Security and your account

Discussion in 'Backup and Security' started by nestleeg, Jan 13, 2008.

  1. nestleeg


    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

    provide 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. nonam


    So your trading program is on a dongle and not installed on your puter?So if your dongle is lost/stolen?:confused:
  3. nestleeg


    no the trading platform is not on dongle..

    would anybody put their two cents here, they wont get stolen :D
  4. danoXP


    In the USA, under Federal Law, the Bank would be responsible to you for any losses incurred due to a fraudulent account held at their institution.
    (still ... very inconvenient)

    not as easy as you think to do. Unless, he is manipulating a thinly traded instrument (i.e. he is on the other side of your trade).

    He is just as likely to double your account size as he is to wipe out your account before being detected.

    Or, if he truly is a wizard, and knows exactly how to wipe out your account with a series of trade - he would just perform the exact opposite of those trades in his own account a reap the benefits as a great trader.
  5. Bob111


    wizard or not, this is only one of them-
  6. danoXP


    Bob, yes, this is a case as i mentioned in my last post (underlined above). Pumping/dumping a penny stock.
  7. nestleeg


    i meant that the hacker who gets your password and login info to your trading platform could execute trades and leave them with out your knowledge until the next trading day -- and incur losses of of course

    just for the sake of damaging your account and inflicting you with losses.. not to make money of it

    my main aim of this thread to see what scenarios one could loose the money in his account due to computer security related things and how to combat them
  8. maxpi


    You can set up a procedure with your broker that you get a head's up phone call or email when money is transferred.... don't let a hacker get your password however, they can get in to your account and change the email address, same scam as diverting all your mail with a change of address at the post office box and intercepting your checks.....

    Set up a white listing hardware firewall and a separete computer for trading and install an egress filtering software like Zone Alarm, allow only the url's that are necessary, make sure it does stateful packet inspection so you can't get spoofed, do a clean install of the operating system on a brand new hard drive and never, ever surf with that machine, use the security dongle too.... they will never bother you, there are lots of simpletons out there with no security at all....
  9. maxpi, good advice.

    BTW, I believe you meant to say "Never" surf with that machine.

    When you consider the cost of a PC these days, it still amazes me that people surf and do all sorts of crap from the PCs on which serious work is done. Oh wait, most traders are losers...
  10. Bob111


    try to make some money first,then worry about security..

    we talk about it here..a lot...

    here is couple things-

    IP Restrictions: to provide an added layer of security, IB allows you to restrict user access to the Trader Workstation from only a specific list of IP addresses. Where multiple traders have been designated for an account, the restrictions can be set at an individual trader level.

    Program Overview: to provide you with the highest level of online security possible, Interactive Brokers has implemented a Secure Transaction Program under which access to your account is subject to two-factor authentication.
    #10     Jan 23, 2008