401(k) Account Hacked & Vaporized In An Instant - $180,0000

Quote from thehangingman:

IB has it down pat. You cant make a withdrawl without the token. The token in question also has a pin, so even if the person has the token then they have to know the pin as well.

However, you can still trade if you have the password which I believe is a flaw. I would like to use the token as well in this instance.

I change the IB password every weekend with an 8 digit randomly generated alpha-numeric password and only after the computer has been thoroughly scanned for spyware. Another IB flaw is that your password cant excede 8 digits.

From a psychological standpoint, I would feel safer if the password was at least 12 digits. Every other account, I use the max number of digits possible. Im not sure if a password longer then 8 digits would matter, but I would feel a little safer knowing that its longer.
More...

How much do you trade every day?
How much would it cost you...
If your security token was lost, broken, or down for one day?

From your attitude... obviously not very much.

I can go along with the withdrawal token...
But if a token is required for trading...
I can almost guarantee that you would be down 2-3 days/year...

And the lost profits and psychological stress...
Would far outweigh the infinitesimal chance that someone could actually trade your account...
And get away with it.

The whole security problem has been manufactured...
Because people like IB ** refuse ** to make 30 second phone call to check suspicious activity...
And prefer to saddle the trader with Draconian systems that can and will go wrong.

Also...
Most institutions have VERY strict rules on money flows...
And, by law, funds can ONLY be wired to certain accounts.
If a Big Broker choses to wire funds anytime, anywhere because they are too lazy to change a program...
They would be 100% liable for sending an illegal wire.
 
I dont get it. . .because I have the attitude that I want a more secure way to login to IB, well, that means I dont trade very much...

Now I see your point, Im going to change the password to the last 4 digits of my social security number. Hey, thats what the professionals do so they wont have one single down day.

Look, people break into cars for some change thats lieing on the seat. In Russia, people get held up on the street for 50 bucks. Now what do you think they will do to have at a million dollar account?

http://www.informationweek.com/news/showArticle.jhtml?articleID=196701948

Im very responsible with my token. When its not out for use, then its locked away in a very secure and hidden place. I've had calculators that lasted for years despite a lot of abuse. If the batteries wear down on this thing, then I know where to get some more.

So, yes, I definately have the attitude that there should be a little more for the IB account then an 8 digit password.

Quote from HoundDogOne:

How much do you trade every day?
How much would it cost you...
If your security token was lost, broken, or down for one day?

From your attitude... obviously not very much.

I can go along with the withdrawal token...
But if a token is required for trading...
I can almost guarantee that you would be down 2-3 days/year...

And the lost profits and psychological stress...
Would far outweigh the infinitesimal chance that someone could actually trade your account...
And get away with it.

The whole security problem has been manufactured...
Because people like IB ** refuse ** to make 30 second phone call to check suspicious activity...
And prefer to saddle the trader with Draconian systems that can and will go wrong.

Also...
Most institutions have VERY strict rules on money flows...
And, by law, funds can ONLY be wired to certain accounts.
If a Big Broker choses to wire funds anytime, anywhere because they are too lazy to change a program...
They would be 100% liable for sending an illegal wire.
More...
 
Stories like these scare the hell out of me.. heck i'm far from retirement but once i read this i just had to check all my accounts..
 
Quote from bsparkyman:

The real crime is he's 57 and obly had $180,000 in a 401k after working and saving for 25 years. How do you retire on $400,000-$500,000 in another seven or eight years?
More...

Maybe the guy has two or three times that in his home or homes.

Maybe the guy had a lot of medical bills or a sick child, or several kids who just finished graduating from college.

Who knows, and who cares?

What someone else has in his or her account is no one else's business.
 
Quote from thehangingman:

I see the point of the article, but the real crime is having just 180000 in the retirement account. I believe someone should have at least that amount in the 401k account by the time they reach 30.

Its possible if you max out the account every year from age 22. If you start contributing at age 30, then I think your too late...
More...

The 2006 401k maximum contribution is 15,000. In order to have that by the time you are 30, you would have to start adding when you were 18 years old. How many 18 year old people can independently afford to add $15,000 to a 401k account? Not many. Also, it doesn't state that his 401k is all he has. Many people have traditional IRAs, general savings, etc also.
 
Don't forget about counterparty risk.

Probably best to have assets spread across multiple entities which will provide you with protection not only against hackers, but against counterparty failures and defaults.
 
Quote from bsparkyman:

The real crime is he's 57 and obly had $180,000 in a 401k after working and saving for 25 years. How do you retire on $400,000-$500,000 in another seven or eight years?
More...

Wages 25 years ago were very low.

Even today, people makes $40K a year. After tax and meeting ends meet, how much money do you have ?
 
He also forgot you're a %^&ing idiot with a big mouth. Keep your trap shut and go harrass your "employees".

Quote from bsparkyman:

You forgot to compound or even include your annual returns in your example.
More...
 
You must log in or register to reply here.
Back
Top