Are IB accounts protected from fraud and unauthorized access?

[Handsome]

Quote from giles117:

Thats Just one such scenario.....

I thought I was responding to this: The very first step of 3 that a customer must fully have cooperated with in order for the guarantee to be valid
________

We can guarantee this if you work with us in three ways:

<b>1) Keep your account information secure and confidential - don't share it, because sharing your UserID, password, PIN, or account number with other people means you authorize them to take action in your account.</b>
__________

The way I read it is if you give a crook your user ID and password due to you fell for a phishing email and clicked on the crooks link in the email and entered that info, you did not then keep your account information secure and confidential.

 

[kiwi_trader]

Or your partner or you kid did it.

 

[giles117]

Ok, but that is just one scenario of ... You were the dummy. Share more please. Lets get a list going.

 

[deviltrader]

Quote from jimrockford:

Oh, and here's another idea. How about a separate fee for fraud insurance, to be paid only by those customers who choose to insure their accounts against fraud?

I like this idea but I don't think they'd do it. A while back I asked them if I could pay to increase the insurance limits of what they already offer, and they said they couldn't. If they won't let you increase the current insurance, i don't think they'd offer new insurance coverage.

I also think if they offered fraud insurance, it would be across the board for everyone.... for the same reasons some employers offer insurance for all employees and you cannot opt out.

 

[deviltrader]

You guys who are thinking that you don't need fraud insurance are thinking in too narrow terms. All you worry about is some teen from Russia getting into your account through electronic means such as phising. You probably feel confident of your computer skills enough to prevent such fraud. But there are plenty of 'old school' ways to defraud or steal from you, and those are of greater concern to me. Your firewall and spazy anti-spyware program won't save you from those thieves.

 

[giles117]

Quote from deviltrader:

there are plenty of 'old school' ways to defraud or steal from you, and those are of greater concern to me.

Such as.....

 

[jimrockford]

Quote from giles117:

Such as.....

An employee of any brokerage might be bribed, blackmailed, or coerced into providing passwords or other information used to steal customer property. For openers.

 

[ElatedMaverick]

Somehow I had the impression that this was a message board of elite traders but see instead that it is mainly retail traders arguing over how daddy can protect them from their own stupidity.

If you guys are so desperate for peace of mind I am sure that with enough effort you can group together and find an insurance underwriter willing to collect premiums from you while offering you some protection in the event lightning strikes. So go ahead and subsidize each other's ignorance.

 

[jimrockford]

Quote from ElatedMaverick:

Somehow I had the impression that this was a message board of elite traders but see instead that it is mainly retail traders arguing over how daddy can protect them from their own stupidity.

If you guys are so desperate for peace of mind I am sure that with enough effort you can group together and find an insurance underwriter willing to collect premiums from you while offering you some protection in the event lightning strikes. So go ahead and subsidize each other's ignorance.

Traders participating in this thread, because they are concerned with protecting their accounts from fraud, are not doing so out of stupidity or ignorance. The only stupidity or ignorance, expressed in this thread, is that motivating a stream of personal insults from people unable to make rational arguments supporting their opposition to security improvements.

 

[cscott]

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.

That is a ridiculous and assinine reply, Def. The real question should be

Q: "Why doesn't IB think it's important enough to put a small fraction out of the millions of dollars it makes in profit into fraud protection to protect their customers?
A: Because profit is more important to IB than protecting their customers.