your keys? Probably more then $150 even.
  2. empee


    how big is it. Can it fit on a keychain & in your pocket? Pictures please, with something to reference it against to get the size. Thanks.
  3. 2mnytrdz


    It's the size of a credit card. It has codes all over it that you input when logging in. It could fit in your wallet, but I just hide mine in my desk.
  4. JackR


  5. its a pain in the ass period. if you travel you have to remember to take it.hell if ib would stop losing there ass in the european options market they'd be ok
  6. I got the platinum token, they didn't have the gold tokens available right now (which are better IMO since they fit on your keychain).

    Sizewise, it'd fit in your wallet, though it'd be quite bulky. It's almost exactly the size of a credit card length x width, and it's about as thick as 6 credit cards.

    It's very light, and again, if you travel, it's even more important to have one of these. Most of the passwords stolen from people are because they log into public computers while they travel. If you want to get screwed, go for it, it's your money, and you will have very little recourse against IB since you took the option of not getting a secure id.

    You remember to bring your clothes, your wallet, keys, passport, etc when you travel, and you don't lose those right? It's not like you have to have a special computer to log into IB, it's a small device that's the size of 6 credit cards. I have 5 credit cards, my old student ID, driver's license, AAA card, and swipe card to get into my work in my wallet, and I rarely use 4 of the 5 credit cards, and I carry that shit around EVERY DAY. How many things do you have in your wallet that you carry around every day and never use?

    It's not a big deal to carry the secure id w/ you, and it's a huge peace of mind knowing that you don't have to worry about someone hacking your brokerage account.

    BTW, as far as reading the screen, NUMBERS FIRST, THEN LETTERS, WHEN IN DOUBT, USE THE NUMBER! 5, NOT S, 0, NOT O

    Simple really, and it's not case sensitive either (since having it case sensitive is pointless anyway)
  7. Oh, one other thing about the secure ID that did piss me off a bit..

    They shipped it to my residential address, not my mailing address, and refused to ship it to my mailing address.. Seeing how I don't live at my residential address, this was a problem. I had to get my parents to re-overnight the package to me.

    The ironic thing is, I live literally 5 minutes away from Pickwick Plaza in greenwich (where IB's office is).. so the damn thing to shipped to new jersey from greenwich, then back to greenwich from new jersey :/

    Hopefully, If I ever have a problem w/ the secureID, I can stop by IB's office instead of having to ship this shit back and forth again.

    So just keep this in mind, they ship to your RESIDENTIAL address, and will NOT ship to your correct mailing address.
  8. will everybody get this devise irrespective of the account size?
    My a/c is below 100k.will I still get this device?

  9. You have to call them to get it.

  10. People with $5M have had the device for years.
    #10     Jul 14, 2007