Quote from bbmat:
I might have cirticized IB because of their unstable platform, but what I read in this thread makes me laugh. IB provides top notch security. I would not know of any other broker with so many and such versatile securitiy features. They almost ask too much (when trying to have a trade executed over the phone in order to check on the identity of the caller).
I can only say: Guys, we live among and work over the internet. INTERNET!!!
Every small kid lerns to change passwords frequently, not to use birthdates or easy guessed names, and not to use the same passwords for IB and your email client. If you can't even manage that then please do not talk about backtesting models in other threads it becomes doubtful.
IB send out a key code to your email client which you need to resend to IB in order to make wire changes or to withdraw funds. So, unless both systems are compromised I would guess there is no way for fraud, coming from the outside. BUT: IMO, compromised systems and passwords are in 99% of the cases due to illegal downloading of programs and software which was altered in order to build-in trojans and keylogger. Someone, who illegally benefits from such software is at his/her own fault. Almost all other cases are due to negligence.
The exceptions from what I said are so rare (and rare is 0,001% of all wires done daily through IB's correspondent banks) that there is no reason to blame IB for it!!!
Come on guys..........is all common sense lost??? One guy reports a problem and 100 others freak out and start panicing.