Other than passwords upon passwords, or "cooling off periods," nope. I know people who have lost long-held social media accounts to hackers, and two-factor authentication didn't make a damned bit of difference. It's not the same thing as asset accounts, but may as well be. I expect this to become more and more widespread, since the penalties are nonexistent.
Yeah, nope! We have personal passwords, 2fa, etc but it can all be bypassed by the right insider or by a bank fraudster with access to a medallion, or sometimes just someone with access to fake id, or sim fraud, etc.
There are ways to address some of these, but until its more expensive for brokerages to have poor security it won’t get fixed.
I transferred £3,000 to an architect today over the web. I needed my username, password, second password *and* they called me on my mobile to ask me for a 4-digit code they put on the screen.
I suspect it's much much easier to do it in person. But I hope that they'd get my face on camera in that case.
Another story as a data point for you: Years and years ago before things were online I had a checking account at a major bank. I do not have a common name. Because I was waiting tables at the time, I rarely used it. I paid for everything in cash, including my rent, and the bank account was more like a savings/rainy day fund. One day I needed to write a check for something, and the check bounced despite there being about 20x that amount of money in the account. When I went to the bank, I was told that *I* had closed that account weeks prior. No. No I did not. They insisted that *I* (with my ID) had closed the account and taken the money. I did not. They did not reimburse me the thousands I lost, and I do believe it had to be an inside job. I do not have a common name.
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There are ways to address some of these, but until its more expensive for brokerages to have poor security it won’t get fixed.
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I transferred £3,000 to an architect today over the web. I needed my username, password, second password *and* they called me on my mobile to ask me for a 4-digit code they put on the screen.
I suspect it's much much easier to do it in person. But I hope that they'd get my face on camera in that case.
Reply
Years and years ago before things were online I had a checking account at a major bank. I do not have a common name. Because I was waiting tables at the time, I rarely used it. I paid for everything in cash, including my rent, and the bank account was more like a savings/rainy day fund. One day I needed to write a check for something, and the check bounced despite there being about 20x that amount of money in the account. When I went to the bank, I was told that *I* had closed that account weeks prior.
No. No I did not. They insisted that *I* (with my ID) had closed the account and taken the money.
I did not.
They did not reimburse me the thousands I lost, and I do believe it had to be an inside job. I do not have a common name.
Reply
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