Are IB accounts protected from fraud and unauthorized access?

Quote from ScaleOut:

Someone commented in another thread that IB accounts are not protected against fraud and unauthorized access -- as are accounts at most brokerages.

Would someone on ET who represents IB care to comment on this?

Thanks.
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If you, the IB customer, think that IB should offer you the “Fraud Protection Guarantee” like many other on-line brokerage firms already offer to their customers, you may vote at IB’s Features Poll, under “Account Management”, Poll ID # 2396.

http://www.interactivebrokers.com/en/general/poll/poll.php?ib_entity=llc

Thanks,
Nick
 
Quote from NickPhil:

If you, the IB customer, think that IB should offer you the “Fraud Protection Guarantee” like many other on-line brokerage firms already offer to their customers, you may vote at IB’s Features Poll, under “Account Management”, Poll ID # 2396.

http://www.interactivebrokers.com/en/general/poll/poll.php?ib_entity=llc

Thanks,
Nick
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While your at it, can you add another poll question stating "Should IB raise fees so they can set aside the cash needed to offer the fraud protection you are seeking?" I'm being sarcastic but in essence, that is what you are asking.
 
Quote from def:

While your at it, can you add another poll question stating "Should IB raise fees so they can set aside the cash needed to offer the fraud protection you are seeking?" I'm being sarcastic but in essence, that is what you are asking.
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LOL, classic!

IB is like the no-frills other car rental company in the Hertz commercials.

You want a map with your rental car? What do we look like, Hertz?

IB customers - no fraud protection for you and no soup!
 
def just curious how much stock in ib you have before it goes public? i'm assuming you have at least 50k shares under $1 and will make at least $1 mil on the open?
 
Quote from GTS:

LOL, classic!

IB is like the no-frills other car rental company in the Hertz commercials.

You want a map with your rental car? What do we look like, Hertz?

IB customers - no fraud protection for you and no soup!
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you are asking for blanket fraud protection, i'm just saying the firms offering it do so as they have much higher margins - not just on trading fees but on other profit centers such as interest.

your analogy on the no-frills is so off base. where should I start - perhaps with the free professional platform we offer. if our clients (and us) put the appropriate security measures in place, guaranteed fraud protection isn't much of an issue. however, asking us to reimburse you if you leave the keys in the car would have to come at a significant cost.
 
Quote from def:

you are asking for blanket fraud protection, i'm just saying the firms offering it do so as they have much higher margins - not just on trading fees but on other profit centers such as interest.

your analogy on the no-frills is so off base. where should I start - perhaps with the free professional platform we offer. if our clients (and us) put the appropriate security measures in place, guaranteed fraud protection isn't much of an issue. however, asking us to reimburse you if you leave the keys in the car would have to come at a significant cost.
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First of all I am not asking for blanket fraud protection - I'm glad you aren't doing the fraud protection. Why should I pay because other people can't secure their environment?

But IB customer-service is no frills...don't be so defensive, no-frills isnt bad, it is what it is.
 
Quote from def:

you are asking for blanket fraud protection, i'm just saying the firms offering it do so as they have much higher margins - not just on trading fees but on other profit centers such as interest.

your analogy on the no-frills is so off base. where should I start - perhaps with the free professional platform we offer. if our clients (and us) put the appropriate security measures in place, guaranteed fraud protection isn't much of an issue. however, asking us to reimburse you if you leave the keys in the car would have to come at a significant cost.
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I agree with "def" on this issue. I prefer to keep the expenses down provided the best features in account security and trading access are kept up to date.
IB and IB's customers need to both do their part.

Catoosa
 
Quote from GTS:

Why should I pay because other people can't secure their environment?
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This is a completely naive and irresponsible statement.

It is not possible for a non-engineer to "secure" a computer network.
Even an engineer...
Could not positively "secure" a network against a determined, targeted attack.

IB has 500 employees...
Of whom probably 50 have access to all your passwords.
How am I supposed to "secure" my network from "rogue" employees.

If fraud does take place...
It will be completely impossible for the Customer to determine what happened...
And may well be impossible for IB to determine... even if they bother.

That is why responsible businesses get insurance.

IB has a net profit of $700 million annually with margins >>>> 50%.
It is the only broker I have ever encountered that is not 3rd party insured.

The argument...
Against allocating perhaps 2% of that obscene profit for insurance...
As an unnecessary "frill" is absurd.
 
Quote from HoundDogOne:


It is the only broker I have ever encountered that is not 3rd party insured.
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So this link is a lie????
http://www.interactivebrokers.com/en/accounts/accountProtection.php?ib_entity=llc
Customer securities accounts at Interactive Brokers are protected up to $30 million (including up to $1 million for cash). The market value of your stocks, options, warrants, debt, and cash -- denominated in all currencies -- is covered by this insurance.
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And all this time I though Lloyds of London was a 3RD Party

Oh no, my world is over... Guess I'll run back to etrade....

2nd a non engineer can secure HIS ENVIRONMENT. I beleive those wer ethe exact words used....

If you wanna leave your computer open for any passerby to log in and do destruction..... YOUR FAULT!!!!!

And for the educated....

here is a quote from etrades fraud protection promise...
1 For Brokerage Services: E*TRADE Securities will restore to your account cash and/or shares of securities equal to the amount of cash and/or shares of securities in your account at the time of any unauthorized activity.
2 Fraud Coverage: You should regularly check your Smart Alerts and monthly statements for accuracy. We may impose greater liability if we determine that an unauthorized transaction was caused by your fraudulent action or gross negligence
3 We will not be responsible for withdrawn funds if you provide your User ID or password to anyone else.
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That last part (if we determine) is wide open for interpretation..... And if you provide... Now how do you prove you didnt provide????

Sorry to re-quote the other guy..... Perhaps the if's were overlooked.
 
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