Security and your account-- NOT THE RIGHT FORUM I KNOW AND I APOLOGIZE

Discussion in 'Professional Trading' started by nestleeg, Jan 13, 2008.

Have you ever experienced a loss in your trading account by malcious intruders?

  1. Yes

    2 vote(s)
  2. NO

    12 vote(s)
  1. nestleeg


    this post may be in the incorrect forum, but i thought id post here because it talks about security but not in a technical way..

    I haven't had a real account before and i started to become concerned with the safety of my trading account from intruders. here is what i have thought of and i would like to hear your comments.

    if some one is to steal the money in your trading account, it can be done in two scenarios;

    1- he gets your account information and gets to the broker site (with ur password) and initiate a funds withdrawal request.

    >> my thinking is that would NOT be possible since funds withdrawal are only sent to bank accounts with the trader name or to the trader home address.

    the only way it could happen if some one has stolen your identity and set up a bank account in your name and for some one to do that, he would need your SSN

    provided that you don't use the trading computer to make any purchases, or send personal the computer deals only with trading account numbers and passwords (no personal data for identity thieves to use)..

    so IMO having a pc with no personal info on it like SSN and CC should eliminate the risk explained above.. AM I CORRECT? i would like to hear your opinions

    the other security risk is;

    a hacker get into your trading account and execute a trade that wipes out your account and this is possible with platforms like ninjatrader

    >>i havent found a way how to combat this risk but i thought that one could use a hardware key "dongle" to restrict the launch of NT unless the hardware device is physically present, but then again this require programming from ninja part

    what do you think about this?

  2. nestleeg


    i think its more important to discuss the issue than the poll.. and i see people who have said yes to the poll.. would they kindly share with us the experience.

  3. Actually there is another possibility that an intruder could do, that would be worse than just trying to steal you : put you in heavy debts.
    (an employee of a broker I dealt with several years ago tried to enter my account, since he knew the login code, but thank goodness not the password. I became aware of it, because the system froze the account if someone would enter 3 times the wrong password.
    With another broker, an employee implied if he would know or someone would know the password, I could be sure that my account would be wiped out. No kidding at all.)

    I responded no to the poll, because no broker managed (still?) to steal the money I had with them.

    But trust is definitely for idiots, so my advice would be only to put enough money you need to trade on your account.