Learning to trade currencies online49 comments
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Scammers have the technology to hack into your emails and online trading accounts so they can pretend to be you, trade on your behalf and generate profit for themselves and large losses for you. Scammers steal your user name and password to access your online trading accounts directly.
They may infect your computer with a virus to track your key strokes and obtain your passwords or they may buy user names and passwords on the black market. The scammers use your compromised online stock trading account to buy and sell shares at an intentional loss - sometimes trading your account deep into debt. The scammers then use a separate account to benefit from these loss-making trades. They may even correspond with your broker to create a background story to show why you need funds released for example, you are considering moving overseas, a family sickness, or a house purchase.
The email transfer request may even include a fake letter of authorisation from you. Your broker may not phone you to confirm your instructions, having been deceived by previous stories of your change of circumstances.
Warren has an online stock trading account. He usually trades once a year and hasn't changed his password since he opened the account 5 years ago. Shocked, Warren tells his broker that the trades were not made or authorised by him. Warren asks the broker to freeze his account immediately and tries to negotiate with the broker to get his money back. He also notifies the police and ASIC of the scam. The broker works with authorities to investigate the unauthorised trades.
Warren is waiting on an outcome. If you think you might have been targeted by an online stockbroking scam here is what you should do: Online stockbroking scams can be devastating.
Keeping your anti-virus software up to date and changing your passwords regularly are the best ways to keep your investments secure. Here we explain how online stockbroking scams work and how you can avoid them. Online trading hacking Scammers steal your user name and password to access your online trading accounts directly.
Warren's online stockbroking account gets hacked Warren has an online stock trading account. Quick links Unclaimed money Publications Financial advisers register Financial counselling Payday loans Unlicensed companies list Report a scam How to complain Other languages eNewsletter.
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