Home Did you know ? How to Avoid Getting Your Trading Account Hacked

How to Avoid Getting Your Trading Account Hacked

by Mic Johnson

Hacking trading accounts is not a new phenomenon and with digital crimes representing an increasing threat, staying well-protected while you trade is vital.

Some hackers use sophisticated software, with malware and viruses that get past even the best security. However, these cases are less common, as many cybercrimes could easily have been prevented with tighter security measures. Here are four suggestions on how you can stop your trading account being targeted by hackers.

Dont Use a Public Computer

It is quite normal for regular traders to keep tabs on the market even while they’re away from their laptop to make sure rapid movements do not catch them out.

This could mean that you’re tempted to use a public computer but resist the urge. You have no guarantee about the security of the network you’re using, or whether the computer has been infected with spyware.

Suppose you need to trade while out and about, look for a good trading app. There are many which offer two-step security, helping you to stay protected while offering excellent market access.

Check With Your Broker

Although it is your responsibility to keep your account safe, a good broker will provide protection too. Speak to your broker and find out what security they have, and what processes they have in place if things go wrong.

If your account is hacked because of a failure on your part, you can’t expect the broker to bail you out. However, if there is a breach on your broker’s server, you should be protected. Make sure you use a broker who is authorised and regulated by the FCA, and you’ll have the full protection of the law.

Monitor Your Account Closely

It may sound obvious but keeping a close eye on your account for anything that looks unusual is the best thing you can do to keep hackers at bay. Even small, seemingly innocent changes, maybe a sign that something is wrong so be vigilant. This diligence becomes easier with a good understanding of how spread betting works.

Stay vigilant for any transactions which look out of place or unusual, no matter how small. Being too suspicious never hurt anyone, but ignoring warning signs could leave you exposed to fraud.

Be Wary About Giving Your Personal Data

Phishing scams are far more sophisticated than in the past, and even experienced traders can get caught out by devious techniques. Scammers will attempt to get you to divulge your personal details in many different ways, some less obvious than others.

Asking directly for your personal information may be obvious, but make sure you don’t click on any links either. Fraudsters can direct you to a clone site that looks just like the real thing while tracking your keystrokes so they can hack your account.

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