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Sat Jun 5, 2021, 12:02 PM

Americans face mounting risk of hackers taking over brokerage accounts, regulators say [View all]

It’s not just corporations that are facing an epidemic of cyber attacks — American retail investors are also struggling to contend with a surge in hackers taking over their investment accounts, regulators warn.

The Financial Industry Regulatory Authority, the brokerage industry’s self-regulatory body, said in a recent notice that it has “received an increasing number of reports regarding customer account takeover incidents, which involve bad actors using compromised customer information, such as login credentials, to gain unauthorized entry to customers’ online brokerage accounts.”

Ari Jacoby, chief executive and co-founder of cybersecurity firm Deduce, backed up this statement with data showing that account-takeover fraud increased by roughly 250% from 2019 to 2020. He told Security.org that account-takeover prevention is a $15 billion market that is “growing significantly year-over-year. “

FINRA points to two factors that are driving the increase in account-takeover attempts, with the first being rapid growth in use of online and app-based brokers, which enable hackers to break into brokerage accounts by using username and password data bought from darknet marketplaces. It becomes relatively easy for bad actors to discover their login credentials because many people use the same password combinations to access multiple accounts. The second factor is the COVID-19 pandemic.

https://www.msn.com/en-us/money/other/americans-face-mounting-risk-of-hackers-taking-over-brokerage-accounts-regulators-say/ar-AAKIg26

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Reply Americans face mounting risk of hackers taking over brokerage accounts, regulators say [View all]
Yo_Mama_Been_Loggin Jun 2021 OP
Hugh_Lebowski Jun 2021 #1
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