Not looking good for RH and the amount of negligence that went into their operation.
Cant wait to see how this plays out.
Cant wait to see how this plays out.
Robinhood users had accounts looted. Risk of same thing happening to IB?
- Thread starter helpme_please
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Depends on the case. You can’t assume that you’re insured or that there will be millions other people when only your money is stolen. If you open suspicious emails and get infected with viruses then it doesn’t mean that millions of others will too, and that someone will refund your stolen money. At least SPIC insurance isn’t for those purposes.
In the case of probabilities there wont ever be just one person. Mistakes happen. People who wouldnt normally click on a phishing email can and do all the time.
But as we see the case here. There is a lot more confluence in terms of negligence than just a phishing email going on.
As a consumer business your number one goal is to protect the consumer, even from themselves. If it can be proven a company was negligent somewhere along the way then a lawyer will eat that case up. And if 1 person had enough money to bring a lawsuit against RH they would find a lawyer who would take it because of all the other problems happening - eg. lack of customer service, etc. Or at the very least have a lawyer make a serious consideration and see what can be used against the defendant. In which case RH would settle out of court - more than likely, to prevent bad press.
I get what you are saying, but its idealistic, IMO. ANd as i stated before if enough BS happened that rendered said company insolvent, depending on who the company is, FED would step in. REgardless if they are "supposed to" or not.
chances are it was an insider job (Robinhood).
Dr. Google indicates FDIC doesn't cover losses due to theft or your account being hacked. "The FDIC only insures your account against the failure and collapse of the bank."
Dr. Google indicates FDIC doesn't cover losses due to theft or your account being hacked. "The FDIC only insures your account against the failure and collapse of the bank."
Read the whole thread. i addressed this already. At least read before you make some dumbass comment and contribute nothing to the convo.
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Make sure you log into your account daily to check if there are unauthorized transactions in your account.
He doesn't have to, every transaction requires validation with the app. Also, in order to log into IB you have to input a username, not the email, so unless the hacker knows the trader username + email address + email password + holds the trader's cell phone in his hand there is very little chance he can hack him.
You can have two factor authentication on IB. An app on your mobile or a credit card device depending on account balance.
One has to allocate his net worth properly, among few brokers.
Placing a majority of it in a brokerage firm that is making it's first baby steps, has a track record of absurd mistakes and no customers support on the line, -
is just a stupid choice in the first place & one should accepts his own responsibility, if such event takes place.
In combination with their allowance of third party transfers, this seems like a pretty logical conclusion. It's a big hole in their system (granted I'm just going on the info that others have posted in this thread).