URGENT, Secure Device Required for TWS

Just got this email from IB:
Alert
15 May 2007
URGENT, Secure Device Required for TWS

Integration of the Secure Transaction Program and TWS login process is complete. Implementation for advisors will take place over the next 2 days. Starting Thursday May 17, advisors will be prompted with a challenge number upon logging into the Trader Workstation. If there is a problem with the device, IB will allow a 24 hour exemption from the process. You will need to contact the Help Desk and request a one time challenge pin. That pin will work for 24 hours.

The STP program is mandatory. We understand security by nature is not convenient and it may be frustrating adjusting to this new layer of security. However, the risk is too great to continue with a single level security process while other brokers are hacked daily. The criminals have become drastically more sophisticated in the last year and their methods will continue to improve and evolve.

Please give this process a chance. It is the best way to protect your hard earned assets.

IB, what about all those options you promised to explore such as opting out and not allowing trading of penny stocks? So now when our data drops out, we need to sit there and fumble with our keyfob to log back in? Or heaven forbid we want to run an automated trading system and not sit in front of the PC 24x7....

 

Ohh my god ...

 

Where is Optout ?????

 

I don't think there is an opt-out.

 

What else could they do? They have to make it more secure or face possible liability lawsuits for not making it more secure (or at least trying to).

 

For starters, how about more than 2 days of notice?

Next, implement several other plans to help users avoid being hacked (such as listing the last login IP address -- that shouldn't be difficult).

And did I mention it would be nice to get more than 2 days of notice? Again, there will always be whiners (myself included) but it seems like IB just goes out of the way to do things in the least transparent way possible (for example the ICE softs fiasco which is still ongoing) and the way IB does things manages to piss off even the people who support them....

 

I wonder if this will be required for all IB accounts, or just the adivsor accounts.

 

I received the note. I can't imagine running an ATS at IB.

 

IB have stated on another ET thread that there will be an opt out.

So no need to panic until we are told otherwise.

 

Yup, just confirmed. I think the SD is a great idea. My comments relate to the use of an ATS.