Interactive Brokers: STP With 1 Week Notice?

[segv]

We are an institutional client of IB that signed up for the STP system some time ago. Today we received a notice that STP would be required for authenticating traders in one week with a one day grace period. This is the first notice of any change that we have received. That is totally unacceptable. Further, I cannot believe that IB expects me to carry this brick of a device around all of the time. Where is the key-chain sized device you advertise on your web site? If this is what we can expect from you, then you can expect us to wire out before the deadline.

Alert
24 May 2007

Secure Device Required for TWS

Integration of the Secure Transaction Program and TWS login process is complete. Implementation for traders will take place in 2 business days. Starting Thursday May 31st, traders will be prompted with a challenge number upon logging into the Trader Workstation. If there is a problem with the device, IB will allow a 24 hour exemption from the process. You will need to contact the Help Desk and request a one time challenge pin. That pin will work for 24 hours.


The STP program is mandatory. We understand security, by nature, is not convenient and it may be frustrating adjusting to this new security system. However, there is an increasing (and well reported) incidence among banks and brokers worldwide of account intrusions creating significant losses in the compromised accounts. Losses can occur in the form of withdrawal of funds, via unauthorized trading activity, as well as secondary forms of identity theft. The intruders are highly sophisticated so even clients with basic security practices such as firewalls should not consider themselves immune. The BEST form of account security requires a physical device in the possession of the authorized user. This is the basis of IB’s security protocol.


During US business hours (8:00 to 18:00 EST), please call 203-618-4006 for support or with any questions related to your device. Please use the local help desk numbers during European and Asian business hours.


Please give this process a chance. It is the best way to protect your assets.


IB Professional Services
Interactive Brokers LLC

 

[nkhoi]

Quote from segv:

.. I cannot believe that IB expects me to carry this brick of a device around all of the time. ..

is this the new device?

 

[ramora]

Secure Transaction Program (STP)

In order to prevent fraudulent withdrawal activity, IB offers a free security device to all customers with over $100,000 (or USD equivalent) in equity. This security device will generate one time use passwords that will be required for each and every cash withdrawal or change in the account email address of record. Accounts with multiple users will receive a security device for each registered financial user. Customers without the security device will be limited to a maximum withdrawal of $100,000 per business day (or USD equivalent).
....
The device is only used to initiate funds and banking transactions and to change confidential customer information.

For accounts over $100k probably a good idea.

http://www.interactivebrokers.com/en/accounts/secureTransactionProgram.php?ib_entity=llc

 

[hajimow]

I had that security token device for a while and I had to use it for funding and withrawal frommy account but as of yesterday, I have to use it to login to my account. I have to take it to work everyday and return it home at night. It is another cell phone like device in my pocket. honestly I have no space to hold anything more.

 

[atticus]

That's ridiculous. Here's an actual pic of segv's STP-device:

 

[atticus]

segv -- we both know leaving IB is an empty threat. I feel your pain, but industry-leading security is a good thing!

 

[rayl]

Quote from atticus:

That's ridiculous. Here's an actual pic of segv's STP-device:


(image omitted...)

Hey, I didn't know IB had a program to get the Secure Computing device studded with crystals.... Where do I sign up?

 

[segv]

It is not the secure authentication that bothers me, lack of communication, and the implementation. I thought that Interactive Brokers was supposed to be a technology driven firm. Why does Etrade have this nice key-chain sized token while Interactive Brokers has a ridiculous calculator-sized token?

Secure Computing makes a nice key-chain sized token for SafeWord shown here on their web site. When can we get one from IB?

Why are customers getting one week notice for a big change like this?

Why is IB forcing this inferior technology on its customers?

As to IB alternatives, I can think of a few. We will pay much more to be much less irritated.

 

[MidKnight]

How big is the device segv? I have a european bank account using a device called a digipass. It's about the size of a mini-pocket calculator. Fantastic security.

It looks like this:
http://www.vasco.com/products/product.html?product=53

I feel your pain on their failure to provide timely communication though.

Best regards,
MK

 

[OldTrader]

Quote from segv:

It is not the secure authentication that bothers me, lack of communication, and the implementation. I thought that Interactive Brokers was supposed to be a technology driven firm. Why does Etrade have this nice key-chain sized token while Interactive Brokers has a ridiculous calculator-sized token?

Secure Computing makes a nice key-chain sized token for SafeWord shown here on their web site. When can we get one from IB?

Why are customers getting one week notice for a big change like this?

Why is IB forcing this inferior technology on its customers?

As to IB alternatives, I can think of a few. We will pay much more to be much less irritated.

You can't be too surprised at this deadline unless you are just plain blind, deaf, or dumb. My guess is the latter.

There have been other threads here for months. To include one dated 5/15 here about the roll out for financial advisors.

That aside, your main complaint appears to be the size of the device, and not your account security. Geezuz. LOL! Give this man something that will fit on his key chain! LOL.

OldTrader