Re: [** utf-8 charset **] Are your investments safe? Fwd: [New post] Scam of the day – October 21, 2015 – Investment s cam update

[robert <http://dummy.us.eu.org/robert>]

Depends what is meant by "broker-dealers", I think.  If you give your
personal info to your local "broker-dealer", then I'm not surprised at
all.  However, if there were a major break-in of, say, Fidelity or
TIAA, I doubt that you would lose all your money.

Also: I would use a landline as your second authentication factor rather
than a cellphone if possible since it's a lot harder to drop and lose your
landline while walking down the street.

 > From: Flora  <http://www.gmail.com/~flora>
 > Date: Tue, 20 Oct 2015 21:38:36 -0400
 >
 > How safe are your investments from cyber attacks?
 > 
 > Also, protect your smartphone with a password and security software.
 > 
 > Begin forwarded message:
 > > From: Scamicide <http://www.wordpress.com/~donotreply>
 > > Date: October 20, 2015, 9:12:47 PM EDT
 > > To: http://www.gmail.com/~flora
 > > Subject: [New post] Scam of the day â?? October 21, 2015 â?? Investment scam 
 > > update
 > > 
 > > New post on Scamicide
 > > Scam of the day â?? October 21, 2015 â?? Investment scam update
 > > by Steven Weisman, Esq.
 > > Late last week, the director of the Securities and Exchange Commission's 
 > > Division of Enforcement warned brokerage houses and other financial companies 
 > > that they risk serious SEC enforcement action if they fail to implement 
 > > proper cybersecurity plans.  This comes on the heels of the data breach at 
 > > Discount brokerage firm Scottrade which I told you about in the Scam of the 
 > > day for October 4th as well as the SEC's fine of R.T. Jones Capital Equities 
 > > Management in September for failing to take adequate steps, such as 
 > > encryption, to protect their customers data.
 > > 
 > > Like so many cybersecurity problems, this one is not as bad as you think.  It 
 > > is far worse.  According to an SEC survey, 88% of broker-dealers and 74% of 
 > > investment advisers suffered cyberattacks in the last year.  Making the 
 > > problem even worse, according to the SEC, only 15% of broker dealers and 9% 
 > > of advisers guarantee that they will totally reimburse their customers for 
 > > losses due to cyberattacks.  In particular, many of these companies have fine 
 > > print in their contracts that passes the liability on to the customers if the 
 > > customers are considered negligent in the loss of their data.
 > > 
 > > TIPS
 > > 
 > > So what can you do to keep your investments safe?
 > > 
 > > As always, the first place to look for that helping hand is at the end of 
 > > your own arm.  Make sure that you use a unique and complex password for your 
 > > investment accounts.  You can go to the Scamicide archives for instructions 
 > > as to how to pick a strong and secure password.  Also important is to use 
 > > dual factor authentication whenever possible so that even if someone manages 
 > > to steal your password, they will not be able to access your account.  With 
 > > dual factor authentication, a one-time code is sent to your smartphone 
 > > whenever you need to access your account.  In addition, you should make sure 
 > > that all of your electronic devices including your computer and smartphone 
 > > are protected with the most up to date anti-virus and anti-malware software.  
 > > Too many people fail to protect their smartphones with a password or security 
 > > software.  Finally, monitor your accounts regularly for indications of 
 > > security breaches.
 > > 
 > > But what about your investment broker or adviser?  How do you know if they 
 > > are trustworthy?
 > > 
 > > Make sure you understand your broker's policy for reimbursement of customers 
 > > if a data breach occurs and consider taking your business somewhere else if 
 > > the answer is unsatisfactory.  Ask them what measures they take to ensure 
 > > cybersecurity including the use of encryption and dual factor authentication. 
 > >  Also, find out how they limit access to data to only those people who have a 
 > > need to see your information.  Finally, find out if they are covered by 
 > > cyberinsurance.